The chairman of the Federal Association of German Banks (BdB), Christian Sewing, expects a further decline in the number of bank branches in Germany. The number will decrease further because customer behavior has changed, Sewing told the newspapers of media group Funke.
However, there will still be many branches in the future, explained the chairman of the banking association, who is also the head of Deutsche Bank.
Need personal advice
Many traditional transactions such as money transfers now take place online and cash withdrawals are increasingly being made at supermarkets or petrol stations.
Customers mainly visited branches if they wanted to receive personal advice. “There will of course also continue to be branches in the future for customers looking for personal advice,” says Sewing.
Comprehensive structural reforms are needed
In view of the weak economic development, Sewing called for far-reaching reforms from the next German government. “The persistent weakness of growth in Germany can only be overcome through comprehensive structural reforms that will permanently improve investment conditions,” the bank president made clear.
Despite all the problems, Sewing thinks that slight economic growth of around 0.5 percent is possible for Germany in 2025. “But measured against Germany’s economic potential and our investment needs, that is of course far too little in the long term,” he said.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
