Sweden Retail Banking Analysis by Consumer Profiles (Older Gen Z, Gen X, Boomer, Younger Millennial and Millennial)

Sweden Retail Banking Analysis Report Overview 

The following personas have been created through a cluster analysis (Calinski-Harabasz criterion) of GlobalData’s 2022 Financial Services Consumer Survey, to understand Swedish survey respondents and their attitudes, preferences, and unmet needs. These personas have been created using three core attributes: age, marital status, and their preferred financial services (FS) provider type, i.e. traditional banks and credit unions or alternative providers such as digital challenger banks, Big Tech, fintech, digital wallets, and retailers.

Based on the consumer profiles covered in this report a few general results can be compiled. For example, most customers conduct their banking digitally either on a mobile app or on a provider’s website. However, despite the digitalization of retail banking, consumers generally still hold a reasonably strong preference for the use of branches when it comes to big tasks like applying for a mortgage. The advantage of this report lies in the findings that are unique to individual profiles.

GlobalData Personas

To know more about the customer personas in the Sweden retail banking market, download a free report sample

Sweden Retail Banking - Customer Personas

The key customer personas in the Sweden retail banking sector are Older Gen Z, Gen X, Boomer, Younger Millennial, and Millennial. 

Older Gen Z : Older Gen Z is open to switching between banks depending on the rewards and prices they are willing to offer, as he is unhappy with his current bank with which he has been banking for over five years. He prefers digital challenger banks over traditional banks. His long-term goal is to save money for a deposit on a house. He wants a bank that will provide him with good savings rates and tools to help him better manage his finances so he can pursue this goal. He is currently among the less affluent groups in the market and has recently experienced a time of financial hardship. Despite this, he is the customer most willing to pay for a premium account offered by his bank and holds a wide range of investment products.

Gen X: Gen X remains confident in traditional banks and they are the preferred choice in regard to her current account. Despite using online and mobile banking much more frequently than in-person banking, she still feels traditional banks are more trustworthy and will use branches for important banking activities. She is focused on making sure her children are safe in the future in case of any untoward incidences and wants to make sure she has an emergency fund saved. This is incorporated in saving for her retirement plans; she wants to be financially stable and not have to worry as she becomes older.

Boomer: Boomer is the oldest persona of the Swedish profiles, and his preference lies with traditional providers. Mark has children who are no longer dependent on him, meaning he now has extra disposable income each month. He is closing in on retirement age and would like to save and invest the extra money he has now to make sure that he is financially stable when he stops working. He prefers branch banking for many of his banking activities but is open to becoming more digitally proficient so he can use more of the digital features his bank provides. He would like his bank to help him more with his digital banking, teaching him how to maximize the benefits he can receive from the products and features offered.

Younger Millennial: Young Millennial has recently bought a house with her husband and is looking to start a family in the near future. She has just made her first large purchase and is looking to save money to support her future family and to pay for other large purchases of her choice. She currently banks with digital providers as she feels they provide her with better rates and prices for the features that she uses. She feels better protected online by digital challengers, which is another reason for her preferences as she banks more frequently online than in person. She would like her bank to provide her with better financial clarity, which will improve her decision-making in terms of spending in accordance with her financial goals.

Sweden Retail Banking – Channel Preferences for Banking Activities

The key channel preferences in the retail banking market in Sweden are in-branch, telephone, online, mobile, video chat, instant message, and chatbot. Older Gen Z’s highest area of satisfaction with their current provider is the navigation of the digital platform and the wide range of products that they are currently being offered. One of the strongest retention areas of the bank includes the satisfying products and services offered to the Older Gen Z. However, the Older Gen Z values having a seamless experience when switching between the different services while conducting their banking activities. This is one of their key areas of dissatisfaction for Older Gen Z- digital problem resolution and the simplicity of movement between digital and physical channels.

Sweden Retail Banking Market Analysis, by Channel Preferences of Older Gen Z

              To know more about the channel preferences of older gen Z in the Sweden retail banking market, download a free report sample

Sweden Retail Banking Market Report Overview

Segments Covered in the Report

Customer Personas

• Older Gen Z
• Gen X
• Boomer
• Younger Millennial
• Millennial

Reasons to Buy

• Understand how preferences vary between different types of consumer.
• Access the latest consumer survey data on channel behavior, provider preferences, and product holdings.
• Identify the areas for improvement that matter to specific consumers.
• Benefit from the provision of actionable steps that can help your business target specific customer profiles.