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customer experience
EY Global Consumer Banking Survey
2014
Contents
1 Welcome
2 Executive summary
6 Global insights
• A promising, active environment
• The power of trust
• The experience is what matters
• Key opportunities for banks
20 Segment insights
• Getting to know your customer segments
• Industry and institutional sentiments
• Opportunities for segment-driven
investments
34 Why banks need to act now
40 Conclusion
42 Research methodology
44 Country contacts
Welcome
When EY’s second global consumer banking survey was published in June 2012, the global
Fast forward to this new edition of our survey and the outlook for retail banking appears more
However, the primacy of the bank’s relationship with its customers is under threat as never
payments, is making it easier for new entrants to challenge the status quo and exploit areas of
This year’s survey includes responses from more than 32,000 retail banking customers across
43 countries and, although retail banking remains a local business, it is striking how many
key questions:
• What is the role of trust in creating customer advocates, and how valuable is trust to the overall
banking relationship?
• Are banks investing in the right aspects of the customer experience?
• How well are banks performing on key interactions — from the basics of day-to-day transactions,
Bill Schlich
Global Banking & Capital Markets Leader
Crisis, this improved sentiment can only help cited response was “the way I am treated,” followed
closely by other elements of the experience, such
as communications, quality of advice and complaint
with customers who are true “advocates,” those Moreover, the most common reason customers
who are very likely to recommend their primary cited for opening or closing accounts in the past
2
Customers expect more
Help customers More and better advice. Customers tell us they are willing to increase their accounts and
make the demonstrating the power of personalizing the experience and creating a mutual exchange
decisions in
a complex
environment
Greater use of data and digital channels to empower customers. Banks have access
to vast data sets, both in-house and externally available, that they should leverage to
Work with Enhanced problem resolution experience. Solving problems in a way that leaves
customers when
problems arise
and become
their advocate equipping the front line to handle certain problems and escalate others, explaining why the
issue occurred, and following up to ensure resolution is complete are examples of ways to
The segments vary in size, assets and willingness to pay transactions, current products and services, engagement
promising but view banks as having a limited competitive unique lens and highlights opportunities to consider segment-
Relative population
Balancers
Banks’ competitive differentiation
vs. alternative providers
New World
Traditionalists Adopters
Small
Low Customer engagement High
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Winning through customer experience
Global
insights
A promising, active environment
48% 3% 1%
38% 40%
33% 19%
22% 40%
19%
37%
Very unlikely
6
The value of advocacy
across the board, customers who are “very likely” to recommend their primary provider have already increased their
very
Percentage of customers who recently made or are planning changes with their PFSP
Very likely to recommend Likely to recommend
44%
34% 30%
20% 22%
3% 2% 1% 9% 4% 8%
1%
Consolidated all accounts Opened new accounts Intend to consolidate Intend to open new
and services or services all accounts and services accounts or services
PFSP relationship
Our analysis is frequently done in the context of customers’
But customers are expecting more and more from their Bank
providers and have an increasing array of options from
which to choose, so in this increasingly competitive
Given this dynamic environment, this report explores Technology provider such as
52% 43% 9%
46% 13% 4%
50%
Trust 44%
84%
49% 27% 30%
5%
Complete trust Moderate trust Minimal trust
or no trust
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The experience is what matters
The experience is not only a key driver
reinforced in the next section of the report, which
discusses the importance of fee transparency to
customers and their relative dissatisfaction with
For customers who opened or closed
accounts or services in the past year, high, physical branch access was more likely to be
a reason for opening accounts and notably less of a
the single most common reason was
33% 41%
32% 30%
More convenient to have everything in one place 28% 29%
18% 26%
Access to branches and banking services 17% 28%
Information provided by friend or relative 7% 13%
Their decision to open or close branches 6% 5%
Information provided by news or advertising 5% 9%
Other 8% 7%
Not sure 3% 2%
Has an excellent
reputation
customer service at
call center
Handles your requests quickly
Provides banking access at
places other than banks
Average
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Convenience However, mobile banking features do rate slightly
higher than the call center ratings, perhaps indicating
Customers are looking for simplicity in their day-to-day that banks’ investments in mobile in the past few years
