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Does Your Bank Value You? Most Americans Say No

Christine DiGangi

Only 27% of Americans say they feel valued by their banks, but that’s better than the sentiment in other countries: Just 20% in Germany, 10% in Great Britain and 6% in France feel their banks value them as customers, according to a survey of more than 4,000 consumers in those four countries.

Despite the better reviews from Americans, that’s not a great perception of banks in any country. The survey, commissioned by GMC Software, asked consumers how banks could improve the customer experience, and technology played a large part in their responses.

The top concern among consumers is interacting with with a friendly and knowledgeable banking staff — beyond that, customers wanted their banking experiences to fit their lifestyle preferences, whether that’s easy access to a physical branch, online or mobile products.

In a news release about the study, Bill Parker, chief marketing officer for 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.”

Online-only is the most common way consumers view bank statements, with 36% of all bank customers going paperless, and those customers view their statements more frequently than those who primarily rely on printed statements. At the same time, 65% say their bank delivers ineffective customer service online, and only 23% of customers found mobile-banking service satisfactory.

“The research reveals that there is a time and place for each channel,” Parker said in the release, “and banks need to adopt the technologies and strategies that will help them engage effectively with each customer through the optimized channel that each customer chooses.”

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