The popularity of comparison platforms such as Check24 is an increasing challenge for banks. Half of those surveyed for a private customer study currently state that they use such portals, which is significantly more than in 2022, when 38% said they did so. The Frankfurt-based consulting company Investors Marketing surveyed 2,054 bank customers in Germany in February and March.

The absolute frontrunner among comparison portals is Check24, which 49% use. Three years ago, 37% did so. A long way behind is the Raisin platform Weltsparen, which 3.4% state that they use. Check24 is not only establishing itself as a source of information, but also increasingly as a channel for finalising deals. Its popularity is primarily due to its simplicity, transparency, and wide range of options, which poses a threat to traditional institutions. According to the study, many established institutions are far from the ease and convenience offered by platforms.

„The more people use comparison platforms, the greater the risk of losing the customer interface,“ says Oliver Mihm, CEO of Investors Marketing. They are still on the rise and usage is continuously increasing. „This trend will continue in a linear fashion,“ says Mihm. „Nobody can avoid comparison platforms because customers are increasingly using them.“

For banks, this means facing up to the challenge of developing a strategy for dealing with the platforms, and also strengthening their own business. Mihm recommends having a presence on the platforms, and trying to tap into some of the potential customers there who would otherwise be lost to their own business anyway. According to him, it is always better to split the revenue with platform providers than to not reach these people in the first place and miss out.

Even if many banks might not be able to compete with younger competitors in terms of customer experience with their products and technological possibilities, Mihm believes there are other options for communicating positive experiences. „Many financial institutions can improve on a communicative level, as they are only in active dialogue with 25 to 30% of their customers,“ he explains.

Banks need to ask themselves whether they are communicating with all customers in an appreciative manner and making them feel welcome and not just trying to sell something. „I certainly don't build customer relationships through mailings about general terms and conditions and fee adjustments,“ the CEO points out.

Even if customers are increasingly making use of digital financial services, the change in the three-year period from 2022 to 2025 is nowhere as noticeable as with comparison platforms. Nevertheless, providers of digital financial investments such as Trade Republic, Scalable and Flatex have seen the most rapid increase in usage: from 12% to 21%, a jump of nine percentage points within three years. Mobile payment providers are now used by 25% of respondents, up from 21% in 2022. Paypal is particularly popular here, but Google Pay and Apple Pay are also becoming increasingly popular.

Customers in their late 20s, who are increasingly using Apple Pay or Google Pay, are seen as the drivers of change. „If you want to retain this generation of customers in the long term, you need to focus on end-to-end digital, mobile and contextualised services,“ say the authors of the study. Yet Apple and Google Pay are also becoming increasingly popular in the 30+ age group.

However, providing purely digital offers is not enough, says Investors Marketing. Rather, the customer experience is crucial. New competitors such as Trade Republic know how to „specifically address micro-segmented target groups with customised solutions“. Data-based personalisation, mobile apps and real-time communication are their tools; physical shops naturally play no role.

However, Mihm rejects the idea that all of this means a one-sided shift towards online services. „Customers want to use more and more digital services. Conversely, however, this does not mean that they want to forego personal advice and dialogue at the branch.“ According to Mihm, one in three people would like to speak to a bank advisor in person when making important financial decisions such as mortgage loans.

On the one hand, it is right to expand digital channels, but on the other hand, branch banks must be careful not to give up what they have. „Some institutions are making the mistake of no longer investing in branches and viewing them purely as a cost factor. For a relevant proportion of customers, however, they are points of experience and reassurance.“

This can be an advantage for traditional providers compared to their younger challengers. „We have seen it with Trade Republic. When the market becomes volatile, things can break down and accessibility via hotline or email is not necessarily guaranteed.“ The neobroker, like many others, had come under pressure because US President Donald Trump had shaken up the financial markets with his tariff announcements. In some cases, customers were unable to access their trading apps, or were only able to carry out transactions with delays.

Mihm points out that around a third of the population value branches as reinsurance for cases like these, which they could visit if they wanted to. „Branch banks should not give up this advantage too quickly.“ For a significant proportion of the population, bank branches have their purpose. „Internet banking was introduced 30 years ago, and there are still people who go to the branch. You shouldn't underestimate how manifest customer behaviour is,“ says Mihm.