How loyal are the Germans to their bank and how many are considering switching to a purely online bank? Who does their banking online? Are smartphones and smartwatches replacing cash at the checkout? How complicated are online insurance contracts? And how widespread is the interest in cryptocurrencies like Bitcoin & Co.? Answers to these and many more questions can be found in the new study „Digital Finance 2023“ by the digital association Bitkom.

It is clear from this that digitization has also affected the financial world. Whether it is banking, at the supermarket checkout or when looking for insurance. The citizens of the Federal Republic see the advantages of digital technologies and want to use them. The changing customer needs pose not only a challenge but also offer enormous opportunities, according to the analysts.

With the study, Bitkom sheds light on the state of digitization in the financial and insurance industry and shows where something needs to be done. Because currently customers only give banks a grade of satisfactory for their digital offers, and insurance companies only get a sufficient grade.

The main findings: „So digital is the German financial and insurance industry“:

Older people are catching up with online banking 76 percent of Germans use online banking, about the same as last year (78 percent). The proportion of online banking users in the 65plus generation has increased significantly from 21 percent in 2019 to 45 percent this year.

Loyalty to the bank continues to decline The days when people kept the account they opened once for the rest of their lives are over. More than half (55 percent) have already changed their main current account. A year ago it was 51 percent, in 2018 only 35 percent.

Digital bank offers are decisive for younger people A majority of 54 percent of 16- to 29-year-olds cite „better digital offers“ from the new provider as the reason for the last bank switch. Among people over 30, the proportion is 36 percent.

Contactless payments are everyday life 95 percent have paid contactless with smartphone, smartwatch or card at the checkout in the store. Two years ago, the proportion was only 85 percent. 70 percent are annoyed if they cannot pay cashless in the store.

A large majority closes insurance policies online 8 out of 10 Germans (79 percent) have already closed an insurance policy online. However, only 18 percent of them found the process very easy, 36 percent rather easy. 20 percent found the conclusion of the contract rather complicated, 23 percent even very complicated.

A digital overview of old-age provision is desired 70 percent of people who are not yet in retirement or pension want a simple digital overview of all their expected income in old age.

Invest and diversify now in the world of digitization and tokenization! Digital assets will also play an increasingly important role in the „Digital Finance“ sector in the future. Take advantage of the hour and invest and diversify in blockchain technology, cryptocurrencies around Bitcoin, Ethereum and Co. as well as megatrends such as cybersecurity, the metaverse, NFTs or artificial intelligence (AI). I show you effective means and practical ways in the context of KRYPTO-X.