What people expect from banks today is financial services they understand as only one fourth of the residents polled stated they felt they understand financial options well enough to make right decision on their own. This was unveiled in the latest survey made by the market research company Spinter tyrimai upon AB DnB NORD bank’s request with the aim of better understanding the impact of the economic changes upon the behaviour of banking service users.

According to Werner Schilli, president and chairman of the management board of AB DnB NORD Bankas, it is obvious that namely during periods of economic downturn individual and corporate customers need financial guidance more than ever and they are looking for open and professional dialog.

“Therefore we launch a new strategic initiative - to become a financial guide to our customers. That means that from now on DnB NORD Bankas customer should first of all expect that he will be carefully listened to and offered several options according to individual financial circumstances. Having a clear understanding of advantages and disadvantages of each option the person then will to make a beneficial choice for today and the future. This is a long-term business initiative based on confidence and responsibility that is a must for each employee of the bank,” said Werner Schilli, the president and the chairman of the management board of AB DnB NORD Bankas.

DnB NORD Bankas began preparations for the implementation of the initiative some 10 months ago. An extensive research was carried out in order to understand what people expect from banks and what they miss mostly. The advantages and disadvantages of the bank’s products and services were reviewed critically. At the same time, staff training and “Mystery Shopping” visits were organised to develop the staff skills to behave accordingly and to feel responsible for the promise given to the customers. The investments to implement the initiative are estimated about two million litas.

“Our shareholders take a long-term view and that gives us a firm ground to continue investments in development of the new core banking system and further improvement of the whole business process to prepare for a new qualitative leap. Their support encourages us to undertake the required efforts on optimisation of the business processes. And our customers clearly tell us - we are ready to choose the bank that offers clear options for a fair price,” Werner Schilli said.

The Spinter tyrimai survey carried out in late January revealed that only 24 percent of residents feel they are understand financial services enough on their own and no guidance is necessary for them. However most (70 percent) of the respondents stated that they need banker’s consultation before making a decision as they either only partially understand the characteristics of financial services or do not understand them at all.

The bank that best meets the customers‘ expectations should not only listen to customer‘s needs but also provide simple and clear services, ensure low service fees, and offer practical solutions, the people polled said..

The survey results also indicated that most residents (38 percent) who need financial advice expect universal financial recommendations, 17 percent stated that they whish more guidance on saving and investing products, and 12 percent wanted advice on routine operations.

Most of the polled individuals named payment transactions as their most frequently used banking service. 60 percent of the respondents used the service within the recent 12 months. On-line banking was mentioned by 29 percent of the respondents, and currency exchange by 25 percent. 21 percent of the individuals said the banking service they used within the recent 12 months was deposit transaction, while a consumer loan, leasing services were used by 19 percent of the respondents.

The resident survey was carried out on 21-31 January this year. 1007 residents, aged 18-75, participated in the survey.