Image of Nordic banks not all glossy – survey

Nordea chairman Björn Wahlroos’s actions in defending the remuneration and bonuses of top executives in the bank may be one reason Nordea has ranked poorly among consumers when asked about the image of regional and domestic brands.

In contrast, Handelsbanken, another of the larger Nordic banks operating in multiple markets, has achieved higher customer satisfaction ratings. One reason cited for its rating in the Swedish market is the retention of cash-based services for consumers and a commitment to branches, in contrast to many of its competitors.

The findings are contained in the annual EPSI Rating European Banking Trends report, which interviewed 83,000 consumers across Europe.

Key failings that consumers see in the banks are their perceived irresponsibility and levels of customer service.

The level of satisfaction expressed by local banking customers varies considerably, from a score of less then 55 in the case of Spain, to close to 85/100 in Azerbaijan and Georgia. Spain’s level is the lowest ever recorded by the report.

A drop in the overall level of customer satisfaction saw Sweden fall behind Norway, while Denmark has also hit an all-time low, the survey results suggest.

In contrast, for those markets where EPSI has measured levels of customer satisfaction among business customers, there has been a notable improvement over the past year. It says that unusually for a number of markets b2b customers are actually more satisfied with the levels of service they are receiving than b2c customers. This is a rare ratio, the report said.


Consumer satisfaction   EPSI score
Georgia 83
Azerbaijan 82.9
Lithuania 78.4
Kazakhstan 77.6
Latvia 76.7
Finland 76.5
Russia 75
UK 73.8
Estonia 72.3
Norway 71.5
Czech Republic 71.3
Sweden 69.7
Denmark 67.5
Spain 54.3


  Sweden satisfaction  EPSI score
Länsförsäkringar Bank 79.5
ICA Banken 78.5
Sparbanken Öresund 76.7
Sparbankerna 75.3
Handelsbanken 75.2
Skandiabanken 74.6
Danske Bank 71.4
SEB 67.7
Swedbank 66.7
Nordea 66.4


 Norway satisfaction  EPSI score
Terra 71.4
DNB 70.4
Handelsbanken 70.4
Sparebanken Sør 69
Focus Bank 68.2
Sparebank 1 Gruppen 66.7
Nordea 63.7


 Finland satisfaction  EPSI score
POP Pankki 88.5
Säästöpankki 87.9
Handelsbanken 87.1
Aktia 85.4
S-Pankki 84.9
OP-Pohjola 82.6
Sampo Pankki 79.1
Nordea 77


 Denmark satisfaction  EPSI score
Handelsbanken 78.2
Sydbank 76.1
Nykredit Bank 73.4
Jyske Bank 71.8
Nordea 71.8
Danske Bank 62.3
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