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Banks don’t understand their clients’ needs says poll

Pepper Money, financial institution, banks, banking satisfaction, financial needs, retirement planning, retirement goals, retirement savings, wealth management,

A poll shows Nest Egg readers do not believe their main financial institution understands their personal needs.

According to the poll, only 12.7 per cent of Nest Egg readers believe their main financial institution genuinely understands their personal financial needs, with the overwhelming majority (87.3 per cent) arguing their financial institution did not.

The poll follows on from research published earlier in the year by loan provider Pepper Money, this survey found 42 per cent of people felt their financial institution did not understand their needs.

Pepper Money’s research did, however, find that 63 per cent of Australians were withholding information from their main financial institution, highlighting a “clear disconnect” between financial companies and their customers – something Nest Egg commenter Elaine was unsurprised with.

“They had to conduct research to find that out?” Elaine said.

“Seriously, financial institutions are there to make money for their shareholders. They couldn't care less about their customers. Options are limited. They are all the same as each other. Changing is difficult. The banks know it and take full advantage of it.”

Banks don’t understand their clients’ needs says poll
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