Problems Faced by Customers in Banks: Challenges & Issues

Problems faced by customers in banks can range from poor customer support to not being able to send international transfers.

The specific bank you deal with, your account manager, and even how profitable you are as a client can all determine the types of problems you might encounter.

In this article, we’ll discuss the common problems faced by customers and how they can protect themselves by finding the best offshore accounts possible.

Feel free to jump ahead to the section that is most relevant to you.

Table of Contents

  1. Overcoming Customer Service Challenges
  2. What Banking Challenges Do Customers Face?
  3. How Do Banks Deal With Difficult Customers?
  4. Why Do Customers Leave Their Banks?
  5. How Can You Get the Best Experience & Services?

Overcoming Customer Service Challenges

When helping our members navigate account opening, they tend to share many of the challenges that they’ve encountered at other banks in the past. And while challenges do differ across countries, we noticed that there is almost always a common theme…

When someone is complaining about the problems they faced at a bank, it is usually underpinned by a lack of customer service. For some reason, many banks have not figured out that providing excellent customer service is a prerequisite for being an excellent bank.

Of course, there are banks that do provide excellent customer service. And, we help our members find those banks and open accounts with them all the time. But unfortunately, for every bank that provides excellent service, there are many more that do not.

Now, customer service might be the overarching problem that impacts most customers. But it isn’t the only problem that customers face when opening and operating accounts. So, let’s take a look at some of the frequent problems customers face.

What Banking Challenges Do Customers Face?

The most common customer problems that people experience at banks include:

  • Poor communication with the bank
  • Excessive fees for basic services
  • Reliance on messaging bots & AI
  • Poor quality experience in person
  • Difficulty accessing credit cards
  • Challenges accessing mortgages & loans
  • Challenges meeting compliance requirements

Of course, if you have opened an account overseas with a low-quality bank, you may face additional challenges. This is especially true if you opted to use a local bank introducer.

How Do Banks Deal With Difficult Customers?

Banks deal with difficult customers by closing their accounts and asking them to bank elsewhere. That said, the way that each bank determines whether a customer is “difficult” can vary.

In some instances, being “difficult” can be the result of a specific action such as sending a transaction to a high-risk country.

Other banks may determine that a customer is “difficult” if the customer requires constant attention from bankers, resulting in the customer relationship no longer being profitable for the bank.

Why Do Customers Leave Their Banks?

In our experience, customers leave their banks for six reasons (listed below). However, in most cases, there are multiple driving factors that push customers away from a bank.

If you are experiencing any of these issues, it may be time to search for a new bank that can better meet your needs.

  • Poor customer service & communication
  • Low-quality services (or lack of specific services)
  • High fees for transactions & account maintenance
  • The customer has outgrown the bank’s network & services
  • They’ve realized they can access better services elsewhere
  • They are asked to bank elsewhere by bank management

How Can You Get the Best Experience & Services?

If you’re interested in unlocking a better banking experience, it’s important to find a bank that understands your client profile. Additionally, you will need to confirm before opening an account that the bank can provide the specific services you’re after. If you do those two things, you’ll be further ahead than 99% of bank customers and you’ll be on your way to finding a bank that will value your business.

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