Digitalization: Survey: The majority uses online banking

Digitalization: Survey: The majority uses online banking

Home PC instead of a bank counter, smartphone app instead of a visit to the office: digital channels are becoming more important for banks – even among older people

The digital association Bitkom sees an unbroken trend towards online banking – now also among older people. For the first time, in a survey conducted by the association, a majority (54 percent) of the group of people aged 65 and over in Germany stated that they do banking transactions on their home computer or via an app on their smartphone, the association said. In all other age groups, however, the value is significantly higher at more than 90 percent.

Overall, according to the survey, eight out of ten of the 1,004 respondents use online banking. At 81 percent, the highest value of the Corona year 2021 (80 percent) was exceeded. In addition, according to Bitkom, for the first time the number of people who conduct banking transactions exclusively via digital channels (42 percent) is larger than the group of people who say they go to a bank branch at least occasionally to get advice, which has been shrinking for years (40 percent).

For many customers, a good app is more important than a dense branch network

“There is a clear trend towards online-first and online-only banking,” stated Bitkom Managing Director Bernhard Rohleder. “Digital offerings are becoming increasingly important for banks.” Financial institutions have been thinning out their branch network for years and trying to maintain their presence outside of fixed locations: for example through video advice, advice centers with longer opening hours even on Saturdays, savings bank buses or shared branches across institute boundaries.

In the Bitkom survey, almost half (49 percent) of those surveyed said that they would “not miss anything” if there were no more bank branches. Even more (54 percent) can imagine switching to a purely online bank without a branch network. Among 16 to 29 year olds, almost three quarters (71 percent) say this. When asked about the weighting of certain given features when choosing a financial institution, a user-friendly app (75 percent) is clearly ahead of a dense branch network that can be reached quickly everywhere (43 percent). However, in the opinion of those surveyed, financial institutions can do even better when it comes to digital: When asked to rate their bank’s digital offering, survey participants gave it an overall rating of “satisfactory” (2.9).

Source: Stern

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