Germany Retail Banking Consumer Profiles and Analysis

Germany Retail Banking Consumer Profiles and Analysis

Summary

This report looks at a range of German customer profiles, using cluster sampling to determine customer banking preferences and mindsets. Leading banking providers can then use this to build solid customer-to-bank relationships and ensure future loyalty and retention. While this report focuses on the retention and loyalty of banks’ existing customers, each profile indicates how banks can sell new products and acquire new customers within each profile, while considering the potential threats and competition they could face in the German market.

This report - which is part of a series of German content including country analysis and competitor benchmarking - looks at five different customer personas in Germany. It explores their financial goals, unmet needs, and banking preferences, while providing actionable steps for financial providers to take to achieve high levels of retention and to cross-sell effectively and accordingly.

Scope

• Our 2021 Financial Services Consumer Survey identifies a mixture of traditional and alternative banking provider preferences across profiles, with German customers showing to be overall much more debt-averse than any other market.
• Financial reviews and wellbeing services are a key trend across profiles, as many customers would benefit from more interaction with their providers regarding this. Some have faced the hardships of COVID-19 and need better engagement from their providers here.
• Satisfaction levels overall are varied, with higher amounts of cross-selling correlating to both satisfaction and dissatisfaction depending on the cluster in question.

• Identify key customer propositions using cluster sampling based on the main retail banking products: deposits, credit cards, personal loans, and home loans.
• Analyze consumer perceptions of digital banking and preferred financial service providers.
• Discover the banking features and attributes customers are most willing to pay for.
• Compare customer life events while looking at specific customer life goals, such as retirement security.