Banking, E-Commerce, and Telehealth Trends in Denmark and Sweden
Banking Trends
A majority of people in Denmark (67%) and Sweden (63%) are not considering changing banks within the next year.
Are you considering changing banks or financial institutions in the next year?
- Denmark:
- Yes, I will change: 12%
- Yes, I'm considering change: 21%
- No, I will not change: 67%
- Sweden:
- Yes, I will change: 15%
- Yes, I'm considering change: 22%
- No, I will not change: 63%
- Global average:
- Yes, I will change: 14%
- Yes, I'm considering change: 25%
- No, I will not change: 61%
When looking for information about banking or other financial services, people in Denmark and Sweden find information provided by banks to be most helpful. Sixty-four percent of respondents in Denmark found information from financial institutions to be helpful or very useful.
Helpfulness of Information Sources for Banking and Financial Services
- Global average:
- Information provided by banks: 26% very helpful/useful, 38% helpful/useful (65% total), 22% not very helpful/useful, 8% not at all helpful/useful, 6% N/A
- Government websites: 22% very helpful/useful, 36% helpful/useful (58% total)
- Financial advisors: 21% very helpful/useful, 34% helpful/useful (55% total)
- Online forums: 16% very helpful/useful, 32% helpful/useful (48% total)
- Friends & family: 15% very helpful/useful, 32% helpful/useful (47% total)
- Social media: 13% very helpful/useful, 27% helpful/useful (40% total)
- Denmark:
- Information provided by banks: 22% very helpful/useful, 42% helpful/useful (64% total)
- Government websites: 19% very helpful/useful, 38% helpful/useful (57% total)
- Financial advisors: 18% very helpful/useful, 36% helpful/useful (54% total)
- Online forums: 13% very helpful/useful, 29% helpful/useful (42% total)
- Friends & family: 13% very helpful/useful, 36% helpful/useful (49% total)
- Social media: 8% very helpful/useful, 22% helpful/useful (30% total)
- Sweden:
- Information provided by banks: 23% very helpful/useful, 40% helpful/useful (63% total)
- Government websites: 19% very helpful/useful, 36% helpful/useful (55% total)
- Financial advisors: 18% very helpful/useful, 34% helpful/useful (52% total)
- Online forums: 13% very helpful/useful, 29% helpful/useful (42% total)
- Friends & family: 13% very helpful/useful, 36% helpful/useful (49% total)
- Social media: 8% very helpful/useful, 22% helpful/useful (30% total)
Consumers in Denmark and Sweden generally find information provided by banks and family or friends to be the most helpful, while information provided by social media is the least helpful.
Satisfaction with Digital Banking Channels
Consumers in Denmark are most satisfied with their bank’s website, and least satisfied with chatbots, social media, and video calls.
- Denmark:
- My bank’s website: 28% very satisfied, 46% satisfied (74% total)
- My bank’s mobile app: 25% very satisfied, 44% satisfied (69% total)
- Online chat: 13% very satisfied, 32% satisfied (45% total)
- Chatbots: 8% very satisfied, 22% satisfied (30% total)
- Social media: 8% very satisfied, 22% satisfied (30% total)
- Video calls: 8% very satisfied, 22% satisfied (30% total)
- Sweden:
- My bank’s website: 27% very satisfied, 48% satisfied (75% total)
- My bank’s mobile app: 24% very satisfied, 46% satisfied (70% total)
- Online chat: 13% very satisfied, 32% satisfied (45% total)
- Chatbots: 8% very satisfied, 22% satisfied (30% total)
- Social media: 8% very satisfied, 22% satisfied (30% total)
- Video calls: 8% very satisfied, 22% satisfied (30% total)
Preferred Channels for Banking Interaction
Globally, 77% of respondents, 70% in Denmark, and 62% in Sweden say they most frequently interact with their bank online.
- Denmark:
- Online (web, mobile app): 70%
- In person at bank branch: 20%
- Phone: 7%
- Other: 3%
- Sweden:
- Online (web, mobile app): 62%
- In person at bank branch: 25%
- Phone: 10%
- Other: 3%
- Global average:
- Online (web, mobile app): 77%
- In person at bank branch: 13%
- Phone: 7%
- Other: 3%
Digitally-Only Bank Accounts
Around half of people in Denmark (48%) and Sweden (44%) currently have a bank account with a digitally-only bank, compared to a global average of 56%.
Globally, people are drawn to opening accounts with digitally-only banks because of improved interest rates, convenience, streamlined account opening, and efficient customer service. The most common reasons, in order, are:
- More competitive interest rates
- Convenience
- Streamlined account opening process
- Better customer service
- Better digital experience
- Lower fees
- Access to new features
- Better rewards
- Other
For those who do not have an account with a digitally-only bank, the most common reasons are:
- Prefer to bank with an established financial institution: 37%
- Need to visit physical bank branches: 24%
- No awareness of digitally-only banks: 20%
- Different experience with digital-only banks: 16%
- Concerned about security: 14%
- No need for another account: 13%
- Considering opening an account in the future: 11%
- Will open an account with a digitally-only bank in the future: 11%
- Lack competitive services: 10%
To improve the digital banking experience, people want more services, products, and features to be available online, including personal financial management tools, customer service, and tools such as cryptocurrency tied to their financial website. The most requested features are:
- Cashback or payment rewards for using their services
- Personal financial management tools
- Customer service via online chat
- Cryptocurrency or token management
- Dedicated financial advisor
- Online mortgage or loan application
- Video call with a financial advisor
- Messaging via SMS or secure messaging with a security code
E-Commerce Trends in Denmark and Sweden
Shoppers plan to keep e-commerce a significant part of their lives, with a majority saying they plan to shop online at the same amount or more frequently in the future (Denmark: 87%, Sweden: 90%).
