Forrester's European Banking CX Index 2020: Mutuals And Direct Banks Outperform Traditional Banks Across Europe
Confidence, respect, and value drive customer loyalty at European banks
LONDON, Nov. 18, 2020 /PRNewswire/ -- According to Forrester (Nasdaq: FORR), leading European banks increasingly differentiate on customer experience quality, with mutuals and direct banks outperforming traditional banks due to their laser-sharp focus on delivering effective, easy, and emotionally positive experiences to their customers.
Unveiled at CX EMEA today, Forrester's European Banking Customer Experience Index (CX Index™), which ranks 28 banking brands in the UK, France, Italy, and Spain, also shows that the top emotions that drive loyalty are feeling confident, respected, and valued — with 54% of confident customers planning to stay with their bank, 71% willing to advocate for the brand, and 68% planning to spend more with the brand, directly impacting revenue.
Other key findings include:
- UK, Spanish, and Italian customers find mobile apps the easiest and most effective way to bank. Eighty percent of UK customers, 63% of Italian customers, and 64% of Spanish customers find using a mobile app easy and emotionally positive.
- Customer service is the most important driver category in European banking. In the UK, 62% of customers said they had a positive experience with banks' customer service, compared to 44% of French customers and 47% of Spanish and Italian customers.
- Disappointment, frustration, and neglect drive European customers away. Of disappointed customers, 19% will stay with a brand, while just 5% will spend more or advocate for the brand.
"Our research proves that exceptional service, confidence, and respect underpin CX differentiation in the banking industry," said Forrester VP and Research Director Oliwia Berdak. "In Europe, top-scoring mutual and direct banks are resetting customer expectations by building strong emotional connections that make their customers feel valued. When customers have a better experience, they are also more likely to forgive that brand's missteps. This means that there is huge financial upside for banks that transform their CX."
Forrester's 2020 European Banking Customer Experience Index is based on surveys of more than 12,200 European adult customers of 57 brands in the UK, France, Italy, and Spain, including 28 of the largest and most important in banking.
Resources:
- Learn more about how Forrester's CX Index can help your business here.
- Find out where your brand ranks in the UK, France, Italy, and Spain.
About Forrester's CX Index
Forrester's CX Index is the most complete and powerful CX tool in the market today. The CX Index connects quality and loyalty measures to specific revenue drivers, giving leaders the unprecedented ability to guide CX investments that produce revenue return.
About Forrester
Forrester (NASDAQ: FORR) is one of the most influential research and advisory firms in the world. We help organizations grow through customer obsession, putting their customers at the center of leadership, strategy, and operations. Through Forrester's proprietary research, consulting, and events, business and technology leaders from around the globe are empowered to be bold at work — to navigate change and build customer-obsessed growth strategies. Our unique insights are grounded in annual surveys of more than 675,000 consumers, business leaders, and technology leaders worldwide; rigorous and objective methodologies, including Forrester Wave™ evaluations; and the shared wisdom of our most innovative clients. To learn more, visit Forrester.com.
Press contact: Hannah Segvich, hsegvich@forrester.com
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