Many Hungarians would prefer e-banks over traditional banks

A recent survey revealed that Hungarians want online services, low costs and transparency, hvg.hu writes. It’s evident that establishing a system where clients can open accounts and change banks online is more important than ever.

Bankmonitor.hu’s recent survey revealed that Hungarians would prefer online banking if it would be cheap and transparent. They would need a precise and detailed billing system, access to all the current and previous contracts, and financial advises.

Many would prefer extended e-banking services, and almost half of the respondents would want to have complete online administration and would choose not to visit the bank even if they decide to close or open an account.

The spokespersons of MNB (Hungarian National Bank) have mentioned countless times that Hungarians are reluctant to change banks, and, as a result, banks are not motivated to provide the lowest fees to their costumer, as they seemingly have no rivals.

Bankmonitor.hu’s manager Balázs Sándorfi said that people are loyal to their banks because they are hindered by the bureaucratic system; 47% of the respondents would prefer to have a completely online system and the ability to open accounts without having to visit the bank. 28% said that it’s “rather important”, and only 25% answered “not important” or was neutral.

If respondents had to open a bank account today, 40% would do so if they didn’t have to visit the bank, 47% would prefer at least one physical office, and 13% would need a bank with offices all over the country.

Balázs Rakovszky, Head of Financial Sector Business Unit at T-Systems Hungary Ltd. said that, if 40% of the customers could live without ever visiting a physical bank, imagine what the next generation’s answer might be. Generation X is used to having everything on paper and although many are quite good with modern technology, they are still digital immigrants. The next generation, however, was born into a digital world, and their answer to the same question might be entirely different in a couple of years.

People, who prefer e-banking, would still need financial advises; 28% of the respondents said it’s “absolutely important,” while 40% answered: “rather important”.

If credit cards or mobile paying would be accepted everywhere, 42% would think it acceptable not to have cash with them at all. 49% said they would still keep a minimal amount, and only 9% of the respondents said that they would mainly or mostly pay with cash even if credit cards and mobile paying would be possible everywhere.

Balázs Rakovszky said that banks have to serve the current generation by establishing extended online services while keeping their physical location, and should gradually prepare for the change. The devices that could identify customers by scanning their cards could be the part of this change, or biometric signatures with which customers could make and store verified documents.

Copy editor: bm

Source: hvg.hu