Luxembourg loves digital banking
- 9 out of 10 residents in Luxembourg own a smartphone
- 84% think it's easy to use different devices to manage money
- Only 1.2% of the population doesn't own a connected device
- 75% of Luxembourg respondents expect banks to offer them the latest technologies
Mobile banking: now a standard for many
In 2018, 68% of smartphone users in Luxembourg have already done banking on a smartphone. 85% of them think that using devices to manage money is enjoyable and 71% of Luxembourg residents think it’s smart.
Luxembourg residents as well as Europeans in general are increasingly using their smartphones and other forms of mobile technology to do their banking. The percentage of people starting to engage in mobile banking has steadily increased since 2015 (39% in 2015). While initial uptake is often relatively slow, a majority of people have followed the trend in just a few years (69% in 2018).
It appears that the vast majority of people who already use different devices do not care which one they use, the main requirement being accessibility. In Luxembourg, depending on the mobile banking action (i.e. make payments, check balances…) between 86% and 94% of respondents state using whatever device (mobile phone, tablet, computers, and smartwatch) is closest. “Technology is becoming embedded in everyday life and advancements in banking tech seem to suggest that people are moving seamlessly between devices for their banking activities” says Ingrid Ballesca, Market Intelligence Analyst at ING Luxembourg. For example, to check their account balance, 94% of Luxembourg respondents state using whichever device is accessible at the time.
Luxembourg respondents want tech choice
Consumers in Luxembourg want to be offered the latest technology, even if they state that they are not willing to immediately take up new financial technology. 75% of respondents in Luxembourg want banks to work together to deliver the latest technologies to their customers. There is a broad consensus that banking tech should work across platforms and around the world.
Diversification of access to services
Customers are open to new tech and using an app to find information is especially popular in Luxembourg, where 78% of respondents use their bank’s app to find information versus 64% who call on the phone. Still 65% of respondents still like to pop into a branch to access services (this is even higher in Europe 70%).
The trend is that people are increasingly using various methods to access financial services.
Interestingly, the use of devices such as tablets or phones is associated with checking balance accounts more frequently for 70% of Luxembourg respondents (versus 63% of Europeans), but that fact does not translate into a perception of clearer financial goals (only 37% say their financial goals are more clear than before using the devices).
About the ING International Survey
The ING International Survey is produced several times a year by ING eZonomics. It is about money and life - combining ideas around financial education, personal finance and behavioural economics to produce regular and practical information about the way people manage their money - and how this can affect consumers' lives.
Operating in the Grand Duchy of Luxembourg since 1960, ING is a universal and accessible bank with well-developed and user-friendly digital channels, appreciated by our retail, private and wholesale banking customer base, as well as a more personal contact through our network of branches. With over 100,000 customers, ING is one of Luxembourg’s top 5 banks and one of the country’s top 10 brands (source: 2018 KPMG Luxembourg Customer Experience Excellence Report).
Our aim is to empower people to stay a step ahead in life and in business. We believe the role of a financial institution is to support and promote economic, social and environmental progress at the same time as it generates healthy returns for shareholders.
Always at the cutting edge as regards digitisation, we were the first high-street bank to launch an online account in Luxembourg. With over 800 employees in the Grand Duchy (700 of whom are at our head office: ING Lux House) and thanks to the combination of our local presence and the strength of a robust multinational like ING, we offer our personal and business customers a wide range of solutions through the channel of their choice.
We actively contribute to the growth of the local economy, as demonstrated by the significant rise (+16%) in lending volumes during 2017. Our mortgage portfolio continued growing in 2017 (+15%), breaking the EUR 2 billion barrier for the first time. On both sides of our balance sheet, we posted double-digit growth (+18%) in 2017, reaching EUR 18.5 billion.
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