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21 percent of Europeans have given up visiting local bank branches altogether. Report

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21 percent of Europeans have given up visiting bank branches, and more than a quarter visit them no more than once a year, according to the LeanCode and Kearney report published on Friday. Banking digital channels are gaining popularity across Europe.

According to a study by Kearney, 21% of of Europeans have completely resigned from visiting local bank branches and perform all their banking activities remotely. “More than a quarter say that they visit a branch no more than once a year. Currently, a new group of customers who use only the bank’s mobile application is growing” – according to the press release on the LeanCode and Kearney report “Mobile banking in Poland 2022 through the eyes of the customer” .

A large increase in the number of application users

The report added that mobile applications, initially developed as an extension of the online service or a way to transfer transactions outside branches, are now becoming the most common way of interacting with the customer and an easily accessible tool that meets all typical needs, integrated with other bank channels.

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It was recalled that the study of the Polish Bank Association shows that in 2019, 5.7 million bank customers in Poland used only mobile applications. However, in the third quarter of 2022 it was 12.5 million, an increase of 120 percent. In addition, 58 percent of users of banking digital channels use only mobile applications.

“When it is possible to have many free accounts, the customer can use the services of several banks, choosing the bank with the best offer in this regard for a specific transaction. In addition, alternative payment methods are starting to compete, e.g. ‘Buy now, pay later’, allowing customers to pay later than the date of purchase.

Read also: A great bank and plans for Poland. “Stands to decision to exit retail business”

Main photo source: Shutterstock

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