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Half of consumers feel undervalued by their bank says GMC/Mori poll

Almost half of 4,032 consumers (48%) polled by Ipsos Mori research commissioned by GMC Software feel that they are undervalued by their banks. The research, carried out in Great Britain (GB), Germany, France and the US from 25-30 October with a representative sample of teenagers up to seniors, also reveals that 69% think online banking delivers poor customer service, with only 16% viewing mobile banking as effective, suggesting that there is still a desire for the human touch in banking whether in-branch or on the phone.

The GMC/Mori poll found that only a disappointing 19% of GB consumers believe banks understand how to deliver good customer experience, with most seeming to want more friendly and knowledgeable staff (45%) and an ability to ‘bank on their own terms’ (49%) accessing information when and how they want. There is a dichotomy here, mirrored in other countries, between the poor scores for online and mobile banking services which allow such a 24x7 on demand service, but this is perhaps explained by the pining for the human touch.

The research contains an analysis of how ‘blending’ human and technology-based online services can be harnessed to improve customer satisfaction. Other key findings include:

• Just 10% of GB consumers believe that their bank really values them as a customer. The figure is France is 6%, 20% in Germany and 27% in the US.
• In order to improve the banking customer experience, the top three action points for GB consumers are enabling them to bank when and how they want (49%); friendly and knowledgeable staff (45%) and easy access to the branch (39%).
• Online and mobile banking is relatively popular with 36% of customers using online-only statements, but there service is viewed as limited with only two thirds (65%) stating they do not believe online banking delivers an effective level of customer service, while just a third (32%) view it as truly interactive.

Commenting on the survey, Mike Davies, head of the EMEA North region at GMC Software Technology, said: “It’s 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. Banks should provide multiple channels of communication, but they should ask consumers which ones they want to use, not tell them.”