This IDC Perspective analyzes the position of European banks in the financial services industry and their relationships with consumers. It leverages data from an IDC consumer survey conducted in 2019 among 4,000 EU residents with active current accounts at European retail banks. The report looks at digital experience as a key competitive differentiator and a decisive customer-retention factor. It also assesses potential threats from large U.S. technology firms, such as Amazon, Facebook, and Google, as well as these players' likely roles and the impact they will have on European banking.
"European banking is not expected to be disrupted by U.S. TechFins. Facebook and Amazon are more likely to partner with banks than to provide banking services alone." — European Banking Analyst Martin Stiller, IDC Financial Insights