Belgian Banking Sector: Major Banks Versus Challengers – Who Offers the Best Service?

Four major banks dominate the Belgian banking landscape: BNP Paribas Fortis, KBC, Belfius, and ING. Together, they account for approximately 80% of the market. However, numerous smaller credit institutions are also active. If you're faced with a choice, you might wonder: should I choose a smaller, more challenging option? sofa, or should I stick with one of the major banks?

Big banks dominate, but challengers are ready

BNP Paribas Fortis, KBC, Belfius, and ING are the four pillars of the Belgian banking sector. KBC and BNP Paribas Fortis, for example, each have nearly four million customers. But despite their dominance, there are many other couches active in our country. Is there a good reason to choose a smaller, more challenging bank? We examine the results of the Spaargids Bank Awards and a Testaankoop satisfaction survey.

Reasons to choose a challenger

One reason for choosing a smaller bank may be that some of these institutions place a strong emphasis on their branch networks. Argenta and vdk bank won the Bank Award for the best branch network. vdk bank scored primarily for customer focus and staff expertise, while Argenta primarily received points for its proximity.

The Testaankoop survey shows that Argenta, vdk bank, Banque CPH, Europabank, Bank J. Van Breda & Co, Bank Delen, NIBC, and Crelan offer top-quality customer service. The major banks Belfius, BNP Paribas Fortis, KBC Brussels, and CBC scored "reasonable" in this regard, as did smaller players such as Bank Nagelmackers, Triodos Bank, Saxo Bank, and Keytrade Bank. Saxo Bank also won the Bank Award for best investment bank.

Reasons to stay with a major bank

Major banks, despite reducing their branch networks, are strongly committed to digital services. KBC, for example, won the Bank Award in the "digital" category thanks to the ease of use of its digital applications.

Smaller players sometimes struggle to keep up digitally, but that's certainly not always the case. Vdk bank, for example, made a big leap forward in the battle for the digital award. Nearly 90% of customers were positive about their digital applications, a 20% increase.

Where does your money make the most sense?

The highest interest rates these days are found on savings accounts where you can only deposit a limited amount each month. Both major banks and smaller players score well here. But the highest interest rate currently applies to the Ritme Savings Account from vdk bank.

For savings bonds, Belfius offers the highest net interest rate for its ten-year savings bond with a minimum investment of €250: 2,10%. When it comes to investment plans, asset managers such as Axento Asset Management and easyvest excel.

Frequently Asked Questions

Why should I choose a smaller sofa?
Smaller banks like Argenta and vdk bank score well for customer service and proximity to branches. Moreover, some smaller banks, like vdk bank, also offer attractive savings interest rates.

Why should I stay with a major bank?
Major banks like KBC are strongly committed to digital services, which can be an important consideration for some customers. Moreover, major banks like Belfius offer attractive returns on savings certificates.

Which banks offer the best customer service?
According to a satisfaction survey by Testaankoop, Argenta, vdk bank, Banque CPH, Europabank, Bank J. Van Breda & Co, Bank Delen, NIBC and Crelan offer top quality in terms of customer service.