Customer banking survey - Belgian focus

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Belgian highlights of the Ernst & Young survey about customor behaviour and opinions about the banking sector

Belgian highlights of the Ernst & Young survey about customor behaviour and opinions about the banking sector

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  • 1. “The customer takes control”Survey ResultsBelgium FocusJune 2012
  • 2. The E&Y Global Consumer Banking Survey 2012“The Customer takes Control”► This is Ernst & Young’s latest survey of retail banking customers around the world.► It builds on our previous global customer survey in 2011 and our European customer survey in 2010, and examines the views of more than 28,560 banking customers in 35 countries, gathered in March 2012.► The survey places particular emphasis on answering the following questions: ► How likely are customers to change banks, and if so, why? ► Is customer behavior towards their banks changing, and if so how? ► How are customers using different channels, and what do they expect from them? ► What is driving customers’ satisfaction, and what improvements do they want to see? ► What steps can banks take to enhance customer loyalty and advocacy?Page 2 Customer Survey Results
  • 3. The survey tells us that customers are taking control of theirbanking relationships► Customers are taking control ► They are changing banks. ► They prefer turning to sources other than their bank for financial advice and to find the best deals. ► They want to play an active role in tailoring their products and services. ► They want better value and improved service. ► They want to be able to choose between different channels, service levels and costs.Page 3 Customer Survey Results
  • 4. Executive SummaryCustomer confidence is decreasing for 2 main reasons Fall in confidence Reason 1 Reason 2 Dissatisfaction of bonus culture Macro-economic reasons +41% +46% +11%► Customer confidence has ► The main reason why ► Marco-economic reasons decreased by 41% since confidence has decreased is are the second cause of 2012 reaching 72% of client due to continued confidence decrease with no confidence in their dissatisfaction with the bank bonus culture of banks in light of government interventionPage 4 Customer Survey Results
  • 5. Executive SummaryCustomers are increasingly likely to use other banks... Attrition Multi-banking Why customers are changing banks % of customers in Belgium % of customers in Belgium with Top reasons for attrition. planning to change bank one vs. multiple banking % of customers in Belgium relationships 3 or more banks 53% High fees or charges +42% 2 banks 32% Poor branch experience 30% Poor rates on accounts 1 bank 23% Poor Financial Advisor’s competencies► Customers are becoming ► Multi-banking is on the rise ► Sensitivity to fees and less loyal. The proportion of globally. Almost 80% have charges is the leading customers planning to change one or two bank providers driver of attrition. banks has increased from 7% to 12% since 2011.Page 5 Customer Survey Results
  • 6. Executive Summary…but still turn to a bank for most product and services ► The majority of customers still turn to a bank when making product choices about product and services ► Customers are increasingly likely to choose a non-banking institution for insurance productPage 6 Customer Survey Results
  • 7. Executive Summary Financial Advisors remains the main source of information but…Customers’ increasing willingness to actively manage their banking relationships represents a major change for theindustry. Advice Social Networking Interaction Top sources valued by customers in Belgium to % of customers in Belgium who use social keep them informed on banking products networking to perform the following activities► Customers prefer turning to financial advisory for financial ► The use of social media as a source of banking advice and to find the best deals. information is amplifying customers’ voices, giving them greater power as advocates or critics► Comparison websites, relatively unknown five years ago, are now a major source of influence Page 7 Customer Survey Results
  • 8. Executive Summary ...customer want to play an active role in tailoring their products and services... Tailored Offerings Personal Information Update Frequency % of customers who say their % of customers willing to provide How often customers would be bank adapts the products and their bank more personal prepared to update their services to meet their needs information information for their bank 50% When circumstances change 63% 18% Every six months Yes 25% Every year 37% No 7% Only at the beginning of the banking relationship► The majority of customers ► Customers are embracing the ► Moreover, a significant proportion feel that products and benefits that come from of customers are willing to actively services are only providing with personal maintain their personal occasionally customized to information. 63% of customers information with their bank. meet their needs. Only 14% are willing to provide more of customers feel that they are personal information in order to ► In return, they expect to receive provided with tailored receive more personalized tangible improvements in the offerings. service. suitability of products and services they are offered. Page 8 Customer Survey Results
  • 9. Executive Summary...they want the flexibility to shape the relationship, contacting their bankwhenever and however they choose Channel preferences Preferred channel for different types of products, services and activities ► Access to account information and simple transactions are manly done via the internet ► While customers visit their bank to get advice on product and services and to realize complex transactionsLegendPage 9 Customer Survey Results
