More than half of all consumers in the U.S., Great Britain, Germany, and France fell undervalued by their banks, according to research from Ipsos MORI commissioned by GMC Software Technology. The report, which includes responses from 4,032 consumers across the four countries, examined what consumers really think about their banks’ customer experience and how they are valued.
According to research findings, financial institutions must close the customer experience gap with friendly, knowledgeable staff and banking services that consumers demand.
A mere 27% of consumers in the U.S. believes that their bank really values them as a customer, but the banking industry elsewhere around the world doesn’t fare much better. In Germany, 20% of banking consumers feel valued; in Great Britain, the number plunges to only 10%; and in France, it’s a woeful 6%.
Four out of five consumers have little faith the banking industry even possesses the capacity to take care of them, the research found. Only 19% of consumers believe banks truly understand how to deliver a good customer experience.
Improving the Customer Experience
To further improve the banking customer experience, researchers say the top three hot-buttons for consumers are:
Being able to bank when and how they want (49%)
Friendly and knowledgeable staff (45%)
Easy access to the branch (39%)
Almost three quarters of consumers want banks to ask them which format in which they’d like to receive information (72%), as well as what time they’d like to receive it (74%).
“Banks should provide multiple channels of communication, but they should ask consumers which ones they want to use, not tell them,” Mike Davies, Vice President EMEA North, GMC Software Technology, said in a press release. “It’s time banks started to show that they value their customers by listening and allowing customers to be involved in decisions that affect the banking experience.”
Constraints of Online & Mobile Banking
Online and mobile channels lend themselves to a more dynamic, interactive relationship with consumers, rather than presenting static content that could be sent through the mail, the research says. But, current online and mobile banking services have considerable constraints.
Two thirds (65%) do not believe their online banking delivers an effective level of customer service, while just a third (32%) believes it is truly interactive (i.e. they can customize how their banking data is presented, or digitally contact their bank with questions).
Mobile banking is doing even worse. Only 16% of consumers consider their mobile banking service satisfactory.
The mass adoption of online statements is driven by customers appreciating its convenience (80%), environmental benefits (67%) and increased security compared to paper (45%).
Davies said the research proves that there is a time and place for each channel, and banks need to adopt the technologies and strategies that will help them engage effectively channels optimized for each consumer.
“The number of ways by which a consumer can interact with their bank is increasing, with traditional bricks and mortar giving way to call centers, internet and mobile banking as well as social media,” Davies adds. “It is now time to close the customer experience gap.”
At Least Consumers Appreciate eStatements
Online-only is already the most common way most consumers view their bank statements — 36% of all bank customers have online-only statements — and this trend extends way beyond just Gen-Y. In the 25-34 age group (Gen Y), 41% use online-only statements while conversely 42% of 55-70 year olds do the same.
But, skepticism lingers – case in point: 73% of bank customers suspects banks are pushing online statements to save money.
Two thirds (67%) of those who use online statements view them at least once a week. Of those using statements on a mobile device, 54% view them at least once a week. In sharp contrast of those who rely on printed statements, 64% view their bank statements only once a month. Many probably never look at their printed statements.