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An expected change in operating costs
In 2023, the management costs of traditional current accounts showed a significant decline, reaching 100.7 euros, with a reduction of 3.3 euros compared to the previous year. This change, after seven years of continuous increases, was detected by the annual survey conducted by the Bank of Italy on current account costs. The survey involved a sample of 11,985 current accounts, divided between bank branches,
online accounts and postal accounts.
The causes of the decrease
According to Bankitalia, the 80% drop in costs is attributable to fixed expenses and the remaining 20% to variable expenses. In particular, the decrease in fixed expenses is linked to a reduction in fees, while that of variable expenses is due to lower operations on the part of customers. It is interesting to note that the fees on payments and cash withdrawals have remained almost unchanged, suggesting that banks are trying to attract new customers by reducing
fixed costs.
Online accounts and postal accounts: different trends
Online account management expenditure fell even more markedly, falling to 28.9 euros, with a decrease of 4.8 euros. This is mainly due to the smaller proportion of customers subject to the payment of the basic fee. On the contrary, the costs of managing postal accounts increased for the second consecutive year, from 59.6 to 67.3 euros. This increase is largely attributable to an increase in variable expenses, linked to greater user uptime
.
Consumer reactions
Massimiliano Dona, president of the National Consumer Union, commented on Bankitalia’s data, stressing that, although the reduction in costs is a step in the right direction, it remains insufficient. Dona highlighted that the decline cannot compensate for the record increases of previous years, when operating costs had risen from 94.7 euros in 2021 to 104 euros in 2022. This increase represented an annual increase of 9.8%, which weighed heavily on the balance sheets of
Italian families.
Future Perspectives
Looking to the future, it is crucial that banks continue to monitor and review their pricing policies. Reducing current account management costs could encourage greater competition in the sector, leading to additional benefits for consumers. However, it is essential that financial institutions not only reduce costs, but also work to improve the quality of the services offered, ensuring transparency and trust with customers
.
