In its 2020 Market Pulse Survey (MPS) for Banking Consumers in Luxembourg, Accenture has revealed that consumer behaviours are evolving while banks benefit from high consumer loyalty and satisfaction.
The MPS, entitled "Surfing the Waves of Change", particularly addressed how Luxembourg banks can remain the customer's trusted advisor in the future. The survey measured the current experience and future expectations of 1,029 banking customers in Luxembourg.
Provide seamless customer service across all channels
The survey revealed that, in the context of the global pandemic and beyond, respondents feel more inclined to use the telephone for advice and general questions to their bank (51%), followed by email (48%), chat (18%) and video call (16%). At the same time, call centres are not fully adapted to their needs and receive a negative Net Promoter Score (NPS) of 10.
Although remote channels are becoming increasingly important, the branch remains relevant. For 42% of respondents, a positive branch experience was still one of the most important reasons for staying with their bank. However, the NPS score for branch experience decreased from 14 points in 2019 to only 5 this year, showing that physical locations could still be optimised to their full capacity.
According to the survey, banks not only need to be available at a time and place that is convenient for customers, but also to provide consistency across the different channels that their customers value.
Invest in digital offering
According to 37% of respondents, an easy-to-use mobile app was the main reason to stay with their bank. The NPS for mobile and web also indicated a high level of satisfaction among consumers, who would recommend their bank based on their mobile (score of 17) and web experience (score of 20).
The survey showed that the security and transparency were key elements of building trust: 72% of respondents would trust their bank even more if they knew it was taking special care of its data and cybersecurity, while for 78%, it was the transparency on the part of bank advisors when offering them new products and services.
Explore services beyond traditional banking
Only half of respondents were satisfied with proactive offers from their bank. One in four respondents would consider leaving their current bank for a competitor that proposes a more attractive product or service.
The MPS suggested that, in order to consolidate the strength of the relationship, banks could play a more dynamic role in helping their clients achieve financial wellbeing. 30% of respondents would be interested in receiving advice on their fiscal situation and 23% in receiving personal finance advice. Consumers also expected more advice from their bank in other areas of their lives such as car or home financing services.
The full report can be viewed at sds.accenture.com/consumer-banking-lu/.
