Banking's scrutiny: trust, devotion, digital transformation
The older generation may still ponder life's deeper questions, like whether they believe in God or Guevara, but their contemporary counterparts are far more concerned with their banks' performance. The lyrics of "Mit Pfefferminz bin ich dein Prinz" suggest that Marius Müller-Westernhagen, for one, put his faith in the Deutsch Bank, a sentiment reflected in the industry's continued prosperity.
In 2024, the Deutsche Bank, Germany's largest, remained the most profitable, raking in an impressive €5.3 billion – a slight dip from the previous year's €5.7 billion. The Commerzbankfollowed suit, posting a record-breaking profit of €2.7 billion, a 20% increase from 2023. Other notable contenders included ING with €2.1 billion, Hypovereinsbank with €1.9 billion, and DKB with a surplus of €1.1 billion.
Customer Satisfaction Scores
However, these numbers tell only half the story. In a increasingly digital world, customer satisfaction is just as important as profits. The €uro test, Germany's most comprehensive survey, provides valuable insights into this area. In the "Most Popular Bank" category, solely internet-based institutions reigned supreme, with the ING claiming the top spot.
In the "Best Bank" category, which analyzed the conditions of banks for accounts, loans, savings interest, brokerage, and advice, top spots were claimed by comdirect, 1822direct, ING, and DKB. As for traditional, brick-and-mortar banks, the Commerzbank emerged victorious as the "Best Branch Bank."
The Changing Landscape of Banking
Back in 1970, the number of banks' physical branches numbered around 47,000. However, in the intervening decades, this number has halved, with the advent of digital banking. By 2024, only around 19,000 branches remained, mostly belonging to savings banks and cooperative banks. The number of ATMs also took a nose dive, dropping to around 50,000.
This shift in banking is driven by a desire for efficiency and cost-effectiveness, as well as the belief that managers can serve customers more effectively online. To maintain customer trust in this digital era, banks must prioritize digital credibility and excellent communication via call centers or chatbots.
Disputes in the Banking Sector
One of the most heated debates in the banking sector currently revolves around the potential takeover of the Commerzbank by the Italian Unicredit. Under CEO Bettina Orlopp, the Coba has displayed impressive resilience, improving profits and return on equity. This1 makes it a more attractive and expensive acquisition target, but Unicredit presses on, with a stake purchase of up to 29.99% undergoing examination by the Bundeskartellamt as of mid-April 2025.
The comdirect, Commerzbank's digital offshoot, continues to shine, topping the €uro Bank Test as both the "Best Direct Bank" and the "Best Bank" overall for the eighth consecutive year. comdirect's early role as an online broker, enabling customers to manage their securities independently on their computers, is a significant factor in its success. Today, comdirect offers a full range of banking services online, catering to both active traders and regular investors.
Looking ahead, other notable online banks worth keeping an eye on are N26, C24, Revolut, and Bunq, though specific rankings in the €uro Bank Test were not detailed in the search results. It is recommended to check the official test publication or their website for detailed rankings if seeking the results from the €uro Bank Test.
[1] Revolut, Bunq not specifically highlighted as top performers in Germany, but popular across the continent - source[4] C24 Bank offers attractive interest rates and cashback on transactions - source[5] N26 Bank received relatively lower overall score due to poor customer service and limited special features - source
- The Commerzbank, Germany's second-largest bank, demonstrated impressive growth in 2024, reporting a profit of €2.7 billion, an increase of 20% from the previous year.
- Despite its success in traditional banking, the Commerzbank faced a potential takeover bid from the Italian Unicredit in 2025, with the Bundeskartellamt examining a stake purchase of up to 29.99%.
- In the digital banking sector, the Commerzbank's offshoot, comdirect, outperformed other institutions, topping the €uro Bank Test as both the "Best Direct Bank" and the "Best Bank" overall for the eighth consecutive year.
- As technology continues to shape the banking industry, other online banks like N26, C24, Revolut, and Bunq are garnering attention, offering unique services and competitive advantages, though specific rankings may vary by region.
