Rethinking the sector: Deutsche Bank defends account fees

economy

Saturday, October 27, 2018

The banks used the free account specifically for the acquisition. Meanwhile, Deutsche Bank's customers must adjust to the current account fees. Requiring money for services in the banking sector is "quite right," says the board.

Deutsche Bank CEO Frank Strauss defended the introduction of current account charges. "The German market is being standardized, banks around the world, including direct banks, for current accounts," said the Board of Private Customers and long-standing CEO of the "Frankfurter Allgemeine Sonntagszeitung".

It is "perfectly fair" to ask for banking services. "You do not go to the hairdresser and say, I do not pay anything." For a long time, money houses made a good living by earning more interest on loans than by buying savings. But the difference between the two, the net interest income, decreases thanks to the low interest rate. While financial institutions used the free account to attract customers in the past, higher costs and expensive agencies are forcing banks to rethink.

Strauss told the newspaper that the bank had meanwhile lost between 100,000 and 200,000 customers because Postbank had deleted his free account. "What is crucial for us, however, is not the number of clients, but the amount of deposits entrusted, and this has increased over the same period." The number of Postbank customers is increasing again. "And they pay for their current account now."

Deutsche Bank joined Postbank in 2008, while the Bonn Institute was integrated into the Deutsche Bank Group. "By the end of 2018, we will have fewer than 150 Postbank branches," Strauss told the newspaper. Out of 1000, there are 850 branches. "We have almost completed this process."

A digital offer that appeals to young people

For the key word "digital banking", Strauss contradicted contradictory information that the project would have died in. Literally, he said: "We have constantly pursued the project, even though in the meantime it has been possible to read other things in the meantime, and in a few weeks we will present it to the public." We build something that attracts young people and affects payment transactions. there is only one key word. "

As a "great success", Strauß appreciated the "interest market" of the digital platform, whereby Deutsche Bank clients can invest money in foreign banks. It's one of the most successful digital deals, he told the newspaper. "Nothing is growing faster: half a billion euros has been entrusted to our platform, 100 million last month, and cash inflows are accelerating".

Source: n-tv.de