More than 3/4 of the population has a bank account as of 2019
LearnBonds found that nearly 409.46 million European residents are currently a part of the banking system. According to the data, Germany has the highest number of people with access to bank accounts at 69.67 million.
Along with that, 54.74 million Brits have bank accounts as of 2019, giving the country the second place in the ranking.
France accounts for a 51.54 million banked population, giving it the third place.
The report unveiled that at least 47.74 million Italians have access to bank accounts. Meanwhile Spain occupies 5th place with a banked population of 36.92 million.
As to the country with the least banked population, that’s Malta with 0.49 million.
The study highlights that the banked population refers to individuals having bank accounts. This way, users can manage their finances through traditional financial services.
It also explains that such a high number of banked population in Europe can be caused by the decline in cash use.
Along with that, technology played an important role as well. For instance, the emergence of digital banks enables individuals to open accounts directly through their smartphones.
We’ve reported that coronacrisis has accelerated the digital transformation of banking and commerce. This way, over 45% of the respondents stated they’ve changed how they interact with their bank since the outbreak.
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