The end of banking autocracy

Why banks must understand and value their customers to regain trust

In October 2013, a survey carried out by Ipsos Mori reported over 50 per cent of consumers in France, Germany, UK and US feel undervalued by their bank and explored how banks can improve their customer experience.

The resulting comprehensive study reveals consumer views and attitudes towards their banking customer experience. It shows that customers feel undervalued and have lost trust in their bank. A large number of consumers are frustrated that banks do not understand how to provide a good customer experience and deliver no real choice. It is now important for banks to get in line with other service-oriented industries to show that they value their customers by listening and allowing them to be involved in decisions that affect the banking experience.

Online-only banking is already the most common way to view bank statements and is not just the preserve of the young. Other new forms of communication are up and coming such as mobile, however neither is currently delivering the level of satisfaction expected. Now is the time for banks to be optimizing their customer communication channels – particularly online and mobile – while future proofing its infrastructure for social media.

The report’s insights aim to help the banks understand what their customers really want and need to inform their customer experience strategies.

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