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Between 2011 and 2024, the total number of banks and credit institutions in Italy declined steadily, falling from 740 to 420. This significant reduction may be attributed to the lasting effects of the 2007–2008 global financial crisis, which severely impacted the Italian economy in the years that followed. Additional contributing factors include the rise of online and digital banking, which reduced the need for physical infrastructure, and the economic disruptions caused by the COVID-19 pandemic. Over the same period, the number of bank branches in the country also dropped markedly.

Online banking on the rise

The growing penetration of online banking, as well as the increasingly widespread use of banking apps via mobile devices also contributed to the gradual loss of importance of traditional banking and physical bank branches. It is also important to remember the rise of new players in the banking sector: digital banks and financial services providers have caught the attention of many customers in the last few years. Moreover, not only customers, but also financial institutions closely follow the development of this innovative business model and look with interest and curiosity at these new players.

Online banking demographics

The age group between 25 and 34 years is the most active in terms of online banking usage, with nearly 70 percent engaging in digital financial services. In contrast, fewer than 50 percent of individuals aged 55 and above use online banking, indicating a significant generational gap in adoption. Additionally, men tend to have a higher rate of online banking usage compared to women, reflecting broader trends in digital engagement and technology adoption.