  • 10. Executive SummaryCustomers want better value and improved service... Actions that would increase customer satisfaction % of customers listing the answer option as high priority ► Changing fees and charges structures are perceived as being a good way to increase customer satisfactionPage 10 Customer Survey Results
  • 11. Executive Summary ...and they want to be rewarded for their loyalty Loyalty program enrolment Customers strongly believe that Reward schemes loyalty should be rewarded. % of customers in Belgium % of customers who agree or % of customer in Belgium who value enrolled in a bank loyalty/rewards strongly agree with the following the most from a loyalty program program statements +90%► Enrolment in loyalty programs ► Loyalty schemes are not just something ► Customer reward most cash back on has jumped by 90% versus last customers value highly, they are seen credit/debit card and choose for price year as a leading attraction for new reductions as second and third customers. Customers across all preference countries identify tangible rewards for loyalty as a leading factor that would persuade them to change their bank. Page 11 Customer Survey Results
  • 12. Customer ConfidencePage 12 Customer Survey Results
  • 13. Customer confidenceChange over the last year How has your confidence in the banking industry changed over the past 12 months? 2011  2012Page 13 Customer Survey Results
  • 14. Customer confidenceReason why it has decreased Your confidence has decreased, please specify the reason by ticking all that apply. 2011  2012Page 14 Customer Survey Results
  • 15. Customer BehaviourPage 15 Customer Survey Results
  • 16. Customer BehaviourMulti-banking trend How many banks do you have a relationship with?Page 16 Customer Survey Results
  • 17. Customer BehaviourReason for multi-banking If you bank with more than one bank, why is this?Page 17 Customer Survey Results
  • 18. Customer BehaviourUse of Social networking sites Do you use social networking sites in relation to your banking activities to:Page 18 Customer Survey Results
  • 19. Customer BehaviourSource of information What sources do you value to keep yourself informed on banking products when considering a new product, areplacement product or a potential switch of your main banking provider? (High importance + Medium importance)Page 19 Customer Survey Results
  • 20. Customer BehaviourPreferred method of interactionWhat is your preferred method of dealing with your bank for different types of products, services and activities?Page 20 Customer Survey Results
  • 21. Customer BehaviourPaying for banking products/services What are your expectations in terms of paying for banking products / services? (Mainly agree)Page 21 Customer Survey Results
  • 22. Customer SatisfactionLevel of satisfactionPage 22 Customer Survey Results
  • 23. Customer SatisfactionBank Loyalty How many years have you been banking with your current main bank?Page 23 Customer Survey Results
  • 24. Customer SatisfactionChange of banking provider Have you ever changed your main banking provider? 2011  2012Page 24 Customer Survey Results
  • 25. Customer SatisfactionReason for change of banking provider What reasons would/did make you change your banking provider?Page 25 Customer Survey Results
  • 26. Customer SatisfactionDegree of satisfaction What is your degree of satisfaction?Page 26 Customer Survey Results
  • 27. Customer SatisfactionLevel of personalization How would you rate the level of personalized attention provided by your bank?Page 27 Customer Survey Results
  • 28. Customer SatisfactionHow to increase satisfactionPage 28 Customer Survey Results
  • 29. How to Increase Satisfaction?Loyalty Program Enrollment Have you enrolled with a bank loyalty/rewards program? 2011  2012Page 29 Customer Survey Results
  • 30. How to Increase Satisfaction?Loyalty program expectations What do you or would you value the most from a loyalty program?Page 30 Customer Survey Results
  • 31. How to Increase Satisfaction?Activities Improvement Which of the banking activities would you most like your bank to improve/make easier to increase your satisfaction with the service they provide? Distribution per continent (Top 5)Page 31 Customer Survey Results
  • 32. How to Increase Satisfaction?Personal InformationWould you be willing to provide your bank with more information about yourself, and/or your family, if it helped your bank to recommend a more appropriate account or deliver a better service for you and your family?Page 32 Customer Survey Results
  • 33. How to Increase Satisfaction?Information Update How often would you be prepared to update the information for your bank?Page 33 Customer Survey Results
  • 34. How to Increase Satisfaction?Improve Products & Services to meet requirements If you’re not satisfied, what are the main ways the bank can improve this aspect? (Products / services to meet requirements )Page 34 Customer Survey Results
  • 35. How to Increase Satisfaction?Improve Internet Site Experience If you’re not satisfied, what are the main ways the bank can improve this aspect? (Internet site experience )Page 35 Customer Survey Results
  • 36. How to Increase Satisfaction?Improve Mobile Banking Services If you’re not satisfied, what are the main ways the bank can improve this aspect? (Mobile banking services )Page 36 Customer Survey Results
  • 37. How to Increase Satisfaction?Improve Transparency of fees If you’re not satisfied, what are the main ways the bank can improve this aspect? (Transparency of fees )Page 37 Customer Survey Results
  • 38. ContactErnst & YoungAssurance | Tax | Transactions | AdvisoryAbout Ernst & YoungErnst & Young is a global leader in assurance, tax, transaction and advisoryservices. Worldwide, our 152,000 people are united by our shared values andan unwavering commitment to quality. We make a difference by helping ourpeople, our clients and our wider communities achieve potential.For more information, please visit www.ey.com.© 2012 EYGM Limited. All Rights Reserved.Proprietary and confidential. Do not distribute without written permission.Page 38 Customer Survey Results