The head of the German Banking Association, Christian Zifeng, expected a further decline in the number of bank branches in Germany.
Zifeng, who also heads Deutsche Bank, said in media statements that the number of branches will continue to decline due to changing customer behavior, indicating in return that there will still be a large number of bank branches in Germany.
He explained that many traditional banking operations, such as bank transfers, are now performed online, adding that cash is increasingly being withdrawn from supermarkets or gas stations.
Zeventeg pointed out that customers often do not visit branches unless they want to obtain private advice, and he said, “Of course there will still be branches in the future for customers who are looking for personal advice.”
In light of the weak economic development, Zifeng called on the next German government to undertake radical reforms, and said, “The continuing weakness in economic growth in Germany can only be overcome through comprehensive structural reforms that will permanently improve investment conditions.”
Despite all the problems, Zifeng believes that it is possible to achieve slight economic growth of about 0.5% in Germany in 2025, “but in comparison to Germany’s economic potential and our investment needs, this is of course far less than necessary in the long term,” he said.
