According to Forrester’s European Banking Customer Experience Index Rankings, 2023, challengers and mutuals are outperforming traditional banks on customer experience. The research revealed that traditional European Banks’ CX quality has stagnated in 2023, with customer experience scores all below industry average in the UK, France, Germany and Italy. Conversely, mutuals and challengers evoke more positive customer experiences, with customers frequently agreeing that their bank’s values align with their own.
Key findings from Forrester’s European Banking CX Index Rankings include:
- UK banking brands continue to provide the best CX in Europe. The average CX quality in the UK is the highest in Europe for the eighth consecutive year. Direct banks and mutuals — First Direct, Starling Bank, Nationwide Building Society, and Monzo — are the top four scorers in the UK.
- German banking brands lose ground. The average CX quality in Germany decreased in 2023. Half of the evaluated brands’ scores declined, with the quality of experience dropping for all three dimensions of CX — effectiveness, ease, and emotion.
- CX at French and Spanish banks improve from a low point. The average CX quality increased in France and Spain from poor to ok. In France, all brands except BNP Paribas and Société Générale have improved their scores.
- Swedish banks score the lowest across Europe on aligning with customer values. Handelsbanken has ousted former frontrunner Swedbank and is the only Swedish brand with an improvement in customer experience. All other evaluated Swedish banks performed below the Swedish industry average.
To benchmark CX quality, Forrester surveyed 14,122 European adult customers at 47 banks in the UK, France, Germany, Sweden, Spain and Italy to determine how they perceive their experiences and how CX drives loyalty.
Additional information about Forrester’s European Banking Customer Experience Index Rankings can be found in these blogs focusing on the UK, French, German, Swedish, Spanish and Italian findings. To access this research or arrange an interview with a Forrester analyst, please contact firstname.lastname@example.org.