The demand for more personalised banking experiences

To better understand the key factors shaping customer choices and behaviours with Finland, Visa has recently conducted a comprehensive study of the Finnish banking sector¹, surveying customers of traditional Finnish banks.

The study, Understanding Consumer Banking Preferences in Finland, shows that Finnish consumers are increasingly seeking personalized banking services tailored to their individual needs and financial goals. However, a gap exists between these expectations and what traditional banks currently offer. This shift is driven by several factors, including:

• Evolving customer expectations - Seamless, personalized experiences in other areas of life have raised the bar for what consumers expect from their banks.

• Increased financial literacy - As consumers become more financially savvy, they are seeking solutions that empower them to manage their money proactively and make informed decisions.

• Generational shifts - Millennials and Gen Z, known for their comfort with technology and desire for personalized experiences, are becoming a significant consumer segment.

The study highlights significant opportunities for banks in better tailoring their services to meet individual customer needs and provides actionable advice on how to bridge the gap between evolving customer expectations and the reality of service delivery in today’s dynamic financial landscape.

Key findings of the study include:

• Overall, Finnish consumers report high levels of satisfaction with their banks’ daily services, with 84% of respondents stating that their bank efficiently meets their everyday needs.

• For many consumers, ease of use and convenience in digital channels, such as online banking (43%) and mobile apps (35%) are critical factors when choosing their primary bank.

• Many consumers are willing to explore other banks for specific services, including debit cards (36%), savings accounts (34%) and credit cards (33%).

• Top factors influencing a customer’s decision to switch banks include better mortgage terms (38%), superior customer service (33%), and more rewarding benefits (25%).

• Two-thirds (65%) of Finns use online banking and apps, but many still prefer getting advice from a real person on important financial decisions such as mortgage loans (46%) and investments (40%).

• Finnish consumers value personalized and proactive service from their banks: less than half (43%) feel that their bank knows them well, while only 47% believe that their bank offers relevant products and services tailored to their personal situation. Only 43% of respondents believe that their primary bank helps them grow their wealth.

• While overall satisfaction with daily banking is high among Finnish consumers, fraud remains a major concern. Of those affected by fraud, 73% were satisfied with their bank’s response, leaving 27% of affected customers dissatisfied.

Juha Sillanpää, Country Manager Finland & Baltics, said: “Finnish consumers demand seamless, 24/7 access to financial services. Banks that meet these expectations can build stronger trust and loyalty. However, consumers also seek personalized human interaction, presenting an opportunity for banks to enhance customer relationships by combining digital convenience with personable, expert support."

Click here, to see the full Whitepaper and findings.