banking, as evidenced by some of the features they
transactions shift to self-service channels, call centers
• Easy access to branches and ATMs are left to deal with the more complicated questions or
• Excellent online banking features
• Ease of conducting frequent banking transactions Fortunately, for simple, everyday banking, customers
• Quickly handling requests have many channels to choose from and can vary
their selection depending on access, experience and
Mobile banking ranks lower in importance, probably
because of its newness and thus lower usage across basis, customers reported using the internet most
features is notably lower than that of online banking, combined with weekly usage, customers use the online
which may also be a result of mobile’s relatively recent and ATM channels far more frequently than any others,
introduction as a channel — customers expect that
everything they can do online can be done on their
mobile device, but those enhancements are still catching not surprising given customers’ familiarity with these
channels, the relative simplicity of transactions through
36%
20% 37% 21% 8% 14% 56%
41%
26%
Mobile 10% 20% 18% 12% 40% 10%
21%
ATMs 9% 49% 29% 7% 6% 49%
Mobile 30%
20%
20% 37% 29% 10% 8%
4%
35%
Call center 9% 18% 33% 37% 57%
3% ATMs 39%
28%
17%
Weekly Monthly
29%
Few times a year 59%
39%
30%
20%
20%
53%
Call center 32%
25%
15%
Customers have certainly come to expect convenience, determine not only the role that each individual channel
and electronic channels, headlined by the broad-reaching will play in each banking interaction and ensure that
capabilities of online banking, represent the preferred transactions are simple to perform without generating
choice for frequent transactions, balance inquiries and problems, but also how to connect the data and
interaction history such that customers can complete
their transactions seamlessly across channels for an
While electronic channels provide customers with the
freedom to bank when and where they want, this does
not mean that customers have lost their connection with
of technology and data, with the goal of both enabling
customers to move among devices or channels, and
Branches are largely preferred, but call centers are also equipping the bank with a single customer view and
centers are also second only to branches for problem- with these insights, banks can be more successful in
identifying relevant products and services and then
offering, selling and servicing them through the most
continue to shift to self-service channels, investing in
call centers to handle more complex advice and problem experience with detailed interactions across channels,
as well as continuing to enhance individual channel
capabilities, will assist institutions in making the right
In the survey, customers were asked to select the
investments and delivering the omni-channel experience
single
that customers have enjoyed in other industries and now
often use more than one channel, especially when
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Bank controlled Advocates
38%
29% 29%
22%
13% 16% 14% 12% 10% 9%
Financial
media
Bank
Information
Bank
advisor
Magazine or
websites
employees
relatives
Third-party
websites
newspaper ads
Social
in the mail
from branch
Information sent
Communications
Advice
After mastering the basics of day-to-day banking, banks
have a tremendous opportunity to differentiate by lowest satisfaction ratings all relate to personalizing
the experience, building a relationship and helping
High
High
Satisfaction
High
Low Importance Customizes products and
ways to improve how Provides
you conduct your business
Satisfaction
Proactively Takes
alerts you to relationship
products of into account
interest when quoting
fees/rates
Advice
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offer some of the greatest revenue potential, since such as improved transparency — another attribute that
they contribute directly to cross-sell and long-term has become a minimum expectation with more downside
risk than upside opportunity, but a requirement for
personalized experience, which is another area of
opportunity, in the form of knowing customers’ existing
they selected as most important, customers expressed a noted in the 2013 eBook published by EY and
clear willingness to reciprocate the bank’s investment in Knowledge@Wharton, Mobile Banking: Financial
Services Meet the Electronic Wallet, “Banks,
through the credit card, through the transaction
history, see everything the customer does with
investments, were related to items that personalize and everybody, allowing banks to … provide tailored
Engagement drivers — what customers would be willing to do if their PFSP offered a much
better experience
Combining the power of distribution options with access Once again, banks have more than one way to provide
services to their customers, and customers are open
to develop a deep understanding of their customers
and provide them with advice in ways that are both in-person dialogue has the greatest appeal for receiving
Percentage of customers who are somewhat or very interested in these ways of receiving advice
61%
Meet in person
50%
By phone with someone
I know at a branch
