The world of finance will continue to change significantly in the coming years - driven by digitalisation and the business models behind it. Here are two examples from the annual "Digital Finance" survey by the digital association Bitkom, which are summarised in this study report from 8 October 2021: 53 percent of young citizens (16 to 29 years) completely forgo visiting their bank branch, while only 7 percent of the total population relies on branch visits. And while in 2014 just one in two people used online banking, today it is four-fifths of the German population.
It is not only FinTechs and InsurTechs that have long been using the possibilities of a digitalised financial world; established banks and insurance companies have also recognised the unmistakable signs of the times: Customers want to make contactless payments with their smartphone or smartwatch and those who complete several video conferences a day at work do not necessarily want to appear in person for financial advice during branch opening hours. Of all the contact options, video advice already achieves the highest satisfaction rating at 79 percent. Such changes in customer wishes are not only a challenge, they are above all a huge opportunity to gain access to completely new customer groups with the right digital products and offers.
This study report in German provides an overview of how German citizens see this new digital financial world and what they expect from their bank.