Significant growth in number of Savings Banks’ current accounts

Savings Banks in Germany consolidated their market leadership in the year 2022. Owing to net growth of roughly 650,000 retail and 36,000 business current accounts, member institutions managed over 40 million current accounts. In the field of payments, Savings Banks have also set new standards.

In the past year, above all young customers were attracted by the Savings Banks’ overall package of banking services provided both online and by local branches. “Customers aged 30 and under account for roughly half of all new accounts opened”, said Dr. Joachim Schmalzl, member of the Executive Board of the German Savings Banks Association (DSGV), during the financial press conference in Frankfurt. This popularity shows that Savings Banks can provide the full range of an Internet bank’s services by combining the new Internet branches with the Savings Banks app. More than two-thirds of the retail current accounts are now used online, and the share for business current accounts is even 83 per cent. YouGov, an opinion research institute, has carried out a representative target group analysis, published a few weeks ago. This analysis showed that Savings Banks are by far the preferred banking partner for young people aged between 18 and 24 years.

The broad range of payment services available from Savings Banks expanded further last year with the introduction of the first new Savings Banks Cards, which can be used not only in retail outlets as before, but now also for online transactions. However, the girocard remains the basis. This benefits retailers in Germany. Starting last autumn, we have gradually been replacing a total of 46 million Savings Banks Cards, so that more Savings Bank customers can draw on this additional service. “We want to remain a market leader in digital payment services. This is where the future lies”, Schmalzl went on to comment.

At the same time, however, the payment services provided by Savings Banks are geared towards what customers want. Schmalzl: “We will not force anyone to do without cash.” For this reason, Savings Banks are making their contribution towards protecting their 22,000 cash dispensers across Germany from brutal attacks involving explosives committed by highly criminal gangs. To this end, Savings Banks have stepped up their close cooperation with the security agencies. “Our contribution will be to provide comprehensive security for cash dispensers – depending on what is needed at each site. A specific hazard analysis is carried out for each site”, said Schmalzl, emphasising that Savings Banks trusted the police to do their utmost to protect customers from crime. If all else fails, the last resort would be to remove those cash dispensers that are exposed to a high risk of explosive attack. Schmalzl: “This will of course be unpopular, but inevitable.”