during working hours
49% 48%
By phone with someone
management tools in a call center any day,
any time
31%
By video chat from
home or work
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Key opportunities for banks
Opportunity 3: When problems arise, become
the customer’s advocate
Problem resolution
High
Satisfaction
and even proactively contacting them in the event of a
High
associated with performing much better on this
Problem resolution
25% very 4%
7%
satisfied
60%
Advocacy
20%
Not
resolved
+39% — 6%
Resolution satisfaction
25% 33% 41% 1%
9% 38% 51% 2%
5% 5% 58% 27% 5%
Gave them all Gave them more Stayed the same Closed some of my Closed all my
of my business of my business
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frequent problem with less than average satisfaction
fees are a likely cause of lost customers, second only to customers for reporting or obtaining status on problems,
20
Getting to know your customer segments
Balancers Safety Seekers New World Adopters
• Older, less educated, more • More modest assets relative • Younger, less educated, limited • Younger, highly educated,
to income relatively modest household
• Lower advocacy and trust, • • Likely to trust and advocate
but unlikely to open and close frequently for their provider, but have relative to income
accounts relatively small portfolios • Heavy users of technology
• Comfortable with online channel
• but value relationship aspects • Value keeping personal and • High advocacy and trust in
offered by traditional banks
fee transparency opening and closing accounts
• Value fee transparency and
and are least frequent users of assistance with problem • Strong preference for using • Receptive to options, including
the branch resolution the branch for most banking a broader range of channels and
• services new market entrants offering
and using self-service tools over new ways of doing business
talking to an advisor
• View banks as relatively
undifferentiated compared with
alternative providers
Eight global segments
Relative population
Balancers
Banks’ competitive differentiation
vs. alternative providers
New World
Traditionalists Adopters
Small
Low Customer engagement High
South Korea
Singapore
Turkey
Colombia
Indonesia
Kenya
Vietnam
Mexico
Russia
Nigeria
Japan
Malaysia
Brazil
Egypt
Chile
Argentina
Saudi Arabia
South Africa
Switzerland
Germany
Australia
Austria
France
Spain
Italy
Ireland
Czech Republic
Netherlands
Sweden
Norway
Finland
Belgium
Canada
Luxembourg
India
China
0% 10% 20% 30% 40% 60% 90% 100%
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The segments were developed based on factors including
product holdings, channel preference, attitudes, reasons
age skews younger for some and older for others,
segments are clearly observed in their demographic education — the percentage graduating from college or
university — shows a clear progression from segments that
Segment characteristics
Global
Elites
Balancers
Safety Seekers
Traditionalists
10
40%
30% 6
20% 4
10% 2
0% 0
Global Elites New World Balancers Safety Traditionalists Self-
Mobiles Adopters Seekers
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New World Adopters, who have an above-average
number of products including high ownership levels in
savings accounts and online banking, and Traditionalists,
tends to be highest, most notably for online products —
and credit cards but often hold reloadable prepaid cards
This is fairly consistent across segments, perhaps
because the customers have deliberately chosen to hold
on average, are generally least likely to hold them at
Life insurance policy 66% 69% 23% 29% 22% 43% 28%
Investment
26% 12% 32% 30%
account
Mobile payments 39% 61% 13% 13% 14% 11% 9% 26% 40%
Reloadable
36% 42% 10% 16% 20% 33%
pre-paid cards
Savings with
precious metals 20% 21% 10% 9% 6% 13% 33%
and jewels
9% 9% 14% 3% 1% 4% 9% 36%
line of credit
Loans against
precious metals 26% 3% 4% 2% 2% 2% 1% 2% 4% 31%
and jewels
Average product
39% 39% 38% 35% 42% 35% 40% 20% 37%
satisfaction
Remote channel 75% 58% 59% 52% 43% 36% 47% 37% 48%
average*
The convenience of these channels and the high adoption Beyond the security that makes this type of banking
possible, simplicity in the form of accessible branches
and ATMs and an excellent online banking experience are
entry across all segments, as evidenced by “keeps your
Transparency around fees and how to avoid paying
them also represents a point of common concern across
segments, with virtually all segments expressing lower
Satisfaction was:
This is indicative of segments wanting their banks to save
•
them money and is reinforced by dissatisfaction with
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Upwardly New World Safety Self- Unhappy and
Mobiles Elites Adopters Balancers Seekers Traditionalists Sufficients Unmovings Total
Keeps your personal
44% 40% 36% 33% 40% 19% 36%
information safe
Legend:
• Color represents frequency
Selected as one of top
Selected as one of top
•
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Opportunities for segment-driven
investments
Opportunity 2: Help customers
62% 72%
goals
Average engagement
82% 55% 74% 47% 60% 59% 37% 43% 56%
Legend:
What type of advice would you most like from your primary provider?
