How much will your bank cost you in 2024? According to the calculations of the Panorabanques bank rate comparator, carried out for The world out of one hundred and two establishments, we must expect a contained increase in the prices of network banks. These will increase on average by 2.4%, indicates this annual study.
The previous edition of the barometer, for 2023, reported quasi-stability in prices (+ 0.43%)the banks having committed to the government in 2022 to moderate their prices so as not to weigh too much on the budgets of individuals.
“Establishments are catching up a little this year, but the increase remains well below inflation, because they are careful not to damage their image”, underlines Adeline Moisiard, marketing director of Panorabanques. In October, the increase in prices amounted to 3.4% at an annual rate, according to the National Institute of Statistics and Economic Studies (Insee).
“While online banks tend to offer services at very low prices, or even free, traditional banks are more likely to p on increases in their costs on their customers », specifies Julien Maldonato, partner at Deloitte. BoursoBank, Fortuneo, Monabanq and BforBank take the top places in our ranking of the cheapest banks, with tight prices – far, very far from those of the networks.
Violent rise in rates
“Although the banking sector is less affected by inflation than other industries, networks are feeling the pressure of increasing costs, such as rents and energy costs for their branches, as well as rising salaries”, adds Mr. Maldonato. Another factor weighing on prices: the increase in investments by banks in the fight against fraud, he underlines.
Infographics : The world
Illustrations: Filippo Fontana
But, above all, the year 2023 will have been difficult to manage for banks due to the very violent rise in key rates from the European Central Bankincreased from –0.5% in June 2022 to 4% since September 2023. “The difficulty is to move from a regime of negative rates to a regime of higher rates in such a short time”deciphers Ada Di Marzo, managing director of the Paris office of the consulting firm Bain & Company. “Ultimately, within a year or two, this increase in interest rates will allow banks to restore their profitability. But, in the immediate future, they must carefully manage their margins”she continues.
They are effectively forced to better remunerate their clients’ deposits, since interest rates have increased. But, “at the same time, they must manage a large portfolio of real estate loans granted at very low rates a few years ago”, adds Mr. Maldonato. Their income has therefore not yet been restored.
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