Boost for digital banking through the corona crisis

Almost one in five Germans remains skeptical about digital forms of banking. Nevertheless, the Association of Volks- und Raiffeisenbanken expects a permanent boost for digital channels in the course of the latest Corona developments.

Almost one in five Germans remains skeptical about digital forms of banking. In a representative YouGov survey commissioned by the cooperative association, 18 percent of the 2,031 respondents stated that they generally did not want to use online banking and mobile forms such as contactless payment. The main obstacle for skeptics is the fear of fraud (46 percent), and many of these customers feel more secure when doing financial transactions with people instead of machines (30 percent).

Nevertheless, the association, which represents Volks- und Raiffeisenbanken in all federal states with the exception of Bavaria and Baden-Württemberg, expects a permanent boost for digital channels in the course of the latest developments. “The corona pandemic could give digital banking and payments a further boost if we succeed in supporting people even more with the use of our offers,” said the spokesman for the board of the Hannoversche Volksbank, Jürgen Wache. He heads the Market and Products Working Committee in the Cooperative Association.

Higher hygiene

At least 13 percent of those surveyed stated that they now use online banking more or plan to do so. 24 percent say this for contactless payment. Just over one in two (56 percent) of those who now increasingly conduct banking transactions on digital channels justify this with higher hygiene. 45 percent estimate that they do not have to leave their home.

These reasons were most frequently mentioned by the age group 55 and older. However, one result of the survey is also that for three quarters of bank customers, the Corona crisis has not changed anything in banking habits.

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