B.Anken in Germany and in German-speaking countries currently have many worries. The customers are obviously less of them. According to the latest survey “Digital Outlook 2025: Financial Services” by Lünendonk and Hossenfelder, seven out of ten institutes said that they would have to make little or no effort in order to retain them. 68 percent remain calm even compared to digital competitors. 65 percent expect to retain access to their customers in the future.
The banks, on the other hand, feel the greatest pressure in terms of regulation. This was stated by 93 percent. A shortage of skilled workers follows a long way behind, especially for digital transformation, which 65 percent see as a major, if not a very great challenge. The proportion of those who are faced with problems by the speed of innovation is almost as large. Competitive pressure only comes in fourth place, while only around a third are worried about losing access to customers or their loyalty. According to Senacor, many banks relied on the Germans being lazy to change, even though the institutes would still have to actively help customers willing to terminate.
“Relying on the customers who have always been there will one day take revenge,” says Petr Roda, partner at Senacor, a business IT transformation service company that supported the study. “Today’s 16 or 17-year-olds are used to using their services mobile and, above all, digitally, and also to cancel them again. This generation is not afraid of terminating the bank details inherited from their parents’ money if they disrupt the digital experience on offer. “
Young people already feel less obliged to remain loyal to their bank for a long time. Those between the ages of 18 and 35 think much more often than the average consumer about opening an account elsewhere. Smartphone and digital banks are growing particularly strongly. The institutes wanted to invest heavily in digitization in the coming years. But 82 percent first invested in new apps and digital helpers such as voice assistants, while three quarters wanted to improve the familiar processes. In the last place, on the other hand, would be the platforms that made open banking possible and that made digital banks successful. A mere 27 percent focused at least partially on it. But only banks with a select clientele could afford this, such as particularly wealthy customers who wanted individual advice.
Roda rates the fact that 63 percent of the institutes work more with interfaces and want to rely on more modern IT architectures. Every second institute also wants to make better use of the data it already has. These banks wanted to align their culture as well as internal processes and even control the entire organization. Between March and May 2020, a total of 129 financial service providers from German-speaking countries took part in the study, including 69 banks and 60 insurers.