In the future, do you think you will shop online more, less or about the same amount as you do right now?
- Denmark:
- More: 9%
- About the same: 61%
- Less: 30%
- Sweden:
- More: 7%
- About the same: 65%
- Less: 28%
- Global average:
- More: 25%
- About the same: 61%
- Less: 13%
In the first half of 2021, 47% of people in Denmark and 49% in Sweden shopped online in the past six months, which is similar to global averages.
Online Shopping Channels Used in the Past Six Months
The most common channels, in order, are:
- Online retailer website/app
- Online marketplace website/app
- Brand website/app
- Social media
- Online auction website/app
- Online classified website/app
- Other
For each channel, the percentages are similar for Sweden, Denmark, and the global average.
Devices Used for Online Shopping
In the Nordics, consumers are most likely to use desktop/laptop computers for online shopping, while globally, smartphones are the most used device.
- Global device share:
- Smartphone/tablet: 48%
- Desktop/laptop computer: 47%
- Other: 5%
- Denmark:
- Desktop/laptop computer: 62%
- Smartphone/tablet: 36%
- Other: 2%
- Sweden:
- Desktop/laptop computer: 60%
- Smartphone/tablet: 37%
- Other: 3%
Drivers of Brand Choice in Online Shopping
Consumers prefer to shop with brands that make purchasing quick and easy. The primary drivers of brand choice are:
- Easy/fast shipping and delivery: 60%
- A marketplace or comparison site: 59%
- Easy to buy directly from the brand: 57%
- A mobile app or website that is easy to use: 55%
- A wide range of products: 54%
- A loyalty program: 51%
- Free returns: 50%
- Personalized recommendations: 47%
- Social media presence: 41%
- Live chat or customer service: 39%
- Virtual or augmented reality try-on: 23%
- Messaging via secure channel: 17%
Sixty percent of shoppers say they prefer fast shipping. Offering free returns is also important. Other key factors include the ability to buy directly from the brand and a mobile app or website that is easy to use.
Consumer Confidence and Satisfaction with Online Shopping
- 64% are confident about finding the best deal online
- 60% are satisfied with the online shopping experience
- Only 41% are satisfied with the ability to interact with brands and retailers digitally
- 36% are satisfied with building relationships with brands online
Agreement with Online Shopping Statements
- I am confident when searching/shopping for products or services online: 24% strongly agree, 40% agree
- I prefer online shopping if it provides a better experience than in-store shopping: 19% strongly agree, 41% agree
- I am satisfied with the online shopping experience: 17% strongly agree, 43% agree
- I am satisfied with the ability to interact with brands and retailers digitally: 13% strongly agree, 38% agree
- I am satisfied with building relationships with brands and retailers online: 11% strongly agree, 25% agree
- I trust online retailers to keep my data and products or services safe: 13% strongly agree, 38% agree
More than half of consumers say they have abandoned a cart in the past six months due to a lack of trust, with 60% saying they do not proceed with a purchase if they are not confident in the brand’s ability to protect their data.
Engagement and Trust in Online Retail
- I trust online retailers to keep my data and products or services safe: 13% strongly agree, 38% agree
- I will only go to a website if I trust the brand: 21% strongly agree, 41% agree
- I will abandon a cart online if I do not trust the brand: 19% strongly agree, 41% agree
- I feel comfortable when I see that a website advertises that it is secure: 18% strongly agree, 41% agree
- I like to see new features and products on online retail sites: 13% strongly agree, 38% agree
- I like to see new brands and offers from brands online: 11% strongly agree, 25% agree
Desired Features from Online Retailers
To improve the shopping experience, consumers would like to see more cashback and payment rewards, personal financial management tools, online customer service, and additional delivery options. The most requested features are:
- Cashback promotions for in-store and online purchases: 39%
- Personalized after-sales or warranty protection: 37%
- Personal financial management tools: 37%
- Customer service via online chat: 35%
- Cryptocurrency or token management: 30%
- Virtual or augmented reality try-on: 23%
- Messaging via secure channel: 17%
- None of the above: 15%
Telehealth Usage in Denmark and Sweden
Twenty-nine percent of respondents in Sweden and 22 percent in Denmark say they have used telehealth services, compared to a global average of 27%.
Have you ever seen a health care provider using telehealth?
In the fall of 2021, 70% of people in Denmark and 65% in Sweden say they saw their health care provider, which matches the global average (70%).
In the past six months, have you had a visit with a doctor or other health care provider?
