EY global consumer banking survey - Western European highlights

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EY’s third global study of retail banking customers shares consumer insighths

Transcript of EY global consumer banking survey - Western European highlights

  • 1. Winning through customer experience EY Global Consumer Banking Survey 2014 Western Europe Highlights (supplement to Global Results)
  • 2. Page 2 EYs third global study of retail banking customers since 2011 More than 32,000 banking customers in 43 countries Our extensive global consumer banking survey of 32,000 customers in 43 markets shows that, after a number of years of sharp decline, confidence in the global banking industry is on the rise, trust in individual banks is high and most customers across the globe are satisfied enough to recommend their main banking provider. But the survey also reveals quite marked regional differences in terms of confidence and trust, approaches to advice and use of digital channels Key questions explored: What is the role of trust in creating customer advocates, and how valuable is it? Are banks investing in the right components of the customer experience? How well are banks performing on key interactions from the basics of day-to-day transactions, to resolving problems and helping customers achieve their financial goals? How similar are customer behaviors across the globe? How well are banks prepared to fend off potential new market entrants?
  • 3. Page 3 The current environment Confidence in the industry % change in confidence in banking industry in past 12 months Customers in Western Europe have expressed a net decrease in confidence in the banking industry in the past year. This decrease in confidence appears in almost every country in Western Europe, with Ireland and Spain showing the largest declines; Luxembourg is the single exception. Global Western Europe Austria Belgium Denmark Finland France Germany Ireland Italy Luxembourg Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom 11% 10% 4% 8% 12% 13% 8% 67% 7% 8% 6% 7% 9% 8% 9% 5% 9% 33% 52% 58% 66% 32% 42% 71% 51% 25% 41% 30% 56% 59% 63% 48% 53% 56% 50% 48% 37% 32% 30% 60% 46% 16% 41% 8% 52% 62% 38% 34% 28% 44% 38% 39% 41% 19% Increased Remained the same Decreased
  • 4. Page 4 Global Western Europe Austria Belgium Denmark Finland France Germany Ireland Italy Luxembourg Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom The current environment (cont.) The value of advocacy % of customers who recently made or are planning changes with their PFSP Similar to global results, advocates across all countries in Western Europe are more likely to have increased or be planning to increase their business with their PFSP compared to those who are less likely to recommend their PFSP. Customers who are advocates in Luxembourg, Sweden and Spain are most likely to open new accounts and services. Advocates in Luxembourg, Italy, Ireland, the United Kingdom and Spain are more likely to consolidate all accounts than customers in other Western European countries. 39% 35% 52% 46% 36% 35% 25% 69% 41% 39% 32% 36% 37% 36% 43% 43% 38% 54% 9% 6% 0% 8% 5% 5% 6% 11% 10% 9% 7% 5% 5% 5% 6% 7% 7% 13% 24% 24% 29% 28% 22% 28% 19% 58% 20% 19% 18% 20% 26% 31% 24% 32% 24% 35% 2% 4% 2% 4% 1% 1% 2% 5% 3% 1% 2% 3% 2% 2% 4% 1% 2% 5% Consolidated / will consolidate all accounts Opened / will open new accounts and services Very likely to recommend PFSP Less than very likely to recommend PFSP
  • 5. Page 5 The power of trust Degree of trust % of customers citing different levels of trust in PFSP Western European customers express less trust in their PFSP than seen globally, with the lowest levels of complete trust seen in Spain and, most notably, Ireland, countries where confidence in the banking industry has shown minimal increase and a significant decrease over the past 12 months. The highest levels of complete trust in ones PFSP are observed among customers in Norway and Switzerland. 26% 54% 38% 19% 32% 50% 21% 20% 21% 16% 40% 42% 38% 30% 31% 42% 32% 44% 59% 41% 55% 64% 63% 46% 65% 72% 65% 51% 53% 49% 58% 53% 58% 51% 56% 49% 15% 5% 7% 17% 5% 4% 14% 8% 14% 33% 7% 9% 4% 17% 11% 7% 12% 7% Complete trust Moderate trust Minimal or no trust Global Western Europe Austria Belgium Denmark Finland France Germany Ireland Italy Luxembourg Netherlands Norway Portugal Spain Sweden Switzerland United Kingdom
  • 6. Page 6 Experience with financial services providers Rates/fees More convenient to have everything in one place Access to branches and banking services Branch/office location Information provided by friend or relative Information provided by news or advertising Their decision to open or close branches Other Not sure The experience is what matters Reasons for opening and closing accounts Reasons that customers opened and closed accounts in past 12 months While experience matters, so too do rates and fees (especially in Ireland); both are mentioned as the most common reasons for opening or closing accounts in Western Europe The convenience of having everything in one place is a key factor for opening or closing accounts among customers in Denmark, Finland, Luxembourg, and Portugal, while branch accessibility is cited by those in Austria 2% 7% 5% 9% 13% 26% 28% 29% 30% 41% 3% 8% 6% 5% 7% 18% 17% 28% 32% 33% 3% 12% 3% 6% 10% 14% 13% 25% 35% 36% 4% 16% 5% 5% 6% 10% 10% 26% 36% 25% 9% 10% 2% 3% 7% 20% 15% 31% 31% 34% 3% 26% 8% 9% 6% 17% 20% 34% 37% 20% 3% 16% 0% 4% 9% 7% 8% 19% 41% 35% 3% 32% 10% 3% 10% 11% 18% 14% 32% 18% 2% 15% 5% 2% 7% 14% 21% 47% 18% 27% 0% 9% 10% 12% 7% 20% 11% 38% 20% 54% 4% 13% 2% 4% 6% 3% 9% 32% 39% 39% 4% 23% 6% 10% 0% 7% 7% 20% 46% 25% 5% 7% 3% 5% 8% 19% 14% 24% 47% 31% 4% 8% 2% 0% 5% 10% 13% 26% 37% 27% 1% 14% 3% 4% 12% 16% 18% 18% 43% 35% 3% 10% 8% 2% 5% 6% 9% 11% 60% 21% 3% 6% 3% 7% 15% 20% 14% 24% 37% 39% 1% 6% 2% 5% 6% 15% 12% 23% 47% 34% Global Western Europe Austria Belgium Denmark* Finland* France Germany Ireland Italy *Data for closed accounts not shown due to small sample size (