Customer Experience Excellence report 2021

Customer Experience Excellence report 2021

As a financial services hub in the heart of Europe, Luxembourg has always seen banks and insurers top the customer experience rankings. Many customers in the region have a strong connection to the sector, and a more advanced understanding of what they expect from its top performing businesses. Indeed, almost half of the top 10 ranking brands for Luxembourg have a connection to finance.

While financial services might not be the first sector that comes to mind when considering customer service excellence, Luxembourg banks and insurers are lauded for high scores in Integrity, Personalization and Time & Effort. The sector has been top of the rankings for the past four years, and has seen a boost in positive sentiment in the wake of its response to COVID-19.

One of the leaders in the rankings for 2021 is Raiffeisen Bank. Key drivers of its success in the rankings may include the bank’s rapid response to the needs of customers and colleagues throughout COVID-19. By launching digital platforms and keeping lines of communication open during uncertain times, the bank provided peace of mind for customers. One customer, who received support for a home loan application, said their advisor “was very approachable, flexible and focused on my needs,” describing their experience as “a very pleasant and professional interaction.”

Scoring highly for Integrity, Personalization and Time & Effort, Spuerkeess is also a leader in this year’s rankings. One of the big financial services players in the region, Spuerkeess provides an advanced digital experience that keeps customers coming back. Its digital transformation has been a key part of its corporate social responsibility efforts, along with its sponsorship of local social causes. In one positive review, a customer said: “I have held several bank accounts for the whole family, I have taken out loans, set pensions and more. Until now I have never been disappointed, and I don’t know what else to say when you are that satisfied.”

As seems to be the trend in many regions, Integrity continues to be a key driver of customer advocacy – today’s customers simply need to trust the brands and businesses they do business with. Brands that demonstrate stringent values and show up in their communities to engage with customers in Luxembourg and beyond perform well. And it’s Personalization that drives loyalty in the region – the survey seems to demonstrate that seamless experiences keep customers coming back year after year.

While Luxembourg benefits from being a multicultural, cosmopolitan country, the challenge lies within meeting the needs of customers from different backgrounds who speak different languages. Brands can struggle to equip their teams with the skills to market products and services across a range of languages, and this can sometimes weaken messaging. At the same time, Luxembourg grows in population every day, and with expansion comes new customer experience expectations. Brands must be constantly evolving with the market to catch the attention of these new citizens and create advocates out of them.

Despite Luxembourg’s population growth, a certain number of global brands don’t always see the need to have a physical presence in a small country, partly explaining why many of the top-ranking brands in the survey are local to the region. This is both positive and negative, as it can be limiting to customers wanting to purchase from bigger names. As more citizens demand more localized service from global brands, this may cause problems for smaller businesses who might struggle to compete. But as ever, those that adapt should survive.

More than ever, whatever the sector, whatever the brand, our best experiences as customers become our references. While this makes it remarkably challenging for brands to keep up, it also makes it remarkably exciting for the customers we all are!

Jean-Pascal Nepper
Partner, Head of Banking and Insurance
KPMG in Luxembourg


Leading CX brands in Luxembourg


Raiffeisen Bank and Spuerkeess






Luxair Tours










Leading online retailer