[This blog was cowritten by Victoria Manes.]
Customer experience (CX) leaders grow revenue faster than CX laggards, cut costs, reduce risk, and can charge more for their products. That’s why Forrester publishes an annual CX benchmark using its Customer Experience Index (CX Index™) methodology. Forrester’s CX Index measures how well a brand delivers customer experiences that create and sustain loyalty for its customers.
In 2023, Forrester surveyed 2,096 banking customers to determine how they perceive their experiences with seven major Spanish banks. We found that:
- ING leads the Spanish ranking. ING dominates the ranking for the fourth year, and its CX Index score in 2023 is 7.9 higher than the second-best bank, Santander, which improved its score significantly. Santander and ABANCA are catching up on the ranking. But we see that ING creates the most effective, easiest, and most emotionally positive experiences in Spain and leads across all driver categories of CX. ING’s improvements over the years have demonstrated that it can consistently deliver the best banking experience.
- Rapid problem resolutions drive loyalty the most in Spain. Resolving problems and issues quickly is the most important driver of loyalty in Spain this year, as customer service has become more important for Spanish customers. ING performs best on this driver. Over time, it has invested in chatbot, callbot, and virtual assistance capabilities, and now customers can resolve issues conveniently using ING’s mobile app 24/7.
- Spanish banks are lagging behind compared to their European peers. Even though the country average increased significantly compared to 2022, Spanish CX Index rankings are below the European average. Spanish banking brands could learn from their peers and improve CX by understanding what really drives customer loyalty — not only retention but also enrichment and advocacy.
For more detailed analysis of the Spain CX Index results — including every brand’s score and the CX drivers and emotions that drive loyalty the most — check out our reports, The Spain Banking Customer Experience Index Rankings, 2023, and The European Banking Customer Experience Index Rankings, 2023, or schedule an inquiry with us.