GfK and Personetics Reveal Disturbing Trend in US Banking

America’s shifting views on money and wealth seems to be affecting banks, as it appears many retail banks are no longer seen as trustworthy institutions.

A study by global market research organization GfK and Personetics, a specialist in banking personalization technology, shows that less than one-third (31%) of Americans feel that their bank caters to their needs. About the same percentage (28%) state that the banks do not even care about them, and only care about their bottom line.

Three Types of Banks Noted

The banks were grouped into three categories based on how they were perceived by respondents:

1. Necessary Utility
2. Useful Service
3. Trusted Partner

Of the 1,000 people interviewed, only 27 percent said they saw their bank as a trusted partner. However, 40 percent see banks as necessary utilities while about one-third of respondents are stuck in the middle, seeing banks as useful, though not on a personal level.

Although there’s a worrying disconnect between banks and some of their customers, respondents to the study did give the banks some room to improve the situation. Many banks will not be losing their customers anytime soon.

However, 5 percent of customers say they will move to a new bank in the next six months.