But confidence in cryptocurrencies is still higher than in Spain, Italy, Greece and the UK
Portuguese consumers trust traditional banks more than digital banks, with the former scoring 7.2 out of 10 and the latter 6 in a Boston Consulting Group (BCG) study released today.
“In Portugal, confidence in banks is high, with a score of 7.2 on a scale of one to ten, similar to countries such as Italy, the Netherlands and Belgium,” concluded the Boston Consulting Group in the report “Global Retail Banking 2022: Sustainability and Feeling Good.”
However, this number is lower for digital banks, dropping to six points out of a maximum of 10 points.
However, Portuguese consumers’ sentiment towards digital banks is higher than that of Spain, Italy (5.7), Greece (4.9) and the United Kingdom (5.8), but lower than that of other Latin American countries such as Mexico (7.3), Brazil (7.2) or Colombia. (7.0), says Lusa.
“The BCG Retail Banking Consumer Survey of 25 countries found that there was a 20% growth in the number of people expressing greater confidence in their bank during the crisis. 2020.”
Overall, clients want their bank to be a ‘good friend’ (31%) where they can turn for honest advice and a ‘school’ (11%) where they can get financial advice.
In Portugal, only 18% of respondents believe that their bank acts as a ‘good friend’, a number ahead of Spain, France (14%) and Greece (8%), while 34% of Portuguese people want the relationship to be better.
“Portuguese confidence indicators are positive in retail banking, although there are many opportunities for improvement, especially in terms of the added value of the service provided by banks,” said Pedro Pereira, General Manager of BCG.
That this BCG study was necessary is a sign of the times. In the UK today, citizens are expected to hear that their new Prime Minister will be Rishi Sunak – a former adviser who has made no secret of his enthusiasm for the emergence of central bank digital currencies and central bank digital currencies, a “digital version of money … issued directly by the central bank” .
“Governments and central banks around the world are working together on what it means to have a digital currency in practice (…) It’s all part of the larger story of digital innovation,” Sunak explained. So part of the story is getting citizens to accept centrally controlled digital banks, which is clearly the sentiment that BCG sought to measure.
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