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Over a quarter of Romanians do not intend to use mobile banking services, while the usage share of mobile banking means is 22 percent, so that Romania ranks last in Europe, according to EY’s report about ‘Decoding mobile financial services – Innovation and collaboration to drive growth’.
Research reveals that more than 25 percent of Romanian respondents say they do not intend to use such services next year.
“In Romania, mobile first approach is vital for the development of financial services,” Aurelia Costache, Financial Services Advisory Leader – EY Romania, stated and continued: „We see the market in Romania banks that began to develop a digital strategy and to think about ways of collaboration between sectors. On short-medium term, both traditional financial services and the mobile services, will continue to co-exist. In future, an integrated approach made by all market players – telecom, financial institutions, apps developers, technology platform vendors – is essential to ensure the success of the current capitalization of financial services conducted through mobile platforms and for its growth rate.”
By comparison, in Europe, about 47 percent of people use mobile banking services, while in the US the percentage reaches 53 percent.
Currently, mobile money is available in 85 percent of countries where the vast majority of the population lacks access to a formal financial institution. In 2015, there were 29 cross-border mobile money initiatives connecting 19 countries.
Research points that service providers realize 96 percent cost savings when serving customers through mobile bank channels instead of branch tellers. Globally, around 10 million dedicated mobile savings accounts have been opened, and mobile credit services have witnessed a 50 percent increase in the number of services in 2014.
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