Hungarian banks adopters or latecomers to digitalization

Fintech

Photo by mama_mia / Shutterstock.com

Hungarian banks are adopters or latecomers in banking digitalization, according to a fresh global survey conducted by Deloitte, writes azuzlet.hu.

Photo by mama_mia / Shutterstock.com

Deloitteʼs "Digital Banking Maturity 2020" analyses the digital operation and market position of 318 banks internationally. The survey classifies the nine Hungarian banks covered by the analysis as digital adopters or latecomers, Deloitte said in a statement on the findings.

It said Hungarian financial institutions lagged behind the global average in all stages of the customer journey but there have been developments in the sector showing that the Hungarian market is also undergoing a dynamic transformation.

These include the instant payments system, which has been available to all Hungarian customers since March. Several banks offer the option to open a bank account or apply for a loan online, which shows that Hungarian banks are gradually adapting to their customers who are increasingly open to the use of digital channels.

The survey shows customers are increasingly switching from conventional bank branches to online channels and the share of those who would not use bank branches at all if they can avoid it is growing. 

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