58 percent of the people in Austria use digital banking services, 34 percent conduct their financial transactions both online and at the branch office of their banks and only eight percent completely do without digital services
As a result, Austria is ranked third in the use of digital services among the eleven countries which were examined. It is rated closely behind Belgium with 63 percent exclusively online users and the Netherlands with 77 percent online-affine bank customers. This was the conclusion of the Global Retail Banking Report 2019 compiled by the Boston Consulting Group (BCG) which is called The Race for Relevance and Scale.
On a global level, the number of bank customers who only go to their bank branches for their financial needs has declined from 35 percent to 12 percent since 2015. In the same period, the number of customers who rely exclusively on online services has climbed from 28 to 40 percent. In 2019, 48 percent make use of both digital banking services and the branch offices of banks.
In contrast to all stereotypes, the majority of banking customers over the age of 60 exclusively turn to online services to manage their finances, whereas only every second (51 percent) of people under 25 make exclusive use of digital banking services.
This story initially appeared on ABA – Invest in Austria‘s website.