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Danske Bank's customer exodus abating

Bank losing fewer customers but analyst warns relations are fragile


‘New Standards’ campaign and unpopular customer program lost customers (Photo: Colourbox)

September 4, 2014
16:53

by Philip Tees


Following a year of losing 10,000 customers a month, Jyllands-Posten reports that Danske Bank has managed to stop haemorrhaging clients.

Thomas Borgen, the bank’s CEO, who took office just under one year ago, told Jyllands-Posten that he was satisfied with the development. “I can confirm that the situation has improved significantly this year,” he said.

“The customer exodus has stopped and we are actually also getting many new customers.”

Not out of the woods yet
An analysis by the market research firm Voxmeter confirms that Danske Bank is recovering its reputation following its criticised ‘New Standards’ campaign and its unpopular customer program. “These were things that made customers so angry that they actually reacted and up and left,” Christian Stjer, the head of Voxmeter told Jyllands-Posten.

But despite the apparently turning tide for the bank, Stjer warns that things could easily turn again. “It will take just one more blunder and the bank will risk the customer exodus rising again,” he said.

“Danske Bank’s customers are so dissatisfied that the bank has very little goodwill. Therefore it won’t take much for things to go bad again.”



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