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Local financial firms more suitable than big banks

September 25, 2007 by admin  
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The standard of service and level of understanding offered by smaller building societies makes them more user-friendly than their larger counterparts, it has been suggested.

According to the Building Societies Association (BSA), the fact that regionalised companies will have a better knowledge of local markets is clearly to their advantage.

Commenting on the differences between the types, Adrian Coles, the director-general of the BSA said: “We’ve got a really good mixture in the building society sector, but if you’re locally based you really do understand the local market better than the branch manager of a national institution.”

He added: “What are the incentives? High levels of service, better levels of service than banks, understanding of local markets which they’re clearly good at, tailor-made products [and] knowing their customers.”

Recent BSA statistics reveal that 15 million adults have building society saving accounts with the 59 different institutions across the country.

Tags: sector, Canoeing, market, Adrian Coles, standard, director general, business

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