The first digital German fintech unicorn N26 requires 96% less staff/ customer than traditional banks. N26 Group is valued at € 2.4 billion, having approximately 2.5 million customers and 800 employees= 3125 customers/ employee. The German banking group Genossenschaftliche FinanzGruppe Volksbanken Raiffeisenbanken have 18 million customers and 150,000 employees= 120 customers/ employee. These figures lead to a very frightening calculation: The VR banks would have to save 96% staff to catch up.
As an indicator this calculation shows what kind of impact digitization will have on the labor market. And on the other hand this shows, what effects digitization has on the valuation of a digitized company!