Clients want their bank to be able to provide them with advice in tax matters or for their personal investments Shutterstock

Clients want their bank to be able to provide them with advice in tax matters or for their personal investments Shutterstock

The feeling of mistrust towards banks, generated by the severe financial crisis of 2008, seems to be a bad memory. The survey conducted by Accenture with a thousand Luxembourg consumers last April--in the midst of the Covid crisis--shows a very high level of confidence in financial institutions.

“Banks have moreover become the first players that people trust”, points out Adrien Kirschfink, managing director of Accenture Luxembourg. The confidence rate, according to the new calculation method it adopted, has risen from 71% to 84% in one year. “The perception is the same everywhere in the world. Traditional banks, with strong brands, have strengthened their positions during the crisis.”

This is the second consecutive year that Accenture has conducted the survey among commercial bank clients in Luxembourg, after having already run it around the world. And it is already taking on a special character in the context of a health crisis that is shaking up acquired knowledge and certainties.

“This year, we sought to detect permanent changes and those that will have an impact on future behaviour,” explains Adrien Kirschfink. “We can see, for example, that banks that have already made significant efforts in the area of digitalisation have received a more positive appreciation from customers.”

In April, after several weeks of confinement, the respondents had the opportunity to test different techniques for contacting their bank and were satisfied with them. In one year, the use of the telephone, e-mail or chat has gained interest among many consumers, the authors say.

While the overall trend seems reassuring, the Accenture study shows reasons to remain vigilant. The overall NPS (“net promoter score”), which is the overall tendency of clients to recommend an institution or service, is down 10 points over one year.

“There is a feeling that is starting to emerge that banks need to pay attention to,” says the managing director. He notes that people want a smooth customer experience. They want to see banks continue to invest in digital and are asking for transparency on the information available.

More services

“Consumers are also demanding new services from their bank,” says Adrien Kirschfink. Accenture's survey shows that 30% of clients are interested in tax advice and 23% in personal finance advice.

These are proposals that will be worth considering in the near future. 74% of clients are now loyal to their bank. But 23% are ready to leave for another one that offers a product or service that interests them. 37% also say that an easy-to-use mobile application is the main reason to stay.

This article was originally published in French on Paperjam.lu