EY Consumer Banking Survey
Every third Czech would happily switch to a competitor offering better online financial services. Are banks ready for the digital banking revolution?
- Banks aren’t innovative enough and are losing touch with clients
- More than half of Czechs with a mortgage took it out somewhere other than their primary bank
- A quarter of clients wouldn't hesitate to share more personal information with a financial services provider in exchange for better customized services
While 82% of customers planning to purchase a new product start by going online, banks are not yet able to capitalize on the internet’s potential. 31% of Czechs would switch to a competitor offering better online banking services. Only 16% of clients think of their bank as innovative, which creates space for potential new players from the fintech sector and for improvement in services offered by established banks. According to the EY Consumer Banking Survey 2018, only 40% of Czechs took out a mortgage with their primary bank; in Slovakia, the figure is almost twice as high.
Absolute client trust in banking institutions has grown by nearly half in the last four years, from 40 to 57%. A majority of clients (83%) would recommend their primary bank to others. Pavel Riegger, EY Head of Financial Services in Central Europe says “Building stronger relationships, especially with younger clients, and adapting services to their needs is a crucial step for banks. At a time of digital transformation and the gradual emergence of challengers in the form of fintech companies, clients will have a range of options for handling their capital”.