Digital Transformation in Retail Banking


Digital Transformation in Retail Banking

Rethinking customer experience

The online global survey was completed by 17,200 customers across 18 countries, including a set of approximately 200 customers from Luxembourg.

Primary banking profile in Luxembourg

of respondents have not opened a primary bank account in Luxembourg most originate from neighbouring countries

Digital appetite

For customers having a primary account in Luxembourg the appetite toward both Online and Mobile is significant: 96% of them are using either online and/or mobile solutions

Channel usage

Domestic transfer

For small domestic transactions, Luxembourgish customers use primarily mobile app & online banking

Reporting a lost/stolen card

For advanced requests like blocking their bank card, Luxembourgish customers predominantly use the contact centre

Credit application

For credit application, Luxembourgish customers use almost exclusively the bank

Bank branch services

Motivations to use branches more often:

would be likely yo use the bank branches more often if the branch would resemble a café where you can plug in, hang out and work

would be likely to use the bank branches more often if the branch were equipped with Digital screen self-service, with representative help if needed

would be likely to use the bank branches more often of the branch offered the ability to schedule a personal appointment for a virtual video meeting

would be likely to use the bank branches more often if the branch offered extended service hours through virtual remote services with a representative

Mobile banking functions

Increased ability to do more regular transactions online and possibility to submit e-signatures and complete applications entirely online are the main reasons for a more frequent use of mobile banking

Online banking functions

Customers are suggesting that the ability to complete applications entirely online would encourage them to use online banking more often

Switching of primary bank

are likely to change their main bank in the next two years

Reasons for changing the main bank
Close proximity to a branch is not the main reason to switch the bank
(only 4% of the respondents)

Better pricing or lower fees at another bank

Personalized advice

More attractive loyality/reward programs

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