Trust in banks fell in 2012 to 40%, down from 44% in the year-earlier period, according to research carried out by Roland Berger strategy consultants and retail research group GfK.

Confidence in the financial sector as a whole also fell, from 39% to 33%.

People have little confidence in their own bank or in the competition, say the researchers. This means few customers are considering changing banks. Just 2% of those questioned plan to do so.

The sector is dominated by three large banks – ING, ABN Amro and Rabobank – all of which offer much the same products and interest rates, say the researchers.