Two banks carry out Internet banking transactions worth a quarter of GDP

Internet banking systems of ING and BRD saw transactions worth 31 billion euros in total conducted in 2009, i.e. more than a quarter of Romania’s 116 billion-euro Gross Domestic Product. BCR and Raiffeisen Bank together cumulated 2.5 billion euros in Internet banking transactions. Internet banking, which allows customers to conduct banking operations on the Internet, without having to go to the bank, is one of the business segments of the financial services market that saw a significant rise last year, even in the context of the crisis. This mainly has to do with the fact that Internet services are cheaper than standard, paper ones.

Last year’s increase partly has to do with the penetration of Internet banking services in Romania – the lowest in the European Union, according to data from the European statistics office Eurostat. Only 2% of Romanians use this service, unlike the EU average of 33%.