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The ratio of revenue from digital product sales increased at the majority of banks, artificial intelligence is playing a growing part in the development of digital products and banks are preparing employees increasing consciously for digital challenges, Izer said.
Hungarian insurers have also made progress with digitalization, and it is increasingly easier to access insurance products online, he added.
Investment service providers have also advanced, especially those with a banking background, which can rely on advanced infrastructure and well-prepared management.
Balázs Greinstetter, the head of the central bank’s Digitalization Directorate, said while the fintech sector is slowing down, artificial intelligence is rising rapidly, and technology investments have not disappeared, only their targets and financial channels have changed.
He added that digitalisation can “democratise” finances, as services that previously only affected a few will be available to more and more people.
The MNB prepared an annual digitalisation and fintech report for the sixth time this year.
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