Forrester European Banking CX Index 2022: UK Banks Continue To Provide The Best CX In Europe
Forrester benchmarked customer experience quality across 47 leading banks in Europe
According to Forrester’s 2022 European Banking Customer Experience Index (CX Index™) rankings, customers rated banking experiences: good in the UK; OK in Germany, Italy, France, and Sweden; and poor in Spain.
Forrester surveyed customers of 47 banks across France, Germany, Italy, Spain, Sweden, and the UK to determine how they perceive their experiences with these banks.
The results show:
- UK banks continue to provide the best CX in Europe. The average CX quality score in the UK is the highest in Europe for the seventh consecutive year — 4.8 points ahead of Germany, the country with the second highest CX quality score. Overall, UK banking customers are more satisfied with their experience than customers in any other country.
- German banking brands have lost ground. The average CX quality score in Germany decreased significantly. Many German brands operate at a regional level and don’t have the digital resources available to larger brands. Additionally, German consumers’ low digital expectations compared to those of their European peers has slowed digital innovation.
- Customer experience at Italian banks has improved significantly. The average CX quality score in Italy increased significantly, with most brands, except ING and BancoPosta, increasing their score. Banca Mediolanum dominates the Italian ranking for the second year in a row.
- French, Swedish, and Spanish banks offer mediocre CX. Only two brands, ING in Spain and Crédit Mutuel in France, scored above the European industry average. The rest are clustered together.
- European banking customers value customer service. Customer service has the greatest impact on loyalty and revenue in every country except Italy.
Forrester’s CX Index rankings are based on survey responses from customers. The rankings identify the key drivers that have the greatest impact on brand loyalty. By focusing on the drivers that most influence customers’ loyalty, banks can prioritize their efforts accordingly. The top drivers for European banks are resolving customers’ problems and issues quickly; communicating with customers in simple language; processing transactions quickly; and responding to customers’ questions immediately.
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