- Standard Chartered global survey indicates COVID-19 marks financial coming of age for cash-strapped Millennials
- COVID pandemic leads to deterioration of UK payment practices
- EBA and McKinsey issue joint white paper on future of banks in payments
- Scope says domestic bank consolidation wave gathers pace; cross-border outlook improves
- City Minister to give evidence on financial services after Brexit to Lords EU Committee
- FinTech investments in Q3 2020 drop by16% quarter-over-quarter to $12.15bn
- EBA CLEARING’s RT1 expands instant payment reach in Luxembourg expired
- Barclays Corporate Banking working with CGI to implement the CGI Trade360 platform. expired
- Central Bank of Iceland(CBI) goes live with new interbank payment system developed by SIA expired
- Mastercard and emerging FinTech ZEN launch digital financial solutions to tackle e-commerce challenges for consumers and businesses expired
- PagoFX, Banco Santander’s low-cost international money transfer service, now available in Belgium expired
- Santander launches its first socially responsible bond for retail investors expired
20th November 2020
Forrester research indicates mutuals and direct banks outperform traditional banks across Europe
According to Forrester, leading European banks increasingly differentiate on customer experience quality, with mutuals and direct banks outperforming traditional banks due to their laser-sharp focus on delivering effective, easy, and emotionally positive experiences to their customers.
Unveiled at CX EMEA this week, Forrester’s European Banking Customer Experience Index (CX Index), which ranks 28 banking brands in the UK, France, Italy, and Spain, also shows that the top emotions that drive loyalty are feeling confident, respected, and valued-with 54% of confident customers planning to stay with their bank, 71% willing to advocate for the brand, and 68% planning to spend more with the brand, directly impacting revenue.
Other key findings include:
-UK, Spanish, and Italian customers find mobile apps the easiest and most effective way to bank. 80% of UK customers, 63% of Italian customers, and 64% of Spanish customers find using a mobile app easy and emotionally positive.
-Customer service is the most important driver category in European banking. In the UK, 62% of customers said they had a positive experience with banks’ customer service, compared to 44% of French customers and 47% of Spanish and Italian customers.
-Disappointment, frustration, and neglect drive European customers away. Of disappointed customers, 19% will stay with a brand, while just 5% will spend more or advocate for the brand.
“Our research proves that exceptional service, confidence, and respect underpin CX differentiation in the banking industry,” said Forrester VP and Research Director Oliwia Berdak. “In Europe, top-scoring mutual and direct banks are resetting customer expectations by building strong emotional connections that make their customers feel valued. When customers have a better experience, they are also more likely to forgive that brand’s missteps. This means that there is huge financial upside for banks that transform their CX.”
Forrester’s 2020 European Banking Customer Experience Index is based on surveys of more than 12,200 European adult customers of 57 brands in the UK, France, Italy, and Spain, including 28 of the largest and most important in banking.
Forrester Trends(8 articles)
Market information & research(3820 articles)