Portuguese unhappy with banks because of opening hours and costs

The Portuguese are more dissatisfied with traditional banks and are looking for innovative alternatives, such as online banks. Opening hours and maintenance costs keep new customers away.

According to a study carried out by payment institution Nickel, in conjunction with independent agency DATA E, on the financial habits of the Portuguese, it reveals that high maintenance costs lead 16% of Portuguese consumers to consider changing banks.

In addition, the data shows that 73% of participants plan to join digital financial institutions in the future.

The data shows that more than half of those surveyed expressed dissatisfaction with conventional banking hours and 77.9% considered it advantageous to carry out financial transactions in local stores, due to their convenient location and extended opening hours.

For those who are thinking of changing banks (58%), 16% of them identified account maintenance costs as the main motivation. According to a recent study by Deco Proteste on the five largest Portuguese banks, “in ten years, the annual cost of having a bank account has risen from 89.69 euros to 131.85 euros, which represents a 47% increase in commissions”.

“The traditional banking system has long been a pillar of financial stability. However, as consumer preferences and expectations evolve, it is crucial that banks adapt and meet their changing needs. The increase in dissatisfaction among Portuguese consumers indicates that there is a clear demand for more innovative solutions that provide simplicity and convenience,” says João Guerra, CEO of Nickel Portugal.

This study involved 1040 individuals from various regions of the country, aged between 18 and 64.