The Frankfurt-based F.A.Z. Institute compiled a ranking of the best private banks in the German market. The results were based on customer statements compiled from the Internet. A Swiss financial institution even made it onto the podium.
The study «Germany's Best Customer Advisors 2023» by the F.A.Z Institute analyzed a total of 20,000 companies from various sectors, with «social listening» used as the basis for the ratings.
The listening process involves recording data on a specific topic on social media platforms and forums. In the case of financial institutions, the analysis covered the topics of price performance, customer advice, price, quality, recommendations, and service.
Only Swiss and Americans
According to the results, Vontobel Europe landed in the category of private banks in third place among ten distinguished banks, as «Private Banking magazin» (in German) reported Friday. Only Merkur Privatbank in second place and the Munich-based private bank Hauck Aufhaeuser Lampe as the best in the field, performed better.
Among the other houses cited by the F.A.Z.-Institut were Bankhaus Berenberg, Oddo BHF, Weberbank, and Frankfurter Bankgesellschaft as well as the private bank of the Sparkassen-Finanzgruppe. The only other foreign bank in the top ten was JPMorgan. What's the point of such a survey?
The Increasing Influence of Customer Ratings
The authors of the study point to the increasing influence that such customer ratings have on all types of companies where bad advice could very quickly lead to the loss of customers. In general, there's a high level of competitive pressure, with considerable comparability and similarity of competing offers. In the case of poor quality, even slight price advantages often no longer suffice to retain customers.
The ranking measures the tone of the statements and the difference between positive and negative terms. The best company sets the standard and receives 100 points. An award is only given to those who have achieved at least 60 points.
