Physical branches are in decline
The total number of bank branches in Italy decreased to 21,650 thousand in 2021, from 33.6 thousand in 2007. A similar trend could be noted around the whole European Union, with the number of bank branches declining from 237,700 in 2008 to 163,260 in 2019. This decline in the number of branches was due to several reasons, the most prominent being the steadily growing penetration of online banking, making bank branches less and less important.
Cashless solution increase in popularity
Italians are changing their habits when it comes to payment methods. Digital payments are becoming increasingly popular, also due to the fact that these new methods are making online purchases easier and effortless. In particular, users between 15 and 24 years of age are the main users of digital payment solutions.