Whilst switching banks has become easier, the old adage that people are more likely to get divorced than change bank remains true.

I have been reflecting more on what typically triggers a client to decide to switch bank. They generally move after becoming frustrated with their existing bank for one of the following reasons:

• No relationship - that is, they don’t have someone to talk to. A person who understands them and their goals and aspirations, and who has a can-do attitude.
• Lack of accessibility – for example, phone calls or emails are not answered quickly enough.
• Making payments – they try to send or receive large sums at home or abroad but experience their accounts being frozen, or they need to attend a branch they find has closed.
• Client need - they may want to borrow money, but their bank cannot or will not help them because of unusual or complex requirements or income streams.
• Continual errors – there is a general lack of service or care, where they are left feeling they are a burden rather than being at the core of the business.
• Cross selling – they feel sold to as their bank aims to hit a target, even when there are better offers out there.

So, why consider a Private Bank? With a Private Bank, you should expect a high level of service and at Hampden & Co, we are confident that you will experience that from your banker. It’s one of the key reasons we continue to welcome many new clients who have decided to move banks, and it’s why we have such high levels of client satisfaction.

If you would like to know more, we would love to hear from you.