ARB study: The young people are very interested in online banking services but the interest of old people is high enough

A percentage of 85.3% of the young people aged between 18 and 35 state they are interested in the possibility to access  online banking services and products, while 60% of the people aged between 51 – 65 consider this aspect as very important, according to the results of a study commissioned by the Romanian Association of Banks (ARB).

Similarly, approximately 71.7% of the men consider as very and important enough the possibility to access online banking services and products through digital channels, show the results of the study ‘ Digitisation of the banking system in the perception of the Romanians’ made in December 2020 by the Romanian Institute for Evaluation and Strategy (IRES).

On the other hand, 82% of the interviewees consider that the existence of a branch in the vicinity is very important and important enough as regards the intention to have a banking account. From the analysis of the criteria presented, for 79% of the interviewees the costs of services or of the products contracted are very important and for 69% the possibility of access to online banking products and services is very important and important enough.

The recommendation of services of a bank to friends or family is very important for 26% of the interviewees, being quoted almost similarly to the recommendation of services by an agent (27%).

Otherwise, the general average granted by the Romanians who use banking products and services to the institution they mostly work with is 8.54. A percentage of 80% of the interviewees who use banking services and products gave grades between 8 and 10 to the bank they mostly work with.

Thus, 39% of the users of banking products and services considered themselves as ‘ very satisfied’ by the relation they have with the bank they work with and granted grade 10 while 19% granted grade 9 and 22% grade 8.

The relation of the clients with the bank they work with mostly was evaluated with grades from 1 where the clients ‘ very dissatisfied’  to 10 where clients stated themselves as’ very satisfied’. In the category of clients who were ‘ very dissatisfied’ are 1% of the interviewees. 9% of the clients gave grade 7 and the rest of 10% gave lower grades.

On the other hand, 62% of the interviewees who use financial products and services stated they work with one bank only, 29% use the services of two banks, 7% three banks while 2% of the Romanians  interact with four or several banks. 66% of the women prefer to work with one bank only, while the proportion of men is 58.5%.

Over 80% of the interviewees of the study expressed their agreement regarding the statements that the banks employees observe the deadlines regarding the requests lodged, were able to solve all issues, and the behaviour of the banks employees is trustworthy. Only 1% of the clients were in disagreement.

A percentage of over 71 of the clients interviewed agreed that the banking services can be easily accessed on the internet/mobile, all services they need are available at the same bank and they would  recommend the services of the bank to their relatives, friends and acquaintances.

At national level, 67% of the Romanians use banking products and services : approximately 79% of the users of banking services and products stated they use a current account (including salary card), 16% have a personal needs loan, 11% have a mortgage loan, 36% have a credit card, and 7% of the interviewees have an overdraft.

As for saving, 14% of the interviewees have banking deposits and 14% use their saving accounts. A client can use at the same time several banking services and products.

The opinion survey was made on a sample of 1,479 adult interviewees, out of whom 1,158 are banking services users, the maximum error tolerated being +/-2.8%.