Only 30 percent of bank customers believe they get error-free service and only 40 percent of bank customers believe they get value for money.
No one believes customer loyalty is rewarded by banks.
But Rand Merchant Bank believes it can address these faults with a new concept in banking "merchant banking for individuals", which it announced earlier this week.
The concept is not the same as private banking, Paul Harris, managing director of RMB, says. In the same way that RMB as a merchant bank can advise corporations and institutions about investments as well as lending, it will offer an all-round service to clients.
The new bank may not be cheaper than commercial banks, but it will not compete on price.
On the investment side, it could give clients direct access to the stock exchange and unit trusts as well as advice on tax, estate planning and trusts.
As far as borrowings are concerned, it intends to offer a single credit facility which reflects each customer's risk profile and would apply to all lending requirements, from financing cars and houses to credit cards.
This will be done through the mechanism of a blanket personal loan and an interest rate that steps up according to the bank's perception of risk.
It contrasts with the way that commercial banks operate. They apply different rates to different products, which are all handled by separate departments.
Harris says the bank cannot promise never to err, but room for error will be reduced because it will not be transactionally based.
It will also be an electronic service, not a branch network, using computer systems designed specifically for this purpose rather than adapting existing systems.