Over 60% of Maltese clients use mobile banking

More than 60% of Maltese clients use mobile or internet banking, a study has shown.

A study by the Malta Financial Services Authority (MFSA) indicates that digital banking usage, particularly via mobile applications, has increased, while the number of in-branch transactions for cash services and outward payments has declined between 2022 and 2023. 

The study notes that this was largely accelerated by the COVID-19 pandemic.

The MFSA stated that the study’s findings were meant to assess how local banks are adapting to digitalisation and whether their digital services are effectively meeting customer needs. 

By analysing bank websites and transaction trends over the past two years, the study examined mobile and internet banking adoption, the role of chatbots, ATM and branch usage, card payments, and the availability of other online banking services.  

“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,” the authority noted.  

Sarah Pulis, Head of Conduct Supervision at the MFSA, stressed the importance of inclusivity in banking services. 

“The digital transformation within Malta's banking sector is evident and commendable. However, it is crucial to recognise and respect the diverse preferences of our community. While many customers embrace digital banking for its convenience, others still value personal interaction. Our banks must continue to cater to both groups, ensuring inclusive and accessible services for all."

Following the review, the MFSA has issued recommendations to local banks, urging them to implement educational initiatives to support customers in transitioning to digital banking and improving their digital literacy.

The MFSA also highlighted ongoing investments in banking infrastructure, noting that some banks are planning to enable chatbot-based appointment scheduling in Maltese.