Germany Retail Banking Consumer Profiles and Analysis

Powered by

All the vital news, analysis, and commentary curated by our industry experts.

Germany Retail Banking Market Report Overview

The following personas have been created through a cluster analysis (Calinski-Harabasz criterion) of GlobalData’s 2021 Financial Services Consumer Survey in order to understand German survey respondents and their attitudes, preferences, and unmet needs from their main providers. These personas have been created using three core attributes: financial services provider preference, age, and marital status. This has led to the production of 12 distinct clusters, of which six personas have been extracted.

The Germany retail banking consumer profiles and analysis report looks at a range of German customer profiles, using cluster sampling to determine customer banking preferences and mindsets. Leading banking providers can then use this to build solid customer-to-bank relationships and ensure future loyalty and retention. While this report focuses on the retention and loyalty of banks’ existing customers, each profile indicates how banks can sell new products and acquire new customers within each profile, while considering the potential threats and competition they could face in the German market.

Germany Retail Banking Market-Consumer Profiles

The key consumer profiles explored in the retail banking market report of Germany are the health-conscious retiree, the one who has suffered financial hardship, the experience-over-loyalty couple, the first-time investor, and the traditional graduate.

The health-conscious retiree: The primary goals of the health-conscious retiree are having emergency savings funds and being comfortable spending money while also being able to build up security during retirement. The segment prefers online banking for frequent banking tasks but still places high importance on helpful and knowledgeable staff. Digitally, the segment places more importance on simplicity around understanding his finances as he prefers the self-serving approach rather than seeking support.

While the health-conscious retiree prefers online banking for the daily banking tasks, he still prefers banking with the branch which suggests that the segment likes human interaction for product information and seeking assistance when facing hardships.

The one who has suffered financial hardship: The primary goal of this persona is to have enough emergency savings funds. The segment would rather save for the future than live well now.  Inspite of his preference for online banking for frequent banking tasks, this segment still places high importance on helpful and knowledgeable staff.

The segment prefers traditional provider and is not very open to other providers.  As a heavy online user, the segment feels the provider could improve its ability to both resolve minor problems without needing to resort to other channels and help in better understanding of the segment’s finances digitally. The segment also wants to get a clearer picture of the financial situation when they bank online.

The experience-over-loyalty couple: The primary goals of the experience-over-loyalty couple are having emergency savings funds and security during retirement.The segment prefers alternative providers based on their ability to offer enhanced budgeting tools. They feel their provider’s areas of digital improvement are around providing a clearer understanding of finances and a greater range of digital products and features. They prioritize spending time to get the right product rather than quickly choosing. Overall, their key areas of frustration are around products (digital availability as well as their overall lower levels of satisfaction around competitive prices in their profile are dissatisfied).

The first-time investor: The primary goals of the first-time investor are having emergency savings funds and saving up for a purchase. The segment prefers alternative providers based on their better rates and security. They feel as though the areas of digital improvement for their current provider are around providing a clearer understanding of finances and their ability to resolve minor problems without using other channels (such a telephony/branch).  The segment prioritizes spending time to get the right product rather than choosing quickly.

The traditional graduate: The primary goals of the traditional graduate are having emergency savings funds and saving up for a purchase. The segment feels that the provider could offer a better digital user experience in two main areas: providing a clearer understanding of her finances and the ability to resolve minor problems without having to use other channels. In a similar trend to other profiles, they are open to IM for making a complaint to their primary provider. The segment values safety over convenience, and this is a key factor behind their preference for traditional providers. Some of them in the segment have held their account since they were a child, so a lack of mobile app use will be a notable reason for their strong views in favor of traditional banks.

Germany Retail Banking Market- Channel Preferences for Banking Activities

The key channel preferences in the retail banking market in Germany are in-branch, telephone, online, mobile, video chat, and instant message.

German Retail Banking Market, By Channel Preferences of the Health-Conscious Retiree

German Retail Banking Market, By Channel Preferences of the Health-Conscious Retiree

To know more about the channel preferences of the health-conscious retiree in the Germany retail banking market, download a free sample

Germany Retail Banking Market Report Overview

Key consumer profiles The Health-Conscious Retiree, The One Who Has Suffered Financial Hardship, The Experience-Over-Loyalty Couple, The First-Time Investor, and The Traditional Graduate
Key channels In-Branch, Telephone, Online, Mobile, Video Chat, and Instant Message

Segments Covered in the Report

Consumer Profiles

  • The Health-Conscious Retiree
  • The One Who Has Suffered Financial Hardship
  • The Experience-Over-Loyalty Couple
  • The First-Time Investor
  • The Traditional Graduate

Scope

  • Our 2021 Financial Services Consumer Survey identifies a mixture of traditional and alternative banking provider preferences across profiles, with German customers showing to be overall much more debt-averse than any other market.
  • Financial reviews and wellbeing services are a key trend across profiles, as many customers would benefit from more interaction with their providers regarding this. Some have faced the hardships of COVID-19 and need better engagement from their providers here.
  • Satisfaction levels overall are varied, with higher amounts of cross-selling correlating to both satisfaction and dissatisfaction depending on the cluster in question.

Reasons to Buy

  • Identify key customer propositions using cluster sampling based on the main retail banking products: deposits, credit cards, personal loans, and home loans.
  • Analyze consumer perceptions of digital banking and preferred financial service providers.
  • Discover the banking features and attributes customers are most willing to pay for.
  • Compare customer life events while looking at specific customer life goals, such as retirement security.

