Belgian banks assist customers in the transition to a more digital society
10 January 2019 - 2 min Reading time
Belgian customers are conducting a significant part of their banking transactions digitally today. Moreover, they expect to be able to do so 24/7. Banks are aligning their offerings and channels accordingly. However, this does not mean that Febelfin supports a completely cashless society.
Febelfin aims to continue evolving towards more advanced digital banking. They want to assist and support consumers in adapting to modern payment systems. This transition will naturally lead to reduced cash usage.
Digitization requires investments.
Digitization requires investments. Both human resources and systems are needed to ensure that customers can continue to enjoy secure and efficient services, including through new digital channels.
Nevertheless, the banking costs for consumers in Belgium are among the lowest in Europe. This is thanks to a banking landscape with many retail banks and, therefore, substantial competition. The Price Observatory of the Federal Public Service (FOD) for Economy calculated this year that the average checking account in Belgium costs less than 50 EUR per household. For example, according to the French comparison website Panorabanques.com, this is a significant difference from France, where the average cost amounts to 194.30 EUR.
Banks are transparant
Belgian consumers can transparently review the costs of their bank accounts through the banks' websites and in physical locations. They also receive a detailed breakdown of their bank charges every year. Moreover, they can easily compare bank costs through various websites, making it simple to switch banks if desired. The Bankswitching service, for example, facilitates this process and is entirely free.
Febelfin is, of course, always open to further discussions with Test-Aankoop (a Belgian consumer organization). A dialogue will be initiated in the short term.
