In recent years the relationship between Italian families and banks has changed radically.
Publication no. 976 of the seriesQuestioni di Economia e Finanza of the Bank of Italy (“The use of digital banking services by families”, authors Davide Arnaudo, Massimiliano Rigon and Paola Rossi) offers a detailed snapshot of how digital banking is spreading in our country.
The use of online banking services by Italian families is growing
The main results
- Increasing but uneven diffusion: in 2023 the 59% of Italians among 16 and the 74 who have been using the internet for years has had access to digital banking services. This is a growing figure 20 percentage points compared to ten years ago, but still lower than the European average by approx 11 points;
- Nord vs Sud: in the northern regions the use is now aligned with European standards, while in the South it remains much lower (less than 48% of the connected population);
- Socio-economic factors: the use of digital banking is more frequent in families with incomes and wealth above the median, if the main income earner has a higher level of education and basic financial skills. Unlike, Advanced age reduces the likelihood of use;
- Complex financial relationships: those who have relationships with multiple banks, financial investments or debt tends to adopt digital channels more easily. Owning a credit card increases by 20% the probability of use;
- Banking offer: families are more inclined to digital banking if the reference bank has a complex digital offer or a lower physical presence of branches in the area;
- Local infrastructure: the quality of the internet connection has a strong impact. In municipalities with poor broadband diffusion, the probability of use drops by 5,3%.
The impact of fintech innovation on the banking system
Why it matters
This data shows how digital banking is not just a question of technology, but think about iteconomic inequalities, territorial and cultural. The digital transformation of banks risks widening the gap between those with skills and resources and those who remain excluded.
For families, it means that access to digital banking services can become a factor of financial inclusion, but also of exclusion if not accompanied by digital and financial literacy policies. For the banks, the challenge of balancing efficiency and proximity emerges, avoiding that the reduction of branches penalizes the most vulnerable groups.
digital offer of Italian banks and household behavior
A look at the future
Bankitalia research suggests that the diffusion of digital banking will continue to grow, driven by:
- more familiar with online shopping,
- banking investments in apps and platforms,
- evolution of payment habits (peer-to-peer, micropagamenti, “buy now pay later”).
But the real challenge will bereduce the territorial and generational gap, ensuring that digital banking becomes an opportunity for everyone and not a privilege for a few.
In fact, digital banking is now an integral part of the financial life of Italian families, but its diffusion is still marked by strong differences. Bridging these gaps will be crucial for a more inclusive and modern financial system.
Alex Gaetani
Source:
ECONOMY AND FINANCE ISSUES (OCCASIONAL PAPERS)
The use of digital banking services by families