- Denmark: Yes 70%, No 30%
- Sweden: Yes 65%, No 35%
- Global average: Yes 70%, No 30%
In Sweden, 14% of people say they used telehealth services during the pandemic, compared to 9% in Denmark. A majority of people in Denmark and Sweden say they did not use telehealth services during this time.
Where did you see your health care provider?
- In person at a health care facility: Denmark ~60%, Sweden ~55%, Global ~60%
- Via telehealth (phone, video, or online): Denmark ~9%, Sweden ~14%, Global ~22%
- At home (provider visited): Denmark ~2%, Sweden ~2%, Global ~3%
- Other: Denmark ~1%, Sweden ~1%, Global ~2%
- No: Denmark ~30%, Sweden ~35%, Global ~30%
Reasons for Delaying Health Care Visits
Concerns over exposure to COVID-19 and inability to get an appointment are the top reasons for delaying health care visits. Other reasons include lack of time (21%), cost (20%), and lack of specialist availability (19%).
- COVID-19 exposure concerns
- Couldn't get an appointment
- Lack of specialist or treatment available
- Lack of time
- Cost of care
- Lack of information about what to do
- Lack of information about telehealth options
- Lack of insurance coverage
- Not confident in telehealth
- Other
Future Use of Telehealth
A majority of people in Denmark (85%) and Sweden (80%) expect to use telehealth services about the same or more after the pandemic subsides.
After the COVID-19 pandemic has subsided, do you think you will use telehealth services more or less in the future?
- Denmark:
- More: 15%
- About the same: 54%
- Less: 31%
- Sweden:
- More: 14%
- About the same: 66%
- Less: 20%
- Global:
- More: 23%
- About the same: 49%
- Less: 28%
Gender and Age Differences in Future Telehealth Use
- In Denmark, men are slightly more likely to use telehealth more in the future (Male: 17% more, 57% about the same, 26% less; Female: 13% more, 51% about the same, 36% less).
- In Sweden, men are also slightly more likely to say they will use telehealth more in the future (Male: 17% more, 65% about the same, 18% less; Female: 11% more, 67% about the same, 22% less).
By Age Group (Denmark):
- 18-24: 19% more, 61% about the same, 20% less
- 25-34: 18% more, 57% about the same, 25% less
- 35-44: 17% more, 54% about the same, 29% less
- 45-54: 15% more, 53% about the same, 32% less
- 55-64: 13% more, 51% about the same, 36% less
- 65+: 10% more, 49% about the same, 41% less
By Age Group (Sweden):
- 18-24: 18% more, 68% about the same, 14% less
- 25-34: 17% more, 67% about the same, 16% less
- 35-44: 15% more, 66% about the same, 19% less
- 45-54: 13% more, 65% about the same, 22% less
- 55-64: 12% more, 63% about the same, 25% less
- 65+: 9% more, 61% about the same, 30% less
Desired Improvements in Telehealth
To improve the telehealth experience, patients in Denmark and Sweden want providers to offer more services online, including prescription refills, test results, and follow-up appointments. They also want better communication and more information about telehealth options. The most requested services are:
- Prescription refills
- Test results
- Follow-up appointments
- Access to specialists
- Mental health services
- Preventive care
- Chronic condition management
- Health education
- Technical support
- More information about telehealth options
- Other
Summary of Key Insights
- A majority of people in Denmark (67%) and Sweden (63%) are not considering changing banks within the next year.
- Sixty-four percent of respondents in Denmark found information from financial institutions to be helpful or very useful.
- Consumers in Denmark and Sweden are most satisfied with their bank’s website, and least satisfied with chatbots, social media, and video calls.
- Around half of people in Denmark and Sweden currently have a bank account with a digitally-only bank.
- For people who do not have an account with a digitally-only bank, the most common reason is a preference to bank with an established financial institution, followed by a need to visit physical bank branches and a lack of awareness about digitally-only banks.
- Shoppers plan to keep e-commerce a significant part of their lives, with a majority saying they plan to shop online at the same amount or more frequently in the future (87% in Denmark, 90% in Sweden).
- In the first half of 2021, 47% of people in Denmark and 49% in Sweden shopped online in the past six months, which is similar to global averages.
- In the Nordics, consumers are most likely to use desktop/laptop computers for online shopping, while globally, smartphones are the most used device.
- Consumers prefer to shop with brands that make purchasing quick and easy.
- More than half of consumers say they have abandoned a cart in the past six months due to a lack of trust, with 60% saying they do not proceed with a purchase if they are not confident in the brand’s ability to protect their data.
- To improve the shopping experience, consumers would like to see more cashback and payment rewards, personal financial management tools, online customer service, and additional delivery options.
- In the fall of 2021, 70% of people in Denmark and 65% of people in Sweden say they saw their health care provider.
- Notices in Denmark and Sweden indicate that a majority of people expect to use telehealth services about the same or more after the pandemic subsides (85% in Denmark, 80% in Sweden).
- To improve the telehealth experience, patients in Denmark and Sweden want providers to offer more services online, including prescription refills, test results, and follow-up appointments. They also want better communication and more information about telehealth options.