[ S U R V E Y | A G E N T B A N K S I N F R O N T I E R M A R K E T S ]
Estonia
Estonia |
2025 |
2024 |
Global |
Difference to Global |
SEB |
Account Management |
6.00 |
6.00 |
5.72 |
0.28 |
6.25 |
Asset Safety |
6.20 |
6.20 |
5.81 |
0.39 |
6.25 |
Asset Servicing |
6.20 |
6.20 |
5.75 |
0.45 |
6.25 |
Cash Management and FX |
6.00 |
6.00 |
5.46 |
0.54 |
6.33 |
Client Service and Relationship Management |
6.20 |
6.20 |
5.96 |
0.24 |
6.50 |
Pricing |
4.80 |
4.60 |
4.79 |
0.01 |
5.25 |
Technology |
6.20 |
6.00 |
5.08 |
1.12 |
6.25 |
Average |
5.94 |
5.89 |
5.51 |
0.43 |
6.15 |
With a commendable average score of 5.94, the Estonian market has seen a slight uptick since 2024, with all but one category rated as Very Good. Four categories- Asset Safety, Asset Servicing, Client Service and Relationship Management, and Technology- each scored 6.20. However, only Pricing( 4.80) and Technology( 6.20) registered an increase over the past year, both rising by 20 basis points. Notably, Technology has shown steady improvement since 2023, climbing 82 basis points over the last three years. When it comes to client priorities, Client Service and Relationship Management( 6.20) remains the most important factor, followed closely by Asset Servicing( 6.20) and Pricing( 4.80). While Pricing continues to receive the lowest score, clients still consider the cost structures in Estonia to be adequate, rating the category as Satisfactory. Perhaps most notably, Estonia has outperformed the global average across every category. Technology( 6.20) stands out in particular, sitting 112 basis points above the global benchmark. However, with limited client commentary, the reasons behind this significant lead remain unclear.
SEB Once again, SEB earns a Very Good rating from its clients, achieving an impressive overall score of 6.15- an increase of eight basis points from last year. Notably, every category has either maintained or improved its rating since 2024. When asked about the overall quality of service, clients are quick to describe SEB as Above Average and Outstanding.
More striking is the significant gap between SEB and the global average, with the provider scoring 64 basis points higher. Technology, in particular, stands out, with a strong 6.25- 117 basis points above the global benchmark. Cash Management and FX( 6.33) also performs notably well, exceeding the global average by 87 basis points. Unlike Technology, clients are keen to elaborate on their ratings in this area, emphasising SEB’ s strength in Cash Management and FX, describing it as“ very competitive.” Unsurprisingly, Client Service and Relationship Management( 6.50) received the highest score. This category outperforms the global average by 54 basis points, with clients praising SEB’ s ability to communicate“ market updates quickly in a detailed but understandable format” and affirming that“ SEB provides a quality service.” More broadly, clients continue to
Client Preference 1st 2nd 3rd 4th 5th 6th 7th 8th
Client Service & Relationship Management Asset Servicing Pricing Account Management Asset Safety Cash Management and FX Technology Regulation and Compliance
commend SEB, frequently highlighting the team’ s responsiveness in addressing any issues that arise. However, it is SEB’ s deep market knowledge that stands out as the most decisive factor in their continued loyalty, particularly in Estonia, where the bank is recognised for delivering consistently high levels of service.
58 Global Custodian Spring 2025