Forrester just published The European Net Promoter Rankings, 2024 with Net Promoter Scores℠ (NPS) for 60 banks across France, Germany, Italy, Spain, Sweden, the UK, Poland and the Netherlands. We collected the scores by asking 18,058 European banking consumers in our annual Customer Experience Benchmark Survey about their likelihood to recommend brands they interacted with in the past 12 months.
We found that:
- Scores declined across the board. France, Germany, Italy and the UK saw significant drops in their industry average. On top of that, 11 banking brands that operate in Europe experienced significant scores decreases while no single brand improved its NPS significantly.
- Most country leaders prevailed. Overall, challenger banks continue to perform better than their peers, as shown by Revolut in France which has a 6.3-point lead over the runner up, ING in Germany and Poland being 18.4 and a 5.9 points ahead of the respective runner ups, Banca Mediolanum in Italy who beats the runner up by merely 1.8 points, and Starling Bank in the
- Top drivers of NPS differ across countries. We’ve examined 44 drivers for banking and have found some commonalities – for example, competitive prices and fees are a top driver in four out of eight countries. But many drivers differ between countries. For example “Makes information easy to understand on their website” is a top driver of NPS only in Spain (with ING having the top performance on that driver) and “cares about my financial well-being only in the Netherlands (where SNS Bank performs highest on this driver). You can find the full list of top 4 drivers per country, with the performance of the top brands on each top four drivers in the report.
Don’t Compare These Scores To The Ones You Measured Internally
Even if you measure NPS internally, we don’t recommend comparing your scores directly to ours. That’s because the NPS you measured will probably be higher than an NPS derived by a third party such as Forrester, partly because people feel less obliged to be nice when rating your brand with a third party.
Keep In Mind That NPS Measures Loyalty, Not CX Quality
If your company uses NPS or likelihood to gauge success of the CX program, bear in mind that NPS is a loyalty metric, not a direct measure of CX quality. It is only effective at improving CX when it’s part of a CX measurement and improvement system that measures the performance of your customers’ journeys. The Net Promoter Scores in this report are more like relationship Net Promoter Scores than transactional Net Promoter Scores.
Check Out These Further Resources On NPS
For a detailed analysis of each brand’s ranking and for insights into key drivers of NPS, read the full report, The European Banking Net Promoter Rankings, 2024, or schedule a call with us.
