Survey: Challenger banks score points as customer caterers

We have already presented the first results of our online survey, carried out by market research institute CENSUSWIDE. Here we present further results and make the study available for download.

If more than 60 % (61.6 %) of 1,500 consumers in Switzerland and Germany doubt that their bank is prepared for their digital needs, the industry faces potential problems. According to the latest study, around 58% of customers would definitely try out a new banking app if it offered them personalised functions that are tailored to their personal needs. It is clear which functions these are:

Banking with just a few clicks.

 

The number one customer request, a holistic overview of all accounts and expenditures, can only be realised with Open Banking; without it, banks will find it difficult to retain their customers. Almost 30% of respondents estimate the bundling of all functions in one app at the Challenger banks. Well over one-third of all surveyed participants (38.5%) know at least one of the current mobile-only providers. With their strong technological skills and lean organisations that are free from legacy IT burdens, they can offer an all-round convincing customer experience with digital affinities. Also, more than one-third of those who know at least one Challenger bank have already opened a mobile-only bank account.

”I would open a second bank account if I could manage my finances better on a mobile device.”

 

The age groups up to 45 years old are particularly familiar with the Challenger banks, and well over half of the 25-34 year olds surveyed know at least one challenger bank. This result suggests that the young have long since arrived in the middle of society and will quickly gain market share.

All results of the survey can be downloaded here. Find out how the preferences and experiences of bank clients in Switzerland and Germany differ!

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