A model without a future? Many bank branches are closing because demand is out of proportion to costs. Hero Images Inc/Getty Images
In Germany too, cash is disappearing more and more. Due to a lack of demand, some banks are closing all branches or no longer accepting cash.
Due to a shortage of skilled workers and low customer frequency, Kasseler Sparkasse, for example, is closing six branches and turning seven into self-service locations, reports “HNA”.
According to an analysis by the management consultancy McKinsey & Company, the supply and receipt of cash costs banks around two billion euros annually, according to the “Tagesschau”.
Germans depend on cash – but here too the means of payment is becoming increasingly less important. Many banks are closing branches or no longer accepting cash. The lack of demand and the high costs are responsible for this. According to a study by C24 Bank, 37 percent of Germans did not go to a bank branch last year, reported “HE DOES”.
Locations are closing everywhere
Due to the shortage of skilled workers and low customer base, the Sparkasse in Kassel is closing six branches and turning seven into self-service locations, reports the “Hessische/Niedersächsiche Allgemeine.” Also due to insufficient demand, Raiffeisenbank Hochtaunus is closing all branches except for the main office, according to the “Daily News”. A savings bank in Niederdorfelden near Frankfurt am Main is still open, but is no longer accepting cash due to a lack of staff.
According to an analysis by management consultancy McKinsey & Company The supply and receipt of cash costs banks around two billion euros annually. According to the Deutsche Bundesbank, cash is the most common means of payment and is used for more than half of all everyday payments.
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