Three out of every five bank clients in Malta have signed up for mobile or internet banking according to a study by the Malta Financial Services Authority.

The authority said in a statement its data indicated that usage of digital services had increased, particularly for mobile banking, while branch footfall overall decreased between 2022 and 2023, for both cash services and outward payments.

This phenomenon was particularly driven by the COVID-19 pandemic, it added.

These findings were the result of a thematic review that the MFSA conducted to evaluate how local banks are adapting to technological advancements and the effectiveness of their digital services.

By analysing information from these banks’ websites and collecting data which captures trends across 2022 and 2023, the MFSA looked at various aspects of digitalisation, including mobile and internet banking usage, chatbots, ATM and branch usage, card usage, and the availability of other online products.

"The MFSA acknowledges the unique characteristics of Malta's banking landscape. While there is a clear shift towards digital services, with a considerable overall decrease in the number of transactions executed over the counter at branches, a segment of the population continues to value face-to-face interactions, especially for complex financial matters," it noted.

"This cultural preference highlights the importance of maintaining a balance between digital innovation and traditional banking services."

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