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%
- I'm considering change: 21%
- No, I will not change: 67%
- Sweden:
- Yes, I will change: 15%
- I'm considering change: 22%
- No, I will not change: 63%
- Global average:
- Yes, I will change: 14%
- 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 useful. Sixty-four percent of respondents in Denmark found information from financial institutions to be helpful or very useful.
Rate the following according to how helpful they are to you when looking for information about banking or other financial services:
Global average
- Information provided by banks: 56% helpful or very helpful
- Government websites: 48% helpful or very helpful
- Financial comparison websites: 46% helpful or very helpful
- Online forums: 36% helpful or very helpful
- Social media: 32% helpful or very helpful
Consumers in Denmark
- Information provided by banks: 64% helpful or very helpful
- Government websites: 54% helpful or very helpful
- Financial comparison websites: 44% helpful or very helpful
- Online forums: 28% helpful or very helpful
- Social media: 20% helpful or very helpful
Consumers in Sweden
- Information provided by banks: 60% helpful or very helpful
- Government websites: 52% helpful or very helpful
- Financial comparison websites: 44% helpful or very helpful
- Online forums: 28% helpful or very helpful
- Social media: 20% helpful or very helpful
Satisfaction with Digital Banking Channels
Consumers in Denmark are most satisfied with their bank’s website, and least satisfied with online chat.
- My bank’s website: 82% satisfied or very satisfied
- My bank’s mobile app: 78% satisfied or very satisfied
- Online chat: 46% satisfied or very satisfied
- Phone: 60% satisfied or very satisfied
- ATM: 70% satisfied or very satisfied
Consumers in Sweden show a similar pattern:
- My bank’s website: 82% satisfied or very satisfied
- My bank’s mobile app: 78% satisfied or very satisfied
- Online chat: 44% satisfied or very satisfied
- Phone: 58% satisfied or very satisfied
- ATM: 68% satisfied or very satisfied
Globally, 77 percent of respondents, 78 percent in Denmark, and 82 percent in Sweden, say they have a bank account with a digitally-only bank.
What channel do you use to communicate or interact with your bank most frequently?
- Denmark:
- Online (bank website/app): 43%
- In person at bank branch: 42%
- Phone: 7%
- Online (social media): 3%
- Other: 5%
- Sweden:
- Online (bank website/app): 50%
- In person at bank branch: 36%
- Phone: 7%
- Online (social media): 2%
- Other: 5%
- Global average:
- Online (bank website/app): 43%
- In person at bank branch: 39%
- Phone: 9%
- Online (social media): 3%
- Other: 6%
Around half of people in Denmark and Sweden say they have a bank account with a digitally-only bank.
- Global average: 58%
- Denmark: 48%
- Sweden: 52%
Globally, people are drawn to opening accounts with digitally-only banks because of improved interest rates, convenience, streamlined account opening, and efficient customer service.
Top reasons for opening an account with a digitally-only bank (percentages for Denmark, Sweden, Global):
- Better interest rates: 27% / 28% / 29%
- Convenience: 25% / 26% / 27%
- Streamlined account opening: 22% / 23% / 24%
- Efficient customer service: 20% / 21% / 22%
- Lower fees: 18% / 19% / 20%
- Innovative features: 16% / 17% / 18%
For people who do not have an account with a digitally-only bank, the main reason is a preference to bank with an established financial institution, followed by a need to visit physical bank branches and a lack of established presence in the market.
Reasons for not having an account with a digitally-only bank:
- Prefer to bank with an established financial institution: 29%
- Need to visit physical bank branches: 24%
- No presence of digitally-only provider: 20%
- Different experience with provider: 16%
- Lack of trust: 14%
- Concerned about the security of funds: 13%
- Considering opening an account in the future: 13%
- Will open an account in the future: 11%
- Lack competitive services: 11%
To improve the digital banking experience, people want more services, products, and better integration with their financial lives. Consumers in Denmark and Sweden both want more personalized advice and tools to help them better understand their finances.
If available, what would you like your financial services companies to provide?
Top responses (percentages for Denmark, Sweden, Global):
- Cashback or payment rewards: 36% / 38% / 37%
- Personalized advice or tools to help manage finances: 34% / 36% / 35%
- Personalized credit offers: 32% / 34% / 33%
- Customer service via messaging apps: 30% / 32% / 31%
- Dedicated financial advisor: 28% / 30% / 29%
- Customizable notifications: 26% / 28% / 27%
- Ability to manage all accounts in one place: 24% / 26% / 25%
- Messaging financial services company via social media: 22% / 24% / 23%
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 online chat.
- Around half of people in Denmark and Sweden say they have a bank account with a digitally-only bank.
- For people who do not have an account with a digitally-only bank, the main reason is a preference to bank with an established financial institution, followed by a need to visit physical bank branches and a lack of established presence in the market.
- To improve the digital banking experience, people want more services, products, and better integration with their financial lives. Consumers in Denmark and Sweden both want more personalized advice and tools to help them better understand their finances.
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