Digitalizing the Commercial Banking Business Model: Vanishing Bank Branches and the Risks of Financial Exclusion of the Elderly

Digitalization is a crucial driving force behind the transformation of commercial banking business models. The decline in the number of bank branches serves as a clear indication of the shift from personal on-site service to the digital space. Empirical data from Europe demonstrates a steady disappearance of bank branches, accelerated by the COVID-19 pandemic. Previous research focused on the legal challenges that arise for the active participants in this process (both on the banks’ and the customers’ side). This chapter directs attention to those parties who are affected by the digital revolution in commercial banking but fail to become its active participants. Consequently, we explore how the legal system can accommodate the fundamental right of older individuals to access banking services. Specifically, we argue that lawmakers must address the risks of financial exclusion faced by the elderly.