The Federation of German Consumer Organizations (vzbv) presented the results of its recent market observation study on neo and direct banks. According to the results, consumers encounter difficulties in accessibility at 35 percent of neo and direct banks.
For this study, the vzbv reviewed a total of ten direct banks and ten neo banks in March and April 2023 checking their service accessibility when inquiring via phone to unblock an account, block a card or report an unauthorized booking.
These are further findings:
- Fulfilling reporting obligations often proves difficult for consumers, as telephone accessibility at many of the neo banks and direct banks surveyed was poor, especially on weekends.
- Among the examined direct banks, all had a telephone number for customers, but it was not always easy to find. Three of the surveyed neo banks did not display a telephone number at all.
- Banks should ensure that they can be reached at all times to enable consumers to meet their reporting obligations in case of an emergency. According to the vzbv, an e-mail address or a contact form are not sufficient for this purpose.
Heiko Fürst, vzbv consultant in the Financial Market Monitoring team, commented: "The neo and direct banks examined had weak points in customer service at crucial points. This is not only annoying for customers, but can also have serious consequences. When criminals empty an account, every minute counts to limit damage. The availability of a bank by telephone is crucial."
Source: vzbv
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