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Europe is currently in the grips of a cost of living crisis, with millions of beleaguered households on the continent in desperate need of help as spiralling inflation and rising prices play havoc on their finances.

Many European governments have introduced a raft of measures designed to ease the pressure. The French government, for example, has fully nationalised energy company EDF in an attempt to tackle the energy crisis and shore up domestic supplies, whilst in Germany a €9 a month ticket scheme, covering travel on all modes of urban and regional transport, has been introduced to prompt commuters and holidaymakers to leave the car at home.

Despite such interventions, the situation looks set to worsen and many people are now looking for help and support from different sources. To better understand this, in July 2022 we surveyed 7,000 consumers across key European markets – the UK, France, Germany, Italy, the Czech and Slovak Republics.

We live in an age of big data and instant information, with the potential for companies to know their customers in deeper detail than ever before.

By embracing the latest innovations in open banking data, categorisation and analytics, banks and other financial institutions can better understand and serve their customers, quickly and accurately offering tailored products and services that meet their specific needs.

Customers also crave better, more intuitive online offerings from banks, wanting to see the same level of fast, simple and digital-first services which they’ve become accustomed to in other areas of their lives.

Would you like to know how?

Download the Banking on Banks report for free.