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The average bank commission in 2022 reached 140.16 euros, showing an increase of 174 euros from the year before.
Financial instability from the Credit Suisse situation and the challenges facing Silicon Valley Bank have unsettled the banking world, which is undergoing a broad transformation. Banks are responding by consolidating branches, raising fees, and making cash access through ATMs less convenient. In response, 16.07% of Spaniards say they are more likely to switch accounts to another bank, while 25.44% consider it, and together about 40% of those surveyed in the II Nickel Study on Spanish perceptions and banking habits are contemplating changes due to dissatisfaction with current services.
So what are the main reasons driving this renewal? The top factor is perceived unfair commissions, cited by 60.85%. This is followed by a desire for products or services that better match personal needs (36.79%), and dissatisfaction with customer service. The same research indicates that these push factors led Spaniards to switch banks in 2022 at a rate of 28.11%.
Indeed, the average bank commission in 2022 was 140.16 euros, up 174 euros compared with the prior year. This 24% rise is documented in the III Barometer of bank commissions produced by the financial consumer advocacy association Asufin. The Bank of Spain notes that the main source of commission income comes from payment services, with credit and debit cards constituting the primary income category at the consolidated level for banks.
Those considering a change in their financial institution represent a 3% increase from the previous year, with 38.2% expressing dissatisfaction. It is now common for individuals to open a second account at a different bank, about 14.50% of the time. Moreover, the search for a product or service that better fits one’s needs has grown, reflecting a 3.29% uptick in such inquiries.
After making a change, many customers call their new bank to confirm that rates are transparent. Clear pricing is ranked highest in importance by Spaniards this year (85.80%), followed by the quality of customer service (70.22%) and the proximity of ATMs to home or work (64%).
As society becomes increasingly digital, personal attention during account openings remains vital, and nearly half of the most valued aspects center on a human touch. Preferences also show that ease of documentation matters, with many customers appreciating fewer documents required (41.42%), and the ability to receive a card immediately so they can begin making transactions (13.71%).
the rise of neobanks
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In this context, neobanks are expanding within the financial sector. These institutions operate exclusively online, without a traditional physical branch network. A notable share of Spaniards views digital channels favorably: 65.58% rate apps and websites highly, 28.40% see fewer conditions as a benefit, and 26.13% appreciate online onboarding that allows immediate access to the card. Yet around one-third of those hesitant to open a Neobank account prefer a hybrid option with some face-to-face service, and 22.58% still want the reassurance of in-person branches.
The executive team at Nickel in Spain notes that, amid economic uncertainty, consumers have become very particular about the services and products they rent, and banking is no exception. The demand is for a blend of digital convenience and personal, in-person support that gives customers the best of both worlds.