Approximately 12.7 million individuals, accounting for one in five people, reported experiencing IT or system failures in the past year until May 2022. Among them, nearly 2 million indicated that they were severely impacted on at least one occasion.
A dissatisfied customer shared, “Having been a loyal customer for 23 years, I have noticed a significant decline in service quality lately, with a complete lack of customer support. I had to resort to Twitter to finally receive a response.”
Another individual mentioned, “When I attempted to make an international payment, the online banking system for my personal current account failed. Although I was promised a call to resolve the issue, I never heard back.”
This rise in poor customer service coincides with several big banks making massive profits from higher interest rates and a flourishing mortgage market, despite the fact that many families encounter difficulties in contacting them or experiencing disruptions while doing so.
In addition to this, the FCA’s survey reveals the financial struggles faced by tens of millions of British households.
In the six-month period until January, 37 million individuals, equivalent to half of the UK’s population, reported a deterioration in their financial situation. Likewise, an equal number reported a lack of disposable income or a decrease in it.
Furthermore, in January, 54% of all UK adults claimed to be experiencing increased levels of anxiety or stress due to the high cost of living, while 24% reported struggling with their mental health.
The number of individuals grappling with bill payments and credit repayments has risen from 7.8 million in May 2022 to 11 million.
Consumer group Which?’s Rocio Concha emphasized, “Financial firms should prioritize effective and transparent customer service. However, amid the current cost of living crisis, it is crucial for consumers to have confidence in fair treatment by the companies they purchase products and services from.”
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