Customers shunning banks for supermarkets

Money in trolley

An increasing number of consumers are heading to supermarkets for financial products, the Moneywise Great British Customer Service Survey reveals.

The survey, which had more than 12,000 respondents, shows that retailers including Marks & Spencer, Sainsbury's, John Lewis and Tesco have made massive strides in the financial services sector. 

With Tesco planning to enter the mortgage market later this summer, supermarket brands look set to dominate the market.


Johanna Gornitzki, editor of Moneywise, says consumers are increasingly looking to brands they can trust as they take more control of their money in the post-credit crunch world.

Gornitzki says: "People no longer trust banks following the turmoil of the past few years but they still feel like they can rely on supermarkets and well-known high street brands. With supermarkets now offering a wider range of financial products, their presence in the sector is only going to grow."

The survey is the biggest customer service survey about financial services providers in Britain. The winners will be announced by Moneywise on 24 June.

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