This scaled-down network is in accordance with the global trend of closing branches, with more and more banks moving their business online and switching to mobile banking.
However, Germans, who are more inclined to have cash transactions than other west Europeans, are protesting against closure of bank branches, the Večernji List wrote adding that they flooded the Deutsche Bank with their complaints against shutting down branches.
Deutsche Bank plans to close nearly half its Postbank branches by mid-2026 in response to changing demand from customers, a spokesperson for the German bank was quoted by Reuters as saying recently.
Scaling down branches adversely affects elderly customers who prefer cash to electronic payments.
The Croatian daily quotes findings of a 2021 survey which the Economic published and which shows that a majority of senior bankers believe that the model of physical bank branches would be phased out by 2026. The move would reduce costs for lease and overhead costs, however, it would also negatively influence employment, says the daily.
In Croatia, the banking sector saw a reduction of the labour force over the last five years, and it has shed about 6,000 jobs to have now fewer than 41,000 employees.
According to the Croatian National Bank, currently there are 226 branches per million inhabitants, which puts Croatia in the middle of the ranking in Europe, the VL reported.