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PressreleaseBank 2009 EPSI Denmark
EPSI Denmark is a system to analyze the actual customers and other users of how they perceive products and services in Denmark. EPSI Denmark is part of EPSI Rating (Extended Performance Satisfaction Index) which collects, analyze and disseminate information about image, preferences and perceived quality as well as loyalty of customers, employees and other stakeholders to commercial entities, NPOs, governmental bodies and other organizations. This survey presents the results of the how the customers perceive their banks both for the private and the corporate consumers. This is a study which has been done on an annual basis since 2005. The results are based on a sample of more than 3,000 telephone interviewers from final consumers and corporate customers of banking services. The telephone survey was conducted in August till September 2009 by Norstat. Improvement at 2 points is a recognized change. The satisfaction index is reported on the scale 0 100. The higher score the more satisfied customers. Averages usually fall in the region 60 75. Any company receiving a score above 75 has a strong position among its customers, while those below 60 face risks of losing the customer base
General Results Banking in DenmarkBoth the final consumer and the corporate banking customer satisfaction have been decreasing during the last two years in Denmark. However, the largest drop has occurred between 2008 and 2009 by approximately six units. The scores in 20009 are the lowest ones reported in Denmark by EPSI Denmark. According to our data, the decrease can especially be explained by a decline of the image perspective of the banks. The customers are also becoming less loyal to its banks and the number of complaining customers has increased substantially since 2008. Results Final ConsumerThe industry average for the customer satisfaction at the B2C market has decreased by about 6 units. It is the banks Nykredit, Handelsbanken and Sydbank which have received the highest scores in customer satisfaction in 2009. Meanwhile Danske Bank has received the lowest scores compared to its peers. Most banks have had a decline in their customer satisfaction, where Jyske and Danske Bank have experienced the largest decrease. Nykredit and Sydbank are the only banks which are at the same level as 2008. The gap between the lowest and the highest scores in the customer satisfaction has been increasing. In general, the B2C market obtains lower scores in image compared to previous years. In fact, the decrease in customer satisfaction can be explained by a large decline in the image perspective, especially for Danske Bank and Jyske Bank. Results Corporate CustomersThe customer satisfaction for the corporate banking has decreased by more than six units since 2008 and this decline has been experienced by all banks. Handelsbanken has received the highest scores in customer satisfaction whereas Danske Bank received the lowest ones. The image perspective of the banks is one of the main aspects behind the decrease in customer satisfaction. Loyalty has also decreased substantially since earlier years and we believe the banks will have a lot of work ahead of them in order to retain the corporate banking customers, especially in the case of Danske Bank. EPSI Rating European Banking trendsThe banking sector has been measured in the majority of Nordic and north European countries since year 1999 via annual studies conducted by EPSI Research. During a couple of years, the Norwegian consumers have given their bank the lowest satisfaction scores, and the Finnish consumers their bank the highest. From year 2004, also the three Baltic States and Russia have been included in the annual studies of the banking sector. Czech Republic was introduced in 2005 and the UK in 2008. The first results for 2009 (with interviews in August September) are now ready. In the diagram below, the private consumers in the respective country give the scores of their bank. Results for Iceland, UK as well as i.e. Greece and a few Central Asian countries (Azerbaijan, Georgia, Kazakhstan) are to follow later on. The recent financial turmoil has not had too large effects on the overall customer satisfaction as is also seen from the table below. However, the crisis has affected final consumers differently, and the satisfaction has gone down more in some countries (like Denmark, Baltic States, Russia) than in others, as is seen from the country to country changes during the last year. From the more detailed country results it can be seen that in a few of the countries the variation in satisfaction between banks has increased because of some individual banks being more hit by the crisis than others (and deteriorated in the eyes of their customers), and thus have lost their customer trust. It is also evident from the detailed analysis that the perception among customers to an individual bank now varies much more than before. This means that the spread between satisfied and dis-satisfied customers is higher now than during previous years. During the last few years also the corporate banking market has been studied in the Nordic and Baltic countries (except Iceland). The following scores are now obtained in that segment. The financial turmoil has hit the satisfaction among corporate banking customers harder than is the case in the final consumer segment. Denmark and the Baltic States are the countries where the satisfaction (and trust) has gone down most during the last year. Among the major Nordic and North European banking groups, Handelsbanken has the most satisfied customers. They are also on top in loyalty based on the EPSI survey results. The distance to the second contender is now increased. More detailed results for the different countries are available on the respective national EPSI websites. Please see www.epsi-rating.com for links to the different country press releases (public domain). The banking results are based on more than 50,000 telephone interviews with current customers to different banks in the respective country. The overall assessment is publicly available, while the detailed results for individual banks are confidential. EPSI Rating is the Pan European measurement tool for analysing non-financial value creation in commercial entities and organisations. In total more than 30 sectors are covered with benchmark studies. EPSI Rating operates today in around 20 European countries through national (sub-regional) entities. The regular measurement started in Sweden in 1989, and was extended to a number of other European countries in 1999, based on a EU-commission study. The basic results may also be compared with similar studies in USA and a number of countries in the Far East.
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