The Nordic region, and particularly Denmark and Sweden, is globally recognized for its leadership in digital banking. With tech-savvy populations and a culture of trust in digital services, both countries have seen rapid adoption of digital banking channels. Over half of consumers in Sweden (53%) and Denmark (50%) now hold accounts with digital-only banks—well above the global average. Yet, despite this digital-first orientation, a significant segment of consumers in both markets continues to value the physical bank branch. This duality presents both a challenge and an opportunity for banks seeking to optimize their channel strategies and deliver seamless, customer-centric experiences.
While digital engagement is high, the importance of physical branches should not be underestimated. In Denmark, 36% of consumers who do not have a digital-only bank account cite the need for access to a physical branch as a key reason. In Sweden, this figure is lower (14%), but still notable. For many, the branch remains a symbol of trust, stability, and personal connection—attributes that are especially valued in moments of financial complexity or uncertainty. Established banks in both countries continue to benefit from historical relationships and a reputation for reliability, which digital challengers are still working to match.
Consumers in Denmark and Sweden report high satisfaction with their banks’ digital channels, particularly websites and mobile apps. In both countries, over 80% are satisfied or very satisfied with their bank’s website, and nearly 80% with the mobile app. However, satisfaction drops sharply for online chat and voice services, indicating that digital support channels have room for improvement. This gap highlights the need for banks to ensure that digital touchpoints are not only functional but also intuitive, responsive, and capable of handling complex customer needs.
The Nordic banking landscape is genuinely omnichannel. In Denmark, 43% of consumers interact with their bank most frequently online, while 42% still prefer in-person branch visits. In Sweden, the split is 50% online and 36% in-branch. This balance underscores the ongoing relevance of physical branches, even as digital adoption accelerates. For banks, the imperative is clear: deliver a seamless, integrated experience across all channels, ensuring that customers can move effortlessly between digital and physical touchpoints.
Despite the appeal of digital-only banks—driven by better interest rates, convenience, and streamlined account opening—many consumers remain loyal to traditional institutions. The top reasons for not switching include a preference for established banks, the need for physical branches, and concerns about trust and security. In Denmark, 43% of those without a digital-only account prefer established banks, and 36% need branch access. In Sweden, trust in established institutions is also a leading factor. These insights highlight the importance of maintaining strong, trust-based relationships, even as banks innovate digitally.
Nordic consumers are looking for more than just basic digital functionality. The most desired enhancements include:
Banks that deliver on these expectations—by integrating data, leveraging AI, and personalizing experiences—will be best positioned to deepen customer loyalty and differentiate themselves in a crowded market.
To bridge the gap between digital and physical, banks in Denmark and Sweden must:
Publicis Sapient partners with leading banks in the Nordics and globally to design and implement effective omnichannel strategies. Our expertise spans strategy, technology, customer experience, and product innovation. We help banks:
Denmark and Sweden exemplify the strengths—and complexities—of modern banking. High digital adoption coexists with a persistent need for physical branches and personal relationships. The future belongs to banks that can blend the best of both worlds: leveraging digital innovation to deliver convenience and personalization, while maintaining the trust and human connection that customers still value. By embracing a truly omnichannel approach, banks in the Nordics can set new standards for customer experience and ensure that no segment is left behind.
Ready to transform your bank’s omnichannel strategy? Publicis Sapient is here to help you bridge the gap between digital and physical—and unlock new growth in the Nordic market.