Belgians are increasingly doing their banking online, according to the latest Febelfin figures on digital and physical banking.
The trend is also reflected in the decline in the number of bank branches, Belga News Agency reports.
Nine out of ten people surveyed settle their financial affairs via a computer and 81% via a banking application, compared to 71% last year.
“The application is therefore gaining in popularity, especially among young people, 92% of whom have even adopted it,” noted the Belgian financial sector federation.
Related News
- Belgian state investment in BNP Paribas pays big dividends
- As a bank a day closes its doors, elderly could be left behind by digitisation
- EU sanctions Russia's banks, blocks Russian media
In 2021, Febelfin noted an increase of half a million subscriptions to online (internet) banking services in one year, reaching 14.7 million. As for mobile subscriptions (via smartphone), the number increases by more than one million each year, reaching 10.2 million in 2021.
Half of the Belgians who bank online indicate that they do so mainly to transfer money, to consult their balances and transactions, and to make transfers between their own accounts.
Fear of fraud still holds some people back
The reason why 8% of the population still do not bank online is because they are afraid of becoming a victim of online fraud, because they do not have a device or an internet connection and because they prefer to visit a bank branch.
However, the majority of Belgians almost never visit a bank branch anymore. Almost six out of 10 respondents never make a physical appointment, or do so less than once a year.
The trend towards the digitalisation of operations is leading to a contraction of the current branch network, Febelfin pointed out.
By the end of 2021, Belgium will have only 3,815 physical bank branches, a decrease of 9.8% compared to the previous year. In 2008, Belgium still had more than 8,000 branches.
