Consumer confidence in banks stable, with upward trend
- About us
The Banking Confidence Monitor 2020 was presented on 11 January 2021. ABN AMRO was also a participant in the Banking Confidence Monitor 2020. The survey results - and our own findings - will help us identify the areas in which we are performing well and where we can improve.
The Banking Confidence Monitor 2020 contains the results of the survey market research agency Ipsos conducted among clients of the different banks. In 2020, we asked consumers about two new parameters that also affect consumer confidence: our approach to privacy management and to what extent consumers think the sector contributes to society. The scores for ABN AMRO and the sector are provided below.
Banking Confidence Monitor 2020 results.
What was consumers’ perception of banks during the COVID-19 crisis?
The Confidence Monitor 2020 included an in-depth survey about clients’ perception of banks during the COVID-19 crisis. Consumers appreciate the way banks were visible and proactive. However, there is room for improvement: the survey indicates that some clients did not contact us, even though they were facing financial challenges due to the pandemic.
Recommendations
Based on the survey results, the following recommendations are made to the sector:
Banks have taken an active role during the COVID-19 crisis. The longer the crisis lasts, the more difficult it will likely be for banks to help a growing group of clients with financial difficulties. It is therefore important for banks to continue providing help to clients while also creating realistic expectations. It is also important for banks to continue communicating clearly about the ways in which they can assist clients during the COVID-19 crisis.
This year, for the first time, the parameters 'privacy' and 'contribution of banks to society’ were surveyed. The results show that these parameters have a significant impact on confidence. As such, there are great opportunities for banks to improve on these parameters.
There is an upward trend in digital contact with clients - especially due to COVID-19. It is important for banks to establish good personal client contact in times of digital transformation. It is also very important to continue providing good service to (vulnerable) client groups, such as the elderly.
After a number of years of progress in the handling of complaints, there is a renewed decline in satisfaction with this service. Complaints should be easier to submit and their handling should be improved.
“In the opportunities for improvement, I see a great deal of alignment with our strategy and focus."
Frans van der Horst (ABN AMRO Retail CEO) on the results of the Confidence Monitor 2020: “Of course we have to see the results in the light of the COVID-19 pandemic; it was a challenging year. That said, it is disappointing that the score has stayed the same for a number of successive years now, even though confidence in the sector showed a slight growth in the first years of the Confidence Monitor. I am pleased to see that’s consumer confidence in ABN AMRO increased slightly by 3.3 compared to last year (3.2). And there are more bright spots. It is gratifying to see consumer appreciation for our role during the COVID-19 crisis. It is important for us to also be there in 2021 to help clients who are facing financial difficulty due to COVID-19. In the opportunities for improvement, I see a great deal of alignment with our strategy and ABN AMRO's focus. Case in point, consumers greatly appreciate personal contact in these digital times. This ties in perfectly with our ambition to be a personal bank in the digital age. I am also very pleased that consumers are positive about our approach to client data management, which we pay a lot of attention to within ABN AMRO. Consumers are somewhat more critical about the handling of complaints, but this is also a topic that is high on our agenda. In short: the Confidence Monitor shows that our strategic decisions are guided by client needs and that we have placed a relevant focus on it.”