Executive summary of Banking on Banks 2023


Last year saw much of Europe consumed by the cost of living crisis. People across the continent were wrestling with spiralling inflation and rising prices, with many struggling to cope.

This year, we once again spoke to thousands of consumers across six major European markets – Austria, France, Germany, Italy, Spain and the UK.

While last year’s research looked at where Europeans expected to cut back on their spending and where they would turn to for support, this year we wanted to look at what action was in fact taken, how consumers have changed their spending habits and what steps they have taken to manage their finances. We also wanted to specifically find out how banks and other financial providers have responded to the complex challenges.

This year’s report shows that, despite some encouraging signs of improvement, four in five Europeans still have concerns about their finances over the next 12 months. This is perhaps unsurprising when you consider, for example, the Bank of England’s top economist has openly stated that people in the UK need to accept they will be poorer. However, our research shows this sentiment is being felt by millions of people across the continent.

Our report reveals that the cost of living has indeed altered the ways in which people engage with and manage their money, particularly in terms of accessing online banking and other digital services. Many more Europeans are now planning to use digital tools to monitor their finances more closely going forward.

What has changed in the relationship between banks and consumers? For a start, banks have played a bigger role in helping Europeans to get by than many anticipated. In fact, when compared to last year’s findings, people have been twice as likely to turn to their bank for support than previously expected.

That said, there is more to be done. One in five still feel that banks need to do more to help people during the cost of living crisis, with some saying they should be more compassionate with those who are struggling to keep up with repayments.

This year’s report has identified a number of key areas in which banks and other financial providers must continue to improve, including enhancing their digital solutions. As well as their approach to credit repayments, these include the provision of comprehensive digital services and data sharing. In addition, and in light of the climate crisis, ESG considerations are now more front of mind for European consumers. Two-thirds are more likely to bank with a company that is transparent about its operations.

When it comes to data sharing, more Europeans have said they would now be prepared to share their financial data if it helped them to avoid financial difficulty or achieve their financial goals. The appetite is there and developments in open banking technology mean that banks and other providers can draw on this data to build a more mutually beneficial relationship.

Through a more holistic understanding of their customers, and an embrace of digital solutions, lenders can lend with much more confidence, ensuring they can responsibly extend their services to those who need them to stay afloat in today’s volatile economy.

Download the report


In accordance with the legislation in force on the protection of personal data, CRIF S.p.A., located at Via Fantin 1-3, 40131 Bologna, Italy, VAT No. 02083271201 (“CRIF”), as the Controller for the processing of your personal data, must provide you with certain information concerning the use of such data. 1 – Purpose of the processing of personal data and lawful basis of the processing 1.1 – Purpose and lawful basis of the processing Your personal data is processed by CRIF for the following purposes: a) for the purpose of fulfilling contact requests. Lawfulness of processing: art. 6(1)(b) of the GDPR. b) for marketing and/or information purposes, as well as market analysis and initiatives related to CRIF activities, including via automated calling systems (e.g., SMS, MMS, e-mail, fax). Lawfulness of processing: art. 6(1)(a) of the GDPR. c) purpose of sharing/transferring your data with/to CRIF Group companies (refer to link https://www.crif.it/chi-siamo/la-nostra-presenza-globale/ to fulfill contact requests. Lawfulness of processing: art. 6(1)(b) of the GDPR. The provision of personal data for the purposes referred to in point (b) is optional, and the related processing requires the consent of the data subject; any refusal to provide consent will not give rise to any consequences. The provision of data for the purposes referred to in points (a) and (c) is necessary and does not require consent. The user is free to not provide this information, but in this case we will not be able to fulfill your requests. After the initial telephone/e-mail contact, if the user decides not to subscribe to any service or to purchase any product or states that he/she does not want to be contacted again, the Controller will cancel the user’s details. Likewise, users can decide not to receive any marketing communications at any time by using the opt-out link at the bottom of each message and in any case exercising the relative right to withdraw consent. Any other processing for different purposes is excluded. 2 - Retention times 2.1 We hereby inform you that your personal data will be processed and retained for up to 5 years or in any case until you withdraw your consent. In this regard, you can withdraw consent for the processing of personal data for the purposes described in point 1.1 (b) at any time by e-mailing: dirprivacy@crif.com. 3 – Methods of data processing 3.1 Data processing is carried out using manual, computerized and ICT tools according to methods strictly related to the purposes themselves and, in any case, in a way that guarantees the confidentiality and security of the data. 4 – Categories of subjects to which personal data can be communicated or who may become aware of such data 4.1 – To achieve the purposes described in point 1.1 “Purpose and lawful basis of the processing” of this Privacy Policy, CRIF may communicate your personal data to third parties belonging to the following categories: a) personnel authorized to perform the processing, or third-party subjects appointed as processors; b) CRIF Group companies, including outside the European Union, which will act as independent controllers and will provide their own privacy notice in accordance with art. 14 of the GDPR. 5 – Transfer of data outside the European Union 5.1 To achieve the purposes described in point 1.1 letter c) “Purpose and lawful basis of the processing” of this Privacy Policy, CRIF may also communicate your personal data to CRIF Group companies based outside the European Economic Area. 5.2 The above transfer may be put in place, without specific authorizations, if the third country to which the data is transferred falls under those which guarantee an adequate level of protection according to the European Commission. In the absence of such an adequacy decision adopted by the European Commission, this transfer to recipients located in third countries can be carried out by adopting and documenting the sufficient guarantees referred to in art. 46 of the GDPR. In the absence of an adequacy decision or additional guarantees, the transfer of personal data to recipients located in third countries can be carried out if the terms are met and the additional conditions set out by Chapter V of the GDPR exist, including the possibility to make use of the derogations for specific situations in art. 49 of the GDPR. 5.3 A list of countries where CRIF Group companies operate is available at: https://www.crif.it/chi-siamo/la-nostra-presenza-globale/ 6 - Data Subject rights 6.1 According to Chapter III of the GDPR, as the Data Subject, you have the right to (i) obtain confirmation of whether personal data relating to you is being processed, obtaining the information listed in article 15 of the Regulation; (ii) obtain rectification of inaccurate personal data regarding you or to have incomplete personal data completed; (iii) obtain deletion of personal data regarding you, pursuant to and with the limitations set out in article 17 of the Regulation; (iv) obtain the restriction of processing of your personal data, in the cases specified in article 18 of the Regulation; (v) receive the personal data concerning you in a structured and machine-readable format, in the cases specified in article 20 of the Regulation; (vi) oppose the processing of personal data pursuant to and with the limitations set out in article 21 of the Regulation, even only for automated contact; and (vii) withdraw consent at any time, without prejudice to the lawfulness of the processing based on the consent given prior to the withdrawal. 7 - Controller 7.1 The Controller responsible for the processing of personal data is CRIF S.p.A., Via Mario Fantin 1‐3, 40131 Bologna, Italy, VAT No. 02083271201. A complete list of Processors is available from the Controller’s head office. The following methods can be used to exercise the rights set out in Chapter III of the GDPR: - e-mail sent to the address: dirprivacy@crif.com; - certified e-mail sent to the address: crif@pec.crif.com 7.2 You can also submit a complaint to the Italian Data Protection Authority, following the instructions via the link: http://www.garanteprivacy.it/web/guest/home/docweb/-/docweb-display/docweb/4535524. 8 – Data Protection Officer 8.1 For any questions regarding the processing of your personal data, you can contact the Data Protection Officer at: e-mail: dirprivacy@crif.com: Certified e-mail: crif@pec.crif.com.