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Third of the companies do not receive support from their bank.

News - April 21, 2021

Analysing the survey results of the market and public opinion research centre SKDS, Baltic International Bank discovered trends characterising businessmen satisfaction with the basic services of the bank.

750 respondents participated in the survey, including Latvian businessmen and CEO’s of the companies. Data shows that 8% of the founders of Latvian companies are ready to pay more to the banks if they receive a higher service level. Besides, authors of the study from the consulting company The Boston Consulting Group (BCG) are convinced that personalization is becoming the most important tool in relations with the bank and its clients.

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Head of Strategic and Business Development, Baltic International Bank, Dace Dūklava – Kokina comments on the data of SKDS research: “Individual approach in the client service has not lost its significance both in servicing private individuals and companies. Undeniably individual approach that includes also higher service level means that this service costs more but at the same time provides suitable solution to the client both in the investment and financial management areas. Similarly, as we do not change our family doctor with every visit, also in the management of finances client works with the specific banker. Individual approach in the client service means that, for example, in lending bank is ready to go into details when reviewing the loan application and, if necessary, help the client to structure project and support all aspects to make the project long-lasting and profitable.“

Additionally to the above-mentioned, SKDS survey results have indicated that one third of the companies (28.2%) have encountered a situation that bank has not been forthcoming in the solving of non-standard situations. At the same time 19% of respondents indicate that in the similar situation representatives of the bank were very cooperative, yet 42.8% admit that they were – quite cooperative. These data demonstrate that banks should focus more on the individual approach in the client service.

According to respondents, most frequently banks are not cooperative in regards to lending issues (21.4%). Other most frequently mentioned difficulties are related to too high interest rates and guarantee requests to receive a loan (9%), also that bank does not offer services remotely (8%).

In total significant part or 82% businessmen indicated that they are satisfied with the service level of their main bank (completely satisfied: 29%, rather satisfied: 53%), on their turn 14% are not satisfied with the service quality of their bank (completely unsatisfied: 4%, rather not satisfied: 10%).

About Baltic International Bank

Baltic International Bank has been operating in the Latvian financial market for 27 years and is one of the most experienced banks in the field of individual customer service in Latvia. The Bank provides high quality products and services tailored to the individual financial needs of its customers, as well as investment solutions based on the sustainable ESG (Environmental. Social. Governance) principles. The corporate values of Baltic International Bank are expertise, reliability and succession.

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