Forrester just published The European Banking Net Promoter Rankings, 2024, with a Net Promoter Score℠ (NPS) for 60 banks across France, Germany, Italy, the Netherlands, Poland, Spain, Sweden, and the UK. We collected the scores by asking 18,058 European banking consumers in our annual Customer Experience Benchmark Survey about their likelihood to recommend brands they interacted with in the past 12 months.

We found that:

  • Scores declined across the board. France, Germany, Italy, and the UK saw significant drops in their industry average. On top of that, 11 banking brands that operate in Europe experienced significant score decreases, while no single brand improved its NPS significantly.
  • Most country leaders prevailed. Overall, challenger banks continue to perform better than their peers, as shown by Revolut in France (which has a 6.3-point lead over the runner-up), ING in Germany and Poland (18.4 and 5.9 points ahead of the respective runners-up), Banca Mediolanum in Italy (which beats the runner-up by merely 1.8 points), and Starling Bank in the UK (ahead of runner-up Revolut by 3 points).
  • The top drivers of NPS differ across countries. We’ve examined 44 drivers for banking and have found some commonalities — for example, competitive prices and fees are a top driver in four out of eight countries. But many drivers differ between countries. For example, “makes information easy to understand on their website” is a top driver of NPS only in Spain (with ING having the top performance on that driver) and “cares about my financial well-being” only in the Netherlands (where SNS Bank performs highest on this driver). You can find the full list of the top four drivers per country, with the performance of the top brands on each of them, in the report.

Don’t Compare These Scores To The Ones You Measured Internally

Even if you measure NPS internally, we don’t recommend comparing your scores directly to ours, as the NPS you measured will probably be higher than an NPS derived by a third party such as Forrester, partly because people feel less obliged to be nice when rating your brand with a third party.

Keep In Mind That NPS Measures Loyalty, Not CX Quality

If your company uses NPS to gauge the success of the CX program, bear in mind that NPS is a loyalty metric, not a direct measure of CX quality. It is only effective at improving CX when it’s part of a CX measurement and improvement system that measures the performance of your customers’ journeys. The Net Promoter Scores in this report are more like relationship Net Promoter Scores than transactional Net Promoter Scores.

Check Out These Further Resources On NPS

For a detailed analysis of each brand’s ranking and for insights into key drivers of NPS, read the full report, The European Banking Net Promoter Rankings, 2024, or schedule a call with us.

Thank you for contributing to this blog to Jana Gül.