Digital Citizenship, Digital Banking – Digitalization Proposals by the Hungarian Banking Association

Becsei, András and Csányi, Péter and Bógyi, Attila and Máriás, Endre and Gacsal, Márkó and Kovács, Levente (2023) Digital Citizenship, Digital Banking – Digitalization Proposals by the Hungarian Banking Association. ECONOMY AND FINANCE: ENGLISH-LANGUAGE EDITION OF GAZDASÁG ÉS PÉNZÜGY, 10 (4). pp. 369-403. ISSN 2415-9379

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Abstract

We present through the proposals of the Hungarian Banking Association (the ‘Association’) how further digitalisation of the individual steps of banking processes and the adoption of international good practices would improve customer experience, as well as the tools by which the banking sector could be made more competitive in international comparison. By following up on these proposals, the turnaround time of a standard mortgage loan application could be reduced from the current 15 days to only 15 minutes. Ideally, it would take such a short time for the binding bank offer and the draft loan agreement to arrive in the client’s electronic mailbox. Redesigning processes would simplify the use of other banking products and services, too

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