PUBLISHED DATE: 2025-08-24 23:10:58

The Digital Life Index

Every Third Dane Considers Switching Banks

Publicis Sapient’s latest edition of the Digital Life Index reveals that a third of Danes are dissatisfied with their bank, with many already having decided to switch or considering moving to a fully digital bank. What is driving this trend?
According to Peter Ekdahl, Managing Director at Publicis Sapient, digital banks are attracting customers with competitive offers and a superior digital experience. “But traditional banks can rely on trust and historical relationships while they continue to develop their digital offerings.”

Will You Switch Banks Next Year?

A recent survey shows: Comparatively, the global average for those planning to switch is about 10%, and for those considering it, about 20%. In Sweden, 13% plan to switch and 25% are considering it, with 60% not planning to switch.
Additionally, half of Danes have an account with a bank that offers only online services—a significantly higher proportion than in major European countries (UK 27%, France and Germany 38%) and above the global average of 44%. Among Danes who do not yet have an account with a fully digital bank, nearly a quarter are considering opening one in the future.
Peter Ekdahl notes that this presents a challenge for traditional banks: “When many Danes open accounts and move parts of their financial affairs to digital competitors, while still keeping some of their money with traditional banks, there is a risk of eroding the customer relationship and the banks’ business without realizing it until it’s too late.”

Do You Have an Account with a Fully Digital Bank?

The proportion of the population with an account at a fully digital bank by country: Global average: 44%

Main Reasons Danes Switch (or Don’t Switch) to a Fully Digital Bank

The top reasons for opening an account with a fully digital bank are: Among Danes who do not have an account with a digital bank: Peter Ekdahl sees this as an opportunity for traditional banks: “Traditional banks can rely on bonds of trust and historical relationships while they continue to develop their digital offerings.”

INFO BOX:

36% of Danes said they need access to a physical bank. Only 14% of Swedes agree.
– Digital Life Index 2021, Publicis Sapient

How Danes Communicate with Their Banks

Only 16% of Danes say that most of their contact with the bank is physical, while 78% interact online—via an app (40%) or a website (38%). Peter Ekdahl sees opportunities to better leverage new technologies to meet customer needs: “So far, banks have not been able to offer chat and voice functions that satisfy customer needs. Less than 25% of customers are satisfied with voice functions, and 42% are satisfied with online chat, compared to nearly 70% who are satisfied with using mobile apps and websites.”

INFO BOX:

“We can see that it is still important to have a bond of trust and a historical relationship with one’s bank, which is an advantage for traditional banks. However, fully digital banks can attract customers with more competitive prices due to their scalable technology and a better digital experience.”
– Peter Ekdahl, Managing Director, Publicis Sapient

About the Study

The Digital Life Index is an ongoing research initiative commissioned by Publicis Sapient to understand consumer attitudes, behaviors, and perspectives regarding digital services across various industries. This year’s edition focuses on retail, healthcare, and financial services. The survey was conducted in May and June 2021 with 9,300 participants across 12 markets.
For more information: thedigitallifeindex.publicissapient.com

About Publicis Sapient

Publicis Sapient partners with global organizations to help them create and sustain a competitive advantage in an increasingly digital world. Publicis Sapient is the digital business transformation hub of Publicis Groupe, with 20,000 employees and over 50 offices worldwide.
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Contact

Pernille Buch, pb@ehrenbergsoerensen.com, +45 31 77 26 15
Karin Liljeqvist, karin.liljeqvist@publicissapient.com, +46 70 941 2649
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