CRIF Study: Banks Can Enhance Customer Satisfaction Through Digital Support

A new study by CRIF, titled "Banking on Banks," indicates that the majority of German consumers seek increased support from their banks amid financial challenges. The research, which surveyed 1,000 German consumers in July 2022, examined the impact of rising living costs on financial service demands.

The findings highlight that 71% of Germans expect greater assistance from their banks during difficult times. With inflation, the war in Ukraine, and the energy crisis contributing to financial strain, 37% of respondents anticipate their personal financial situation will worsen over the next twelve months, creating a demand for guidance and support.

The study emphasizes the need for banks to adapt their offerings. 41% of participants believe banks should tailor products and services more closely to individual customer needs. Furthermore, 36% would welcome more bank support for saving money, and a third feel banks should be more proactive in helping customers save on services like insurance.

Digitalization is identified as a key area for improvement, especially for younger demographics. Approximately 32% of individuals aged 18 to 34 would prefer digital support. There is also demand for digital solutions to enhance creditworthiness, aid financial planning, and provide early warnings of financial distress. Consumers are increasingly willing to share personal data if it facilitates benefits such as easier loan applications or higher credit limits, provided the data is handled responsibly and compliantly.