Infographic: Worldwide Survey Reveals Major Disparities in Consumer Banking Satisfaction

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Ernst & Young infographic illustrates the impact of the financial crisis on global consumer banking satisfaction and the importance of brand and personal attention

Ernst & Young infographic: global consumer banking satisfaction

Customers are demanding a more personalized service if they are to remain loyal. The successful institutions of the future will be those who offer customer-focused innovative services.

Big differences exist between the banking satisfaction of customers in the developing world and those in mature markets, according to an Ernst & Young global consumer banking survey and infographic.

The just-released report, A new era of customer expectation, revealed that 44% of retail banking customers worldwide had less confidence in the banking industry over the past 12 months. Within Europe, the UK (63%), Germany (61%) and Spain (58%) saw the largest decreases in customer confidence. In contrast, emerging markets reported increased levels of trust in banks – as high as 75% in India, for example.

The importance of a bank’s reputation and image is evident in all markets. Globally, brand strength was cited as the main reason for choosing a bank by 39% of those surveyed. A strong brand is particularly important in markets like India, Brazil and South Africa, which are witnessing an influx of foreign institutions, and in certain European countries such as the UK and Spain, which have seen consolidation in recent years.

Attrition continues to increase following the financial crisis, but rates are expected to slow within mature markets, evidenced by customers holding an increasing number of products with their main bank. The survey revealed that Indian and Chinese customers, who were relatively unaffected by the crisis, are more likely to move in the future, with 11% and 13%, respectively, thinking of switching their banks. Comparatively, 5% of US customers, 5% of German customers and 6% of UK customers say they plan to leave.

“Customers are demanding a more personalized service if they are to remain loyal. The successful institutions of the future will be those who offer customer-focused innovative services. Those that do will be able to differentiate their organization and drive for growth,” said Pierre Pilorge, Ernst & Young’s Financial Services Customer Leader. “The keys to success will be brand management, personalized services and efficient pricing. Retail banks that can deliver all three will prosper in a highly regulated and constantly changing global financial services market.”

In evaluating the survey findings, Ernst & Young cites three key areas of focus for banks:

  •     Rebuilding customer confidence
  •     Preventing customer attrition
  •     Enhancing the customer experience through service quality and use of remote channels

View Ernst & Young’s infographic, learn more about the global consumer banking survey results and find out ways banks can improve customer loyalty.

Use this shortened infographic link for posting to Twitter:
http://bit.ly/dX3O6r

About the Ernst & Young Global Banking & Capital Markets Center
In today's globally competitive and highly regulated environment, managing risk effectively while satisfying an array of divergent stakeholders is a key goal of banks and securities firms. Ernst & Young brings together a worldwide team of professionals to help you achieve your potential – a team with deep technical experience in providing assurance, tax, transaction and advisory services. The Center works to anticipate market trends, identify the implications and develop points of view on relevant industry issues. Ultimately, it enables us to help you meet your goals and compete more effectively. It's how Ernst & Young makes a difference.

About Ernst & Young
Ernst & Young is a global leader in assurance, tax, transaction and advisory services. Worldwide, our 144,000 people are united by our shared values and an unwavering commitment to quality. We make a difference by helping our people, our clients and our wider communities achieve their potential.

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Katie Johnston
Ernst & Young
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