Baltic Bank Satisfaction

  • 2008-10-22
  • By TBT staff

RIGA - Banking customers in all three Baltic states seem to be predominantly pleased with their banks and have assessed their satisfaction with banks at levels that range from 71 to 90 out of 100. According to a study done by the European Performance Satisfaction Index, banking customers, despite the changing economic situation, have expressed the same satisfaction with banking products and services during the last two years.
These new 2008 results show that overall, customers most satisfied by their banks are found in Lithuania, while Estonian and Latvian banking consumers are marginally less happy.

Satisfaction with banking has stopped growing in Estonia and Latvia since 2007; meanwhile Lithuania continues to show sustained growth during the last year.
According to the report from EPSI, Lithuanian consumers have given their banks the highest scores in terms of satisfaction, while Estonian and Latvian customers are less satisfied on average with their banks. Lithuania continues to lead with a score of 82.1 percent, matching its all-time high from 2007 and putting satisfaction ratings well ahead of their competitors.

According to loyalty rankings, the most loyal customers to their respective banks live in Lithuania, less loyal ones live in Estonia and Latvian customers are the least loyal customers in Baltics.
Nordea matched its historical high level with 90.3 percent in Lithuania. Nordea succeeded in dramatically improve customer satisfaction in Lithuania 's at 8.8 points SEB has lost 2.2 points in the EPSI in Latvia.

The Nordea example shows that one company's performance can be seen in different ways, depending on its branches location. Nordea matched its historical high level with a score of 90.3 in Lithuania. At the same time, Nordea lagged behind competitors in terms of customer satisfaction in Estonia.
In most of the cases, satisfaction is higher in the B2C (Business to Customer)  sector in comparison with the B2B (Business to Business) sector for respected banks.

According to a report by EPSI, this type of monitoring gives useful additional background information for tactics and decision-making when it comes to company value assessment and regional marketing strategies.
EPSI Ratings Baltic has been working in the region since 2000.

                             Estonia        Latvia        Lithuania
SEB                          76.9            76.7            81.5
HansaB/Swedbank  75.9            79.7            81.9
Nordea                    70.9            77.0            90.3
Other                       75.1            79.1            82.2
Industry                   75.6            78.1            82.1