Belgian banks are most cost-effective

A recent KPMG in Belgium study commissioned by Febelfin, the Federation of the Belgian Financial Sector, shows that both digital and non-digital consumers, as well as merchants, benefit significantly in Belgium in terms of pricing and available services. The study compared banks in the Netherlands, France, Germany, Luxembourg, Spain, Italy, and Sweden with banks in Belgium.

Belgium emerges as one of the most economical choices for digital banking services in Europe, following Spain, with costs ranging from 0 to 22,8 euros annually. Comparative analysis reveals significantly higher rates in neighboring countries, with some lacking a free option and prices exceeding 100 euros per year. Notably, Belgian customers enjoy a comprehensive digital package at an affordable price, surpassing offerings in the Netherlands and Sweden, which, though similar, come at a considerably higher cost. In essence, digital consumers in Belgium benefit from an accessible, high-quality, and comprehensive package, offering the best price-to-quality ratio.

The KPMG study reveals that Belgium and Germany are unique in providing a package tailored for non-digital consumers, with Belgium offering more attractive prices than Germany. In contrast, other countries offer similar services only on a "à la carte" basis, often at significantly higher prices than those in Belgium.

In 2022, the Belgian banking sector introduced universal banking service (UBD), specific services to cater to non-digital or less digitally proficient customers, with an annual fee ranging between 39 and 60 euros—markedly lower than fees in other analyzed countries.

The study also indicates that Belgian retailers benefit from attractively priced services, with Belgium and the Netherlands ranking among the most cost-effective in Europe for small retailers in terms of monthly payment transaction costs. Additionally, Belgian banks provide favorable rates for business bank accounts, with annual fees ranging from 40 to 60 euros—exceptionally low compared to other countries where fees can surpass 300 euros.

Overall, the study reinforces the perception that Belgian banks offer excellent value for money, providing innovative services at competitive prices for both digital and non-digital customers, showcasing the sector's commitment to serving diverse consumer preferences.