Condominiums, houses or gold are more popular as an investment than ever before. This emerges from the Tyrolean Bank Report 2021. On the other hand, interest in savings accounts or building society savers is declining. Tyrol is in line with the Austria-wide trend. The study only shows a contradicting picture when it comes to bank branches.
The desire for higher-quality investments continues to grow in Tyrol, as in all of Austria, explains Hans Unterdorfer, chairman of the banking and insurance division: “In Tyrol we have a very specific situation in terms of supply and demand. Land is a scarce commodity. You also have to differentiate between your own housing needs and an apartment as an investment property. “Tyroleans are ready to invest a lot. There are no large gaps in speculation or risk, as these investments are largely used for residential purposes. New and old forms of investment such as stocks and investment funds are on the rise. The desire for security has been reinforced by the Corona crisis. That is why money is still in savings accounts. The majority (70 percent) of Tyroleans are satisfied with the range of products and services offered by their banks. The smaller the community, the happier it is. Market researcher Alexander Zeh: “We are talking about the branch paradox here. On the one hand, personal contact is important to customers, on the other hand, 70 percent of Tyroleans only go to the bank once a month. ”Digital solutions Just over 40 percent of Tyroleans can imagine a bank without a branch. “There is an increased preference for digital solutions, be it online processing or electronic signature,” said Zeh. This trend has increased since March 2020.
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