N26 Says Bank Closures May Drive Mobile Banking Adoption

As banks close their branches to help stop the spread of the novel coronavirus, N26 GmbH sees an opportunity to convert new users.

In its home market, Germany’s largest lender Deutsche Bank announced Monday it would temporarily close more than 200 branches in response to the pandemic, joining others lenders in reducing physical contact between employees and customers.

“We assume that many people will open an online account because more and more bank branches are closing due to the corona crisis. Online banking will become much more important,” Chief Financial Officer Maximilian Tayenthal said in a telephone interview on Monday. ...