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10th July, 2019

Hungarians visit banks less frequently

Customers are visiting bank branches less frequently and fewer transactions are carried out there as more services have become available in electronic form, Világgazdaság writes.

On average, CIB clients visit their bank 1.5 times a year, although the figure is higher for premium customers, at 2.6 visits.

OTP said its branches have personal contact with clients three times a year.

The Takarék group stands out, as customers in smaller settlements typically visit branches every month, mostly for simple transactions.

Takarék, the umbrella bank of savings co-operatives, had the biggest branch network with 1,000 units at the end of 2018.

OTP is next with 362 branches, followed by K&H with 207 and Erste with 112.

The number of bank transactions involving cash withdrawals or transfers dropped by 20% in the last four years at OTP and by 32% at CIB.

At 52 K&H branches, clients can withdraw money only from the ATM.

The number of cash withdrawals was down 10.5% year-on-year in the first quarter to 1.5 million, while cash deposits fell by 7.2% to 6 million in the same period.

Sources regularly consulted, with abbreviations used in text: Népszabadság (N); Magyar Hírlap (MH); Világgazdaság (VG); Napi Gazdaság (NG); Magyar Nemzet (MN); Népszava (Nsz); Kossuth Rádió news (KR); nightly TV news (TV).

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