Which Belgian banks have the happiest customers? Test Achats has measured client satisfaction with Belgium's biggest banks having taken quite a pummelling – scoring lower than average in most services.
Test Achats surveyed 8,400 members to determine which banking services yield the most satisfaction and which have room to improve. The data shows a collective drop in average customer satisfaction: 65% of clients are happy with their bank compared to 70% in 2021.
"There is room for improvement in the banking sector in Belgium, particularly in terms of customer satisfaction with costs and customer service," the consumer rights association commented. The highest levels of discontent came from customers of Belgium's largest banks, namely ING, BNP Paribas Fortis, Belfius and KBC.
Despite dissatisfaction, "most customers remain loyal to the same bank" and more than 70% of those surveyed have been with the same bank for over 20 years. In Test Achat's view, this betrays a "clear lack of banking mobility."
'ING the worst performer in the class'
For overall satisfaction, NIBC Direct, Santander, Bank Delen, Revolut, Argenta, Bank J. Van Breda & Co, Europabank, vdk bank and Keytrade all performed above average. In contrast, "the big banks such as Belfius and BNP Paribas Fortis generate only mediocre satisfaction, with ING Belgium being the worst performer in the class."
Participants named banking accessibility (22%), internet and mobile banking (7.1%) and slow services (7%) as key problems across all institutions. The likelihood of issues arising varied depending on the bank (see graph). Overall satisfaction was based on the following criteria: transparency (clarity of information relayed), fees, customer service and internet banking.
"Customers are generally satisfied with the banking application and the home banking option via the website. On the other hand, they are less satisfied with the banks' fees and charges, and with the service."
Current and savings accounts
When it comes to how specific banking needs are managed, the lay of the land remains much the same. Big banks yield "mediocre" satisfaction while banks catering to specific audiences such as investors and freelancers do relatively well.
Current account satisfaction was calculated based on the clarity of communication about transactions and statements, fees, access to online accounts and ease of operations. Europabank came out on top in this category, followed by Argenta, Keytrade and J. Van Breda & Co in shared second place, and CPH Bank in third. ING customers were the least content, with BNP Paribas Fortis and Belfius close behind.
Regarding savings accounts, Test Achats noted that "not surprisingly, one in five complained that they had received a lower interest rate than they had expected," while 17% of respondents complained that higher interest rates were offered to new accounts but not pre-existing ones. Best in this category were NIBC Direct, Santander, Europabank, vdk bank, Keytrade and Argenta, while ING, BNP Fortis Paribas and Belfius remained at the bottom of the barrel.
Credit: Canva
Test Achats calculated mortgage satisfaction based on several criteria including the application process, financial requirements and repayment conditions. All banks performed considerably well – especially Keytrade Bank, Argenta and KBC – with one notable exception: ING, the only institution to receive a mediocre score.
The survey also notes that of customers who renegotiated their mortage with the bank who granted it in the first place, 17% were dissatisfied with the outcome. This figure dropped to 14% for clients who chose to transfer to another bank.
