Frankfurt Anyone who has not yet been a customer of Berliner Volksbank but comes up with the idea of opening a custody account online with the largest German Volksbank will fail. It doesn’t work, at least not yet. This missing function may hardly be noticeable, but it is symptomatic of the problem faced by many branch banks: the boom in equity and securities savings is largely bypassing cooperative banks and savings banks.
The rediscovered desire for equity and fund investments has clear winners: The well-known online brokers and the new low-cost brokers such as Trade Republic benefit from it in particular. Almost 80 percent of the new depots that opened between June 2020 and June 2021 ended up with digital brokers. The market share of online brokers increased to 36 percent. The classic branch banks, on the other hand, are recording much lower growth than the industry average. The number of custody accounts is even stagnating at the cooperative banks.
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