Customer Advocacy 2008: How Customers Rate European Banks

November 20th, 2008

Alexander Hesse

Vanessa Niemeyer, Ph.D.

With contributors:

Benjamin Ensor , Lauriane Camus

Summary

Customers who consider their main bank as a customer advocate that does what's best for them have more accounts at their main bank, are more likely to consider it for future purchases, and are more likely to recommend it to others. But only 29% of Western European adults believe that their bank acts in their best interests. Just as they did in 2007, Germany's Sparda-Banken and the UK's Nationwide Building Society top the list of customer advocate banks, while many big banking brands struggle. The top-rated banks keep things simple, operate transparently, build trust, and treat their customers benevolently.

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