Consumer trends in banking products in Europe
The European Banking Authority (EBA) has published the latest edition of its report on consumer trends in banking products (EBA Consumer Trends Report 2020/2021). It presents changes in the products offered and also the main problems customers have faced.
Notable among these problems in the report are the granting of loans without observing the principles of responsible lending, one of the leading causes of over-indebtedness; the price and transparency of fees and commissions applied; the obstacles to opening payment accounts; and other problems relating to the digitalisation of banking services and those arising from mis-selling. The report sets out the measures taken both by national authorities and by the EBA to alleviate these problems, e.g. through the implementation of new regulations or through supervisory actions.
Logically enough, the report has a chapter on the problems arising from the effects of COVID-19 on the provision of banking services to consumers and the measures taken in an attempt to mitigate such problems. An example is those taken in Spain, which can be consulted here.
The EBA report draws on the information submitted by the national competent authorities, among which the Banco de España, consumer associations, banking associations and the member institutions of the European financial dispute resolution network (FIN-NET).