Average level of digitalization in finance still 'medium' 

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In addition to further developments at credit institutions at the forefront of digitalization, less well-performing banks also managed to catch up in 2021, but the average level of digitalization in the finance sector is still medium, the National Bank of Hungary (MNB) said in a report published on its website this week.

Digitalization efforts are most advanced regarding the preparedness of bank management and employees, reflecting that digitalization is becoming ever more critical for the culture of companies.

For banking products, client and partner relations digitalization showed a wider spread, even after strong recent progress, and the digitalization of internal banking processes improved only marginally.

By last year, due to earlier efforts bearing fruit and changes from the coronavirus pandemic, it was possible to open current accounts online at all credit institutions involved in the MNB's data gathering.

More than 90% of banks also offered the chance to apply for personal loans. Savings accounts could be opened online at more than 40% of banks, up from less than 20% in 2020.

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