How Swedish Banking Customers Use Different Channels

May 27th, 2009

Alexander Hesse

With contributors:

Benjamin Ensor , Courtney Tincher , Vanessa Niemeyer, Ph.D.

Summary

With only 12% of Swedish banking customers using branches, Sweden has the lowest branch use in Europe. Swedish banks have successfully migrated the majority of their customers to ATMs and online banking — 83% and 71%, respectively. When they move customers to low-cost channels for transactions, Swedish banks free up more costly channels like branches for sales activities. As a result, today's branch users tend to be wealthier customers who need advice. Swedish eBusiness and channel strategy executives need to use the Net as a direct sales channel for less complex products and as a lead generator to drive customers to branches for more complex products.

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