Tashkent university of information technologies named after muhammad al-khwarazmi

ELECTRONIC BANKING IN GEMANY
German banks have been quick to embrace the technological boom in financial services. Established big brand names and newer start-up financial providers offer a range of financial services. However, the German public have been slightly slower than many other European countries in their uptake of mobile banking. Around 59% of Germans use internet banking, which is above the EU average; however, that’s well below many other nations such as France, Belgium, UK, and the Netherlands. Germany also trails behind many European countries as well as Australia and the United States when it comes to using mobile devices for banking, according to a 2018 study by ING.
German residents have a wealth of mobile banking options including:

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  National German banks such as Deutsche Bank, Commerzbank, and Volkswagen bank.
  
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  Newer online-only banks include bunq, N26, Wise, Revolut, and DKB. Many offer several language options, including English.
  
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  Online banking alternatives such as Monese, which offer a range of accounts.
  
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  International banks such as HSBC, which offer expat-dedicated customer support and products tailored for internationals, including English-language online banking.
  
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  Multinational companies such as Apple, Google, and PayPal. These offer mobile payment services and the option to store funds in digital wallets.
  

Features of mobile banking in Germany

It’s easy to set yourself up with mobile banking in Germany. You just download the banking app onto your mobile device and set an account up in minutes. Documentation can be submitted online and ID verification can be done with a video check. Each German banking provider will have its own app with distinct features, but you can expect things such as:

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  payment options, so that you can pay bills, go shopping and make P2P payments to other mobile users.
  
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  quick and easy money transferring services.
  
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  financial management tools to help you keep track of what’s coming in and out.
  
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  instant notifications so that you know when transactions have occurred.
  
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  links to social media channels such as Facebook and Twitter.
  
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  lower banking fees. As online banking reduces overheads for banks, service costs can be cut. Many mobile banks offer basic account services for free.
  

Many German banking apps have customized features so that you can set things up in a way that works for you. Expats can take advantage of the money transferring and international payment options. With bunq, for example, international payments are easy and are 3% cheaper than other providers. Payments in other currencies are also up to eight times cheaper.
There are some limitations as not all banking services are available via apps at the moment. Most don’t have the capability to transfer money into foreign currency accounts, and lending options are also limited. You will also be reliant on good Wi-Fi, which might be a problem in more rural areas (although the overall internet coverage across Germany is very good).