Management Strategies

04:11 PM
Connect Directly

Survey: Majority Of Customers Feel Undervalued By Banks

A survey by GMC Software Technology shows that customers want multichannel banking that is customizable to their needs and preferences.

Consumers in the U.S., France, Great Britain, and Germany say they do not feel valued by their banks, but indicate that a multichannel environment enhances the banking experience, according to a survey by GMC Software Technology, a provider of multi-channel customer engagement tools.

Only 27% of customers in the U.S. believe that their bank really values them. Six percent of customers feel valued in France, 10% in Great Britain, and 20% in Germany. Only 19% of respondents across all four countries believe banks understand good customer service and 67% believe banks are pushing online statements in order to save money.

The survey also shows that a customizable multichannel environment provides a better baking experience. About 72% of consumers across the board prefer to customize the format in which they receive information while 74% want to select the time the information is delivered.

[For More On Improving Customer Experience Check Out: Better Customer Experience: It’s In The Details]

About 45% of U.S. consumers have indicated that being enabled to bank when and how they wanted was a way banks could improve customer experience. Additionally, 60% and 40% of U.S. customers indicated that having a knowledgeable staff and easy access to the branch would also improve the banking experience.

“It is time the banks started to show that they value their customers by listening and allowing customers to be involved in decisions that affect the banking experience,” says Bill Parker, CMO at GMC Software Technology. “[Banks] should ask consumers which channels they want to use, not tell them.”

Customers are also beginning to embrace paperless banking, according to the survey. About 36% of all banking customers have an online-only statement. Broken down by age, 37% of consumers under 31 years old and 33% between the ages of 55-70 years old use online-only statements.

Customers who have online statements also tend to engage with them more frequently than those who still use paper statements. About 66% of customers go online and 61% of customers use a mobile device to view statements weekly, yet 58% of those that rely on paper statements view them monthly.

Some of the reasons cited by the respondents for preferring online statements over paper included convenience (80%) and environmental benefits (71%).

Zarna Patel is a staff writer for InformationWeek's Financial Services brands, which include Bank Systems & Technology, Insurance & Technology and Wall Street & Technology. She received her B.A. in English and journalism from Rutgers University College of Arts and Sciences in ... View Full Bio

Comment  | 
Print  | 
More Insights
Newest First  |  Oldest First  |  Threaded View
User Rank: Author
11/15/2013 | 8:46:34 PM
re: Survey: Majority Of Customers Feel Undervalued By Banks
As low as the customer satisfaction seems in this for U.S. banks, at least they're ahead of banks in the other countries in the study. Small victories.
User Rank: Author
11/15/2013 | 4:33:54 PM
re: Survey: Majority Of Customers Feel Undervalued By Banks
The emerging customer communications management space, in which GMC is a player, is where some of this potential can be addressed. There's a capability to customize/personalize all kinds of customer communications (statements, notices, etc) in a variety of media/channels, and to do it proactively and quickly, that didn't exist when most customer communications were paper based.
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology
BS&T's 2014 Elite 8 executives are leading their banks to success, whether it involves leveraging the cloud, modernizing core systems, or transforming into digital enterprises.
Bank Systems & Technology Radio
Archived Audio Interviews
Join Bank Systems & Technology Associate Editor Bryan Yurcan, and guests Karen Massey and Jerry Silva from IDC Financial Insights, for a conversation about the firm's 11th annual FinTech rankings.