Number of banks in Italy 2011-2023

The total number of banks and credit institutions in Italy decreased steadily between 2011 and 2023, sinking from 740 to 428 units. Such a decrease in the number of banks in the country might be due to the financial crisis of the years 2007 and 2008, which hit Italy quite harshly also in the following years. During the same period, the number of bank branches also dropped notably.

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.

The bank of the future?

For Italians, traditional banks are still considered the preferred medium when it comes for example to loan financing and savings management. Nevertheless, digital banks and financial services providers are increasing in popularity because of more flexible, efficient and cheaper offers, which seem to be closer to the customers’ needs.