Plus24 | Gennaio 2026
An average of 15 years pass before a bank is changed (16 for Spanish bankers). However, Italy has a peculiarity: when changing banks, we look first and foremost at solidity. Young people, on the other hand, are the most disloyal: 91% turn to others in the event of a succession. The advice of the Bank of Italy and research by FINER Finance Explorer
Italians are practically married to their bank. And that’s not just a figure of speech: according to ISTAT data, 15-17 years pass between marriage and eventual separation. Bank loyalty, on the other hand, lasts an average of 15 years, with few flings. Only the Spanish are more loyal than us (16 years). This emerges from the research “Changing Banks: Why Yes, Why Not?” conducted by Finer, a research firm led by Nicola Ronchetti, which annually monitors the behavior of bank-using individuals. “While in other countries, such as the UK, switching banks is a frequent and commonplace process, comparable to shopping at different supermarkets to find the best deals, in Italy the relationship with a bank has historically been rigid,” explains Ronchetti. “The data shows that Italians remain loyal to the same bank for an average of 15 years and show little inclination towards ‘multi-banking’, that is, purchasing specific products from institutions other than their primary one.” Italy has the lowest rate of multi-banking, at 24%, compared to 51% of the English who are used to shopping around for finances.
Young and old
The real disloyalty to banks, however, concerns the younger generations: when it comes to passing ownership of their assets, Generation Z (1997-2012) shows a tendency to switch banks upon inheritance in 91% of cases; Generation X (1965-79) chooses to switch banks in 77% of cases.
This isn’t just a question of age-related resistance to change and the conservatism that advancing age inevitably entails; this choice is also fueled by cumbersome bureaucracy and the fear of administrative complications, such as changing domiciles or IBANs, which discourage mobility even when faced with more advantageous financial conditions. Even the presence of a mortgage can be an obstacle, although portability rules can help in this regard.
The Benefits
Changing banks, however, offers clear advantages. Bank of Italy data shows that loyalty to a banking institution is a choice that can leave a rather steep bill at the end of the year. But why do people change? What motivates them to leave? According to Finer research, when customers decide to look for a new bank, they seek very specific characteristics: first and foremost, the bank’s solidity, a key requirement in 76% of cases. “This,” explains Ronchetti, “is a peculiarity of the Italian system. The loyalty of Italian savers, however, is not dictated solely by inertia, but by a profound aversion to risk rooted in historical memory. The banking failures of the previous decade have left an indelible mark. The average Italian, a bit like an ant, with a culture of prudent savings, often prefers to pay higher costs in order to have the psychological reassurance of entrusting their money to an institution perceived as safe. The belief that ‘my bank is solid’ represents one of the main psychological barriers to change.”
Next among the selection objectives is the existence of a consulting service with a dedicated professional (72%). Finally, transparency and quality: clear pricing and a good quality-price ratio are sought. Digitalization also offers incentives for change: along with the pursuit of lower costs and higher returns on deposits, which remains the main driver, the user experience is highly valued.
Frustration over poor service or an outdated app is a powerful incentive to abandon, which is why the superior digital experience of new market players is becoming a benchmark.
Lack of Reactivity
Banks, however, are also suffering from a certain systemic inertia. Unlike other sectors such as telecommunications or pay-TV, credit institutions lack responsiveness: they don’t proactively intervene to retain customers with better offers until they’ve already decided to leave. Added to this is a serious structural shortcoming of the Italian market: the lack of an institutional and transparent search engine for current accounts, similar to the one ARERA, the Italian energy authority, offers for bills. On the customer side, the lack of certified comparison tools, combined with poor financial education, prevents citizens from negotiating terms, allowing banks to maintain high margins by exploiting customers’ lack of awareness.
Antonio Criscione
Vitaliano D’Angerio