Finnish banking sector shows widening gaps in customer satisfaction

A recent study by EPSI Rating on the Finnish banking and finance sector reveals growing disparities in customer satisfaction levels between institutions. While overall satisfaction among individual customers remains stable compared to last year, top-performing banks are increasingly distancing themselves from competitors.

S-Pankki and Ålandsbanken emerged as the leaders in individual customer satisfaction. S-Pankki specifically reported a four-year upward trend in satisfaction, with over 90 percent of its customers expressing contentment. S-Pankki was also ranked as having the best mobile banking application, S-mobiili, noted for its usability and innovation.

Other notable performers included Säästöpankki and Aktia for individual customers. In the corporate sector, satisfaction has declined for the second consecutive year, though Aktia saw a significant improvement in its ranking. Nordea and Säästöpankki also received scores above the industry average for corporate clients.

The research highlights a shift in what drives satisfaction. The importance of product and service quality has decreased as functional digital tools are now considered a baseline expectation. Instead, differentiation is increasingly driven by the overall relationship and how well a bank understands a customer's specific situation. Regarding technology, 37 percent of individual customers and 41 percent of corporate customers expressed a willingness to replace personal advisors with artificial intelligence.