[ad_1]
Electronic banking is becoming more and more a part of everyday life among retail customers. Almost 11 percent more people entered K&H’s electronic bank between March 16 and April 15 than a month earlier. 36,000 “checks” were paid through electronic banking and more than 50,000 through mobile banking, an increase of 97% and 96% respectively. According to K&H, the spread of electronic payments is expected to increase even after the epidemic subsides, which can result in a decrease in the use of cash and cash.
The bank’s retail customers logged into the electronic banking interface 1.4 million times between March 16 and April 15 this year, an increase of almost 11 percent from the previous month. The mobile banking application was able to book 3.8 million K&H participants, which is 1.5 percent more than the previous month, the financial institution wrote in its statement.
In addition to logins, there was also a significant increase in wire transfers: the number of transfers sent from mobile banking increased by 31 percent to more than 19,000 on a daily average in mid-March.
K&H experts have recently seen a reorganization between electronic banking and mobile banking: the data shows that growth is greater than that of mobile banking services. This is related to the fact that more and more banking services are not only available on smartphones, they are taking on the role of computers and laptops. For example, the settings for card limits through the K&H electronic bank decreased from March 16 to April 15 of this year compared to the previous month, while the settings through mobile banking increased by 7, 7 percent.
Online payment instead of yellow check deposit
The impact of the coronavirus epidemic, with more people opting for electronic solutions instead of traditional administration due to restrictions, is particularly evident in the evolution of check payments. Between March 16 and April 15, the bank’s customers paid checks almost 36,000 times through its K&H electronic bank. More than 50,000 check payments were made at the mobile bank. The first represents a 97 percent increase over the previous month, while mobile banking payments increased 96 percent. So, in the space of a month, almost twice as many have turned to online tools. In addition to check payments, there is also a significant increase in card reloading operations: 27 percent more people made money with their cards through electronic banking than a month earlier.
Due to the outstanding expansion, more people are expected to bank online in the future, as these solutions are convenient, fast and secure. In the case of check payments, this would also be gratifying for the national economy, because according to central bank data, the cash stock in Hungary exceeds HUF 6 billion and represents more than 10% of GDP. The logistics and production costs of using cash are significant, compared to which electronic payment solutions are cheaper: they attract attention in communication.
“K&H has always prioritized the development of electronic payment solutions, digitization to make daily banking more convenient and easier for everyone involved. Thanks to this, many digital solutions are available to customers, and we see that in this situation extraordinary We are pleased that more and more people are open to virtual solutions, and we handle the increase in traffic and customer numbers due to the virus without interruption, “said András Árva, head of marketing for the K&H retail segment.
K&H announced a month-long campaign to encourage the use of digital banking products during the epidemic. As part of the donation program to run from May 1 to May 31, 2020, the bank will donate 10 HUFs to epidemiological hospitals after all online bank card payments and transfers from retail and SME customers. The amount raised at the end, about 50 million HUF, can be used to buy and maintain the tools and equipment hospitals need to fight coronavirus, as well as the costs incurred during work. K&H foundations support hospitals with the heaviest burdens due to the epidemic.
[ad_2]
