How the Swedish banks are now fighting for customers


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Friday, 29 April 2011
As in many economies in the world, Swedish banks just keep making money. The major Swedish banks have made more than Skr1billion in profits on their private customers’ high loans. The Swedish banks surprises with results significantly better than expectations. They want to now focus on the private clients.

The major banks are fighting now to be the most attractive to customers while they are still making big profits at the most basic customer relationship, borrowing and lending.

The three banks that have so far submitted reports for the first three months, Nordea, Swedbank and Handelsbanken, made billions in profits on the difference in higher lending rates and lower deposit rates.

In connection with Nordea's quarterly its CEO Christian Clausen, stressed that unless there is a change in direction, then at least there would be change in their attitude towards the customers. Profiling has become even more evident since Wahlroos became the new Board chairman of the bank.


According the survey, Nordea has long been a wake bank among the three Swedish big banks to attract and putting customers at the centre – in short, Nordea has been weak at customer services.

“We have worked hard on this for four years and the result is that we now have more customers, do more business with customers and strengthened customer relationships, "says Christian Clausen.

Swedbank's is also focused on developing its business in improving customer experience, and to have the greatest customer satisfaction and best customer offering, according to CEO Michael Wolf.

“A realistic goal, which I am confident that we will reach, "he said, while noting that ”the challenge is large and will take years of dedicated work."
In concrete terms, the improved customer experience means that “we have decided to go back to the roots, we want to be an advisory bank for our customers. We believe more in relationship growth than volume growth, we're not talking primarily about product solutions anymore, "said Michael Wolf.

According to Wolf included in the bank's aspiration is to become a full-fledged advisor to the rising interest rates informing the consumers providing transaction accounts with low interest rate  and savings accounts with higher.

Others such as SEB say they strive to build and maintain strong relationships with their customers.
Handelsbanken is the major Swedish banks in terms of customer satisfaction, according to rating agency Swedish Quality Index's annual survey.

Swedbank reported a net interest income for the first quarter of Skr4.5 billion, Nordea almost Skr12 billion and Handelsbanken Skr5.5 billion.
SEB submits its report next week and the market speculates is that its net interest come is expected to fall around Skr4.3 billion.
By Team

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