Table of Contents

Table of Contents

Rationale for Clusters

Germany Consumer Profiles

Nikolas: The health conscious retiree

Gisela: The one who has suffered financial hardship

Stefan & Ursula: The experience over loyalty couple

Zeynep: The first-time investor

Anna: The traditional graduate

Appendix

Frequently asked questions

Germany Retail Banking Consumer Profiles and Analysis thematic reports
Currency USD
$5,250

Can be used by individual purchaser only

$15,750

Can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company


Undecided about purchasing this report?

Enquire Before Buying Request a Free Sample

Get in touch to find out about multi-purchase discounts

reportstore@globaldata.com
Tel +44 20 7947 2745

Every customer’s requirement is unique. With over 220,000 construction projects tracked, we can create a tailored dataset for you based on the types of projects you are looking for. Please get in touch with your specific requirements and we can send you a quote.

Sample Report

Germany Retail Banking Consumer Profiles and Analysis was curated by the best experts in the industry and we are confident about its unique quality. However, we want you to make the most beneficial decision for your business, so we offer free sample pages to help you:

  • Assess the relevance of the report
  • Evaluate the quality of the report
  • Justify the cost

Download your copy of the sample report and make an informed decision about whether the full report will provide you with the insights and information you need.

Below is a sample report to understand what you are buying

See what our customers are saying

“The GlobalData platform is our go-to tool for intelligence services. GlobalData provides an easy way to access comprehensive intelligence data around multiple sectors, which essentially makes it a one-for-all intelligence platform, for tendering and approaching customers.

GlobalData is very customer orientated, with a high degree of personalised services, which benefits everyday use. The highly detailed project intelligence and forecast reports can be utilised across multiple departments and workflow scopes, from operational to strategic level, and often support strategic decisions. GlobalData Analytics and visualisation solutions has contributed positively when preparing management presentations and strategic papers.”

Business Intelligence & Marketing Manager, SAL Heavy Lift

“COVID-19 has caused significant interference to our business and the COVID-19 intelligence from GlobalData has helped us reach better decisions around strategy. These two highlights have helped enormously to understand the projections into the future concerning our business units, we also utilise the project database to source new projects for Liebherr-Werk to use as an additional source to pitch for new business.”

Market Analyst & Management, Liebherr-Werk

Your daily news has saved me a lot of time and keeps me up-to-date with what is happening in the market, I like that you almost always have a link to the source origin. We also use your market data in our Strategic Business Process to support our business decisions. By having everything in one place on the Intelligence Center it has saved me a lot of time versus looking on different sources, the alert function also helps with this.

Head of Key Accounts, Saab AB

Having used several other market research companies, I find that GlobalData manages to provide that ‘difficult-to-get’ market data that others can’t, as well as very diverse and complete consumer surveys.

Marketing Intelligence Manager, Portugal Foods

Our experience with GlobalData has been very good, from the platform itself to the people. I find that the analysts and the account team have a high level of customer focus and responsiveness and therefore I can always rely on. The platform is more holistic than other providers. It is convenient and almost like a one stop shop. The pricing suite is highly competitive and value for our organisation.

I like reports that inform new segments such as the analysis on generation Z, millennials, the impact of COVID 19 to our banking customers and their new channel habits. Secondly the specialist insight on affluent sector significantly increases our understanding about this group of customers. The combination of those give us depth and breadth of the evolving market.

I’m in the business of answering and helping people make decisions so with the intelligence center I can do that, effectively and efficiently. I can share quickly key insights that answer and satisfy our country stakeholders by giving them many quality studies and primary research about competitive landscape beyond the outlook of our bank. It helps me be seen as an advisory partner and that makes a big difference. A big benefit of our subscription is that no one holds the whole data and because it allows so many people, so many different parts of our organisation have access, it enables all teams to have the same level of knowledge and decision support.

Head of Customer Insight and Research, Standard Chartered

“I know that I can always rely on Globaldata’s work when I’m searching for the right consumer and market insights. I use Globaldata insights to understand the changing market & consumer landscape and help create better taste & wellbeing solutions for our customers in food, beverage and healthcare industries.

Globaldata has the right data and the reports are of very high quality compared to your competitors. Globaldata not only has overall market sizes & consumer insights on food & beverages but also provides insights at the ingredient & flavour level. That is key for B2B companies like Givaudan. This way we understand our customers’ business and also gain insight to our unique industry”

Head of Consumer Sensory Insights, Givaudan

GlobalData provides a great range of information and reports on various sectors that is highly relevant, timely, easy to access and utilise.  The reports and data dashboards help engagement with clients; they provide valuable industry and market insights that can enrich client conversations and can help in the shaping of value propositions. Moreover, using GlobalData products has helped increase my knowledge of the finance sector, the players within it, and the general threats and opportunities.

I find the consumer surveys that are carried out to be extremely beneficial and not something I have seen anywhere else. They provided an insightful view of why and which consumers take (or don’t) particular financial products. This can help shape conversations with clients to ensure they make the right strategic decisions for their business.

One of the challenges I have found is that data in the payments space is often piecemeal. With GD all of the data I need is in one place, but it also comes with additional market reports that provide useful extra context and information. Having the ability to set-up alerts on relevant movements in the industry, be it competitors or customers, and have them emailed directly to me, ensures I get early sight of industry activity and don’t have to search for news.

Senior Account Manager, TSYS
Go even deeper with GlobalData Intelligence Center

Every Company Report we produce is powered by the GlobalData Intelligence Center.

Subscribing to our intelligence platform means you can monitor developments at Germany Retail Banking Consumer Profiles and Analysis in real time.

  • Access a live Germany Retail Banking Consumer Profiles and Analysis dashboard for 12 months, with up-to-the-minute insights.
  • Fuel your decision making with real-time deal coverage and media activity.
  • Turn insights on financials, deals, products and pipelines into powerful agents of commercial advantage.