News Release: HAMILTON, Bermuda – In a recent survey, residents were asked how satisfied1 they were with their primary bank. Nearly 6 in 10 (58.8%) were satisfied, while more than 4 in 10 (41.2%) were dissatisfied. Customers at HSBC were the most satisfied of the major banks (60.1%). (See Figure 1 below)
By demographics, those who classified themselves as being among “Other” races were most satisfied at 66.7%, as well as households earning less than $76,000 (63.4%), and those 34 years or younger (62.5%). There was virtually no difference by gender – 58.8% of males and 58.5% of females were satisfied with their primary bank.
Residents were also asked if they were aware of an entity that investigated complaints about banks. More than 8 in 10 residents (81.7%) were unaware of any organisation that they could turn to make complaints about banks. On the other hand, nearly 9 in 10 (88.0%) would be in favour of having an office that investigated banking complaints.
The survey was conducted among 409 residents by random telephone dialing and online. Some online responses were rejected as their telephone numbers could not be verified. The survey was carried out between July 3rd and August 7th. The survey was weighted based on the most recent demographic data and has a margin of error of (plus or minus) ± 4.9%