Swiss banks have been criticized for their relatively low interest rates and high fees in recent years. But do those grievances really affect customer satisfaction? To find out, moneyland.ch conducted a representative online survey of bank customer satisfaction based on various criteria.
Bank customers rated their satisfaction based on these criteria: Friendliness of employees, consultation, customer service in general, online banking, mobile banking (app), fees and charges, interest rates (savings accounts and fixed deposits), value for money, security, and general satisfaction. Customers ranked each of the following banking services separately: private accounts, savings accounts, bank packages, debit cards, credit cards, pillar 3a accounts and pillar 3a retirement funds, mortgages, and stock brokerage accounts and trading platforms.
The 1500 participants rated their satisfaction with their current banks on a scale of 1 (not at all satisfied) to 10 (completely satisfied).
The results show that Swiss consumers are generally satisfied with their banks, but that there are major differences between banks, criteria, and services. “Swiss bank customers are the most satisfied with their banks’ security, and least satisfied with interest rates and costs,” observes moneyland.ch CEO Benjamin Manz.
Security gets the highest ratings
Swiss bank customers are most satisfied with banking security, giving their banks an average rating of 8.2 out of 10 points (very good). Other criteria that received the score “very good” are online banking (8.1 points), the friendliness of employees (8.1. points), and mobile banking (8 points on average). Criteria that received the good rating are general satisfaction and customer service in general (7.8 points each), consultation (7.7 points), and value for money (7.4 points). The lowest ratings went to interest rates, with 6.4 points on average, as well as fees and charges, with 6.9 points on average.
Customers in German-speaking and French-speaking Switzerland
Bank customers in the Romandie gave their banks an average rating of 7.7 out of 10 points, on average, for general satisfaction, compared to 7.8 points from customers in German-speaking regions. Interest rates received a 6.2-point rating from residents of French-speaking Switzerland, compared to 6.5 points in German-speaking Switzerland.
No major differences between ages and genders
There are no major differences between men and women when it comes to satisfaction with banks. The same is true for age: There are no relevant differences in customer satisfaction among different age groups.
The oldest group of customers between the ages of 50 and 74 gave their banks an average rating of 7.9 out of 10 points for general satisfaction. That is slightly higher than the 26 to 49 age group, with 7.7 points. The youngest age group (18 to 25 years old) is slightly more satisfied than the middle age group, with a rating of 7.8 points.
Banks with the highest general customer satisfaction
moneyland.ch surveyed the general satisfaction of Swiss bank customers (see the PDF table). These service providers received the highest average ratings (a “very good” score): Zak with 8.8 out of 10 points, the Thurgauer Kantonalbank with 8.5 points, Clientis banks and Neon with 8.4 points, the Aargauische Kantonalbank, Graubündner Kantonalbank, and Yuh with 8.3 points each, Bank Cler with 8.1 points, Baloise Bank, the Hypothekarbank Lenzburg, Raiffeisen, Valiant, the Banque Cantonale Vaudoise, and the Zürcher Kantonalbank, with 8 points each.
The highest ratings for consultation went to the Aargauische Kantonalbank (8.7 points), the Graubündner Kantonalbank (8.6 points), Clientis banks (8.5 points), Cornèr Banca (8.3 points), the Luzerner Kantonalbank (8.1 points), the Thurgauer Kantonalbank and the Zürcher Kantonalbank (8 points each).
Differences between banking services
Ratings vary between the different services offered by Swiss banks. Customers are most satisfied with their debit cards, which received a rating of 8 out of 10 points (a “very good” score). They are followed by private accounts (7.8 points), savings accounts (7.7 points), bank packages and pillar 3a accounts (7.6 points each), mortgages (7.5 points), and stock brokerage accounts and trading platforms (7.4 points). Refer to the PDF table for details.
These private accounts have the highest customer satisfaction
On average, survey participants gave their private accounts a rating of 7.8 out of 10 points, which translates into a “good” score.
The best-rated private accounts are Zak (8.8 points), Neon (8.6 points), Yuh (8.2 points), the Thurgauer Kantonalbank (8.1 points), the Luzerner Kantonalbank, Raiffeisen, and the St. Galler Kantonalbank (8 points each).
The highest ratings for bank packages went to Bank Cler (8 points), the Berner Kantonalbank, and the Zürcher Kantonalbank (7.8 points each).
These debit cards have the highest customer satisfaction
Bank customers rated their satisfaction with their debit cards at 8 out of 10 points, which is a “very good” score.
Zak got the best ratings (8.6 out of 10 points), followed by Yuh (8.5 points), Neon (8.4 points), the Zürcher Kantonalbank (8.3 points), the Luzerner Kantonalbank, Postfinance, and the Banque Cantonale Vaudoise (8.2 points each), Bank Cler (8.1 points), Migros Bank and Raiffeisen (8 points each). All of these ratings translate into a “very good” score.
These savings accounts have the highest customer satisfaction
On average, customers of Swiss banks rated their satisfaction with their savings accounts at 7.7 out of 10 points (a “good” score).
Neon and the Thurgauer Kantonalbank received the highest ratings, with 8.4 out of 10 points. They are followed by Clientis banks and Yuh, with 8.3 points each, and Valiant with 8 points. All of these ratings translate into a “very good” score.
These pillar 3a accounts have the highest customer satisfaction
On average, Swiss bank customers rate their pillar 3a accounts and retirement funds with 7.6 out of 10 points (a “good” score). The highest-rated pillar 3a services are those of Frankly and Raiffeisen, with 8 points each (a “very good” score).
Methodology
The study is based on a representative online survey carried out by market research institute Ipsos on behalf of moneyland.ch in early 2024. The survey included 1500 residents of French-speaking and German-speaking Switzerland between the ages of 18 and 74 years old. Participants rated their satisfaction with their banks.
Participants rated their satisfaction with each of the following criteria: Friendliness of employees, consultation, general customer service, online banking, mobile banking (app), fees and charges, interest rates (savings accounts and fixed deposits), value for money, security, and general satisfaction.
Participants also rated their satisfaction with these banking services individually: Private accounts, savings accounts, bank packages, debit cards, pillar 3a accounts and retirement funds, mortgages, stock brokerage accounts and trading platforms.
The 1500 participants rated their satisfaction with their existing banks on a scale of 1 (not at all satisfied) to 10 (completely satisfied). Abstentions were also possible.
More on this topic:
Table: Customer satisfaction by banking service (PDF)
Table: Customer satisfaction by criterion (PDF)
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