Customer Advocacy 2010: How Customers Rate European Banks

November 4th, 2010

Vanessa Niemeyer, Ph.D.

With contributors:

Benjamin Ensor , Alexander Hesse , Beth Hoffman

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. In 2010, only 29% of Western European adults believe that their bank acts in their best interests. Compared with 2008, some banks — particularly those involved in the financial crisis — have lost customer trust. Others have improved their customer advocacy scores by keeping things simple, operating transparently, treating customers benevolently, and building trust.

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