4% 6% 9% 8%
different information sources
Not sure 2% 4% 4% 6% 10% 11% 16% 8%
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Opportunities for segment-driven
investments
Opportunity 3: When problems arise,
become the customer’s advocate
40%
Satisfaction
30% 20%
20%
10%
0% 0%
Global Elites New World Balancers Safety Traditionalists Self-
Mobiles Adopters Seekers
•
issues in the top two categories, as fee-related issues
are their most common concern 20% of the time, which
surpasses each of the other segments
to card issues, but even that was only 13% compared
power to create positive outcomes for themselves based
fees and to denials, well below the global averages of
their problem resolution experiences have much higher
Segments are also fairly consistent in the types of
The advocacy levels are effectively the same for those
60%
40%
20%
0%
Global Elites New World Balancers Safety Traditionalists Self-
Mobiles Adopters Seekers
60%
40%
20%
0%
Global Elites New World Balancers Safety Traditionalists Self-
Mobiles Adopters Seekers
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Winning through customer experience 33
Why banks
need to
act now
Customers are actively exploring and
pursuing their options
Exposure to products and services through their daily routines and
interactions helps customers create informed opinions — and with these
Interest in exploring competitor offerings is perhaps nearly as many, 40%, plan to do so in the coming
encouraged by the experience offered by other
where mobile capabilities and interactions are more Mobiles stand alone in their level of product
Percentage of customers who opened and closed accounts and services in the past year
or intend to do so in the the coming year
Next 12 months
52% 31%*
46%*
40%
35%
13%* 22% 10%*
18%
12%
7% 7% 6% 6% 5%
2%
Total opened or closed
to primary provider
Opened at other
provider
Closed at other
provider
Intend to switch
primary provider
other provider
other provider
all accounts to
Intend to open at
Intend to close at
Switched all accounts
34
Banks have new, viable competitors
new business with other providers, suggesting that for prized offerings
they continue to scan the marketplace for the best
Given the high levels of activity and openness to
change, it is important to understand which type of
is rare, these customers are more likely to open The results show that traditional banks are seen as
Finds new ways to improve how you conduct your business 10% 19% 33% 38% 5% #3
Has excellent mobile banking features 12% 24% 28% 36% 8%
Alerts you to products, services, promotions 13% 18% 30% 39% 9%
Offers excellent online banking features 10% 18% 30% 42% 12%
Able to get help at any time 12% 19% 28% 41% 13%
10% 13% 32% 45% 13% #2
Finds ways to save you money 16% 14% 28% 42% 14% #5
13% 13% 30% 44% 14% #1
Rewards you for being a loyal customer 17% 14% 27% 42% 15% #4
Customizes products and services 13% 14% 29% 44% 15% #7
Allows you to choose from pricing options 16% 14% 27% 43% 16%
Offers low-cost banking options 14% 14% 28% 44% 16%
12% 14% 28% 46% 18%
Is transparent about charges; clear on how to avoid paying fees 15% 14% 26% 45% 19%
Makes it easy to conduct most frequent transactions 12% 18% 25% 45% 20%
Takes overall relationship into account when quoting fees, rates 14% 12% 27% 47% 20% #8
Recommends products and services that you really need 12% 12% 28% 48% 20% #10
Respects your cultural or religious requirements 20% 15% 22% 43% 21% #9
Reaches out to you if problem may exist 14% 17% 24% 45% 21%
13% 14% 26% 47% 21%
Communicates important information clearly 13% 16% 24% 47% 23%
