News The Bank Survey for Advertisers
We want conversations with our bank, this is important for you as a bank advertiser

Bank survey for advertisers

2021-12-20 | FINN , Insights , News

Every year, the bank survey is conducted for FINN in collaboration with Norstat and Schibsted Insights and Effects. In this article, you get a summary of what we believe is the most important thing in connection with bank customers and advertising.

As an advertiser, you will gain insight and answers to this and much more in the bank survey for 2021:

  • What Norwegians think about the future in connection with the pandemic and the economy and expected consumption
  • Personal finances in everyday life
  • Products and services we use / have and how important trust is
  • Loyalty and customer relations with the banks
  • Savings and investment

Norstat was responsible for data collection and the survey was conducted in April 2021. The data basis for the survey is based on the responses from 2201 respondents, which is the largest sample to date for the bank survey.

1. Norwegians are optimistic when we will return to normal

We can still say that we are optimistic when we return to the "normal", but this proportion is declining compared to last year. We are still generally not very worried about the future in connection with consumption and personal finances, but it seems that we are also prepared for the fact that it will take time before society will return to normal.

2. We want talks with our bank

More than half of us could imagine a non-committal conversation with an adviser about our customer relationship and personal financial plans. Those who want this physically are declining and those who want it over the phone or video are increasing. It is also clear that Norwegians have become more positive about digital solutions, and that user-friendly online banks where customers can fix a lot themselves are crucial.

3. Confidence in bank employees is still highest

Photo Banking survey Trust

When it comes to advice on savings, investments and personal finance, we have the highest level of trust in bank employees. This trust has nok a lot to say about why 8 out of 10 of us prefer a physical advisor to a virtual one (bot). Despite the fact that physical advisors are important to us, including in connection with switching/assessing banks, it is still not a service we are willing to pay extra for.

Few have changed banks, but more are using more banks / additional banks

Switching banks is low, but we see that younger people (18-39 years) in particular are establishing new banking relationships. Those who switch banks the most are in the 30-39 age group. This is nok largely related to the fact that they are in a life phase where they are either buying their first home or buying a new home because of children.

5. The drivers for switching banks are financial

Lower mortgage rates, lower fees and higher savings rates are the main drivers for switching banks. The results also show that 4 out of 5 of us also believe that it is very easy to change banks and that more than half of us use the banks' websites to find out about prices, conditions and providers of mortgages.

6. Savings in shares and funds increase

We see a growth in the proportion who invest / save in funds and equities compared with last year. Savings in savings accounts have been reduced, but we have also reduced our consumption.