EPSI Rating – European Banking trendsThe banking sector has been measured in the majority of Nordic and north European countries since year 1999 via annual studies conducted by EPSI Research. During a couple of years, the Norwegian consumers have given their bank the lowest satisfaction scores, and the Finnish consumers their bank the highest. From year 2004, also the three Baltic States and Russia have been included in the annual studies of the banking sector. Czech Republic was introduced in 2005 and the UK in 2008.
The recent financial turmoil has not had too large effects on the overall customer satisfaction as is also seen from the table below. However, the crisis has affected final consumers differently, and the satisfaction has gone down more in some countries (like Denmark, Baltic States, Russia) than in others, as is seen from the country to country changes during the last year.
From the more detailed country results it can be seen that in a few of the countries the variation in satisfaction between banks has increased because of some individual banks being more hit by the crisis than others (and deteriorated in the eyes of their customers), and thus have lost their customer trust. It is also evident from the detailed analysis that the perception among customers to an individual bank now varies much more than before. This means that the spread between satisfied and dis-satisfied customers is higher now than during previous years.
During the last few years also the corporate banking market has been studied in the Nordic and Baltic countries (except Iceland). The following scores are now obtained in that segment.
The financial turmoil has hit the satisfaction among corporate banking customers harder than is the case in the final consumer segment. Denmark and the Baltic States are the countries where the satisfaction (and trust) has gone down most during the last year. Among the major Nordic and North European banking groups, Handelsbanken has the most satisfied customers. They are also on top in loyalty based on the EPSI survey results. The distance to the second contender is now increased.
More detailed results for the different countries are available on the respective national EPSI websites. Please see www.epsi-rating.com for links to the different country press releases (public domain). The banking results are based on more than 50,000 telephone interviews with current customers to different banks in the respective country. The overall assessment is publicly available, while the detailed results for individual banks are confidential. EPSI Rating is the Pan European measurement tool for analysing non-financial value creation in commercial entities and organisations. In total more than 30 sectors are covered with benchmark studies. The regular measurements started in Sweden in 1989, and was extended to a number of other European countries in 1999, based on a EU-commission study. The basic results may also be compared with similar studies in USA and a number of countries in the Far East.
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