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Hungary ahead of region in digital tech usage - EY

Competition

Hungarians are the best prepared in the CEE region when it comes to utilizing new technological solutions, according to research by Big Four advisory firm EY. Some 71% of Hungarians try to take care of their everyday business online, compared to a mere 44% in the CEE region as a whole.

The representative research involving 3,600 people reveals that the vast majority in Hungary (72%) use contactless credit cards, and a further 16% plan to use this solution in the future. Some 33% of those surveyed have already tried mobile payment, which also exceeds the regional average.

"Hungarians are looking forward to technological advancements which allow them to take care of their finances even more conveniently," says Ákos Demeter, partner of EY Hungaryʼs advisory branch. He adds that banks need to react to these needs to be able to increase the number of their clients and retain their competitive advantage over the rising tech firms. Primarily, this is achievable via favorable pricing, by offering flexible and high-quality services, and by improving the online user experience.

The research also reveals that 78% of Hungarians are keen on keeping track of their account balances at different institutions through one single application. The respondents would accept such an application from a trustworthy, user-friendly, and financially strong service provider, says EY.

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