Handles your requests quickly 13% 16% 24% 47% 23%
11% 13% 26% 50% 24% #6
14% 12% 23% 51% 28%
Keeps your personal information safe 16% 13% 21% 50% 29%
Knows previous contacts and interactions 13% 14% 22% 51% 29%
Works with you when you need help, have a problem 14% 12% 21% 53% 32%
14% 11% 21% 54% 33%
Has an excellent reputation 11% 14% 20% 55% 35%
11% 7% 22% 60% 38%
11% 8% 20% 61% 41%
All the same Other** Traditional bank
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Segments view the competitors differently
survey data can be powerful in developing targeted
Equally provocative is that the competitive gap is
substantially smaller for some of the most desirable banks are differentiated, but the advantage is slight on
customer segments, suggesting that defections
to competitive types of institutions could be
channels, continuing to enhance these capabilities
are clearly among the most prone to defection, as both
20%
10%
0%
Total Elites New World Balancers Safety Traditionalists Self-
Mobiles Adopters Seekers
30%
20%
10%
0%
-10%
It will be essential to preserve the competitive advantages that banks have in delivering
through the customer input received and discussed throughout this report:
Make banking simple and clear through transparency of fees, simplicity of offers and
communication, and delivery of an omni-channel experience
more and better advice and through greater use of data and digital channels to
empower customers
Work with customers when problems arise and become their advocate through
improved problem resolution capabilities
40
bring an integrated perspective on many aspects of becoming a more customer-centric organization
pleased to talk with you and your organization about our capabilities in the following areas:
Social media
•
•
the survey questions were understood and captured relevant aspects of customers’ banking
•
based upon the purchasing power parity conversion factor as reported by The World Bank for 2011
for all countries except Argentina, for which data was not available; the Big Mac index for July 2013,
•
•
where prevalence of male decision makers in the household resulted in the data being weighted by
•
•
42
North America Western Europe Eastern Europe Asia-Pacific
Canada 503 Austria 406 Czech Republic 415 Australia 414
United States 1,516 Belgium 406 Poland 508 China 2,776
Denmark 127 Russia 1,806 Hong Kong 472
Latin America Finland 128 Turkey* 872 Indonesia* 1,504
Argentina 502 France 793 Ukraine 507 Japan 1,503
Brazil 1,684 Germany 808 Malaysia* 504
Ireland 410 Middle East Singapore 405
Chile* 400
Columbia* 518 Italy 764 Egypt* 753 South Korea 514
Mexico* 1,875 Luxembourg 124 Saudi Arabia 500 Vietnam* 776
Netherlands 402
Africa Norway 128 India
Portugal 400
Kenya* 502 India 2,177
Spain 533
Nigeria* 1,500
Sweden 128
South Africa* 512
Switzerland 400
United Kingdom 767
France Luxembourg
Brazil Pierre Pilorge Bernard Lhoest
Rafael Schur
Germany Malaysia
Canada Ulrich M. Trinkaus Chow Sang Hoe
Paul Battista
Mexico
Chile May Knight Juan Pablo Garcia Galardi
Ariel Koch
India Netherlands
Murali Balaraman Robert-Jan Hagens
Dong Xiang Bo
Indonesia Nigeria
Colombia Fariaty Lionardi Colin Daley
Edgar Sanchez
44
Norway Sweden
Erik Klausen Karin Sancho
Poland Switzerland
Iwona Kozera Achim Bauer
Portugal Turkey
Mário Trinca Murat Hatipoglu
Russia Ukraine
Thomas Martin Kostiantyn Neviadomskyi
Saudi Arabia
Thomas Abraham United Kingdom
Omar Ali
Singapore
Nam Soon Liew United States
Heidi Boyle
South Africa
Hendrik Geyser
Jim Neckopulos
South Korea
Young Suk Kim
Vietnam
Nguyen Thuy Duong
Spain
Arturo Derteano Maraña
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