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Financial jargon 'drives customers away' from banks

Customers are being driven away from banks and building societies who bombard them with financial jargon, new research backed by the treasury has found.

Three-fifths (60%) said they were likely to stop saving with a particular bank or building society is they could not understand the terms and conditions, while more than half said confusing language could prompt them to switch banks, the study by National Savings and Investments (NS&I) found.

Julian Hynd, director of retail at NS&I said it was clear that customers are being bombarded with financial jargon but it was essential information that is relevant too them.

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Banking customers 'bombarded' with financial jargon

Consumers are being "bombarded" with financial jargon by banks and building societies, according to the director of retail at National Savings and Investments (NS&I).

While new research has found that jargon is driving customers away from banks and building societies, Julian Hynd said it was important for people to check the information supplied to them.

He said: "It's clear that customers are being bombarded with financial jargon, not only from their bank/building society but other financial service providers too."

He added: "But it's important for customers to remember that although the information supplied to them won't be a riveting read, it will provide essential information relevant to them."

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Financial jargon 'drives customers away' from banks

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