Study: Romanians’ expectations for the banking sector in 2021

After a year full of uncertainties, defined by rapid changes and immediate adaptation, it is important to look at how institutions manage to continue to meet the needs and expectations of their customers. Thus, Reveal Marketing Research conducted a study on Romanians’ expectations regarding banks in the current context, at the beginning of 2021. As we move more and more in the online environment, and efficiency increases through digitalization, the study asked Romanians to what extent do they consider that banks have adapted as well. How do respondents perceive the interaction with the bank in the context of the pandemic and what values ​​should banks transmit to their customers today?

“The pandemic, as a phenomenon, has brought a lot of negative dimensions, but as any crisis, it has also come with positive elements: from the digitalization of our daily lives to the optimization of many processes and to the suppliers’ adaptation to people’s new needs.” Says Marius Luican, CEO Reveal Marketing Research.

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32% of Romanians declare they are are sure that banks will continue to digitalize in 2021. Instead, a third of Romanians said they do not expect this to happen at all, and 35% of respondents are still not fully convinced of the digitalization of banks. Those in urban areas are largely convinced of this change in banking services – 39% said they are sure of the trend towards digitalization, compared to 22% of respondents in rural areas.

72% of Romanians consider that the bank they work with has adapted to a large and very large extent to the coronavirus context.

Regarding the help offered by banks to their clients during this period, over half of the respondents (56%) believe that the bank they work with managed to support their clients in the context of the pandemic. Young people have said to a large and very large extent that their bank offers services to help their clients – 65% of young professionals and about half (51%) of single millennials believe this. Similarly, educated people with children say that their bank has supported customers during this period – 53% of modern families have selected this option.

Romanians say they trust the decisions made by banks in this context. 62% of them consider that their bank is making the best decisions during the coronavirus crisis.

What are the most important values a bank should have from Romanians’ perspective?

Asked what are the top 3 values ​​that their bank should have, Romanians mentioned in proportion of 50% safety, seriousness (45%) and responsibility (45%). Given the uncertainty during 2020, it is understandable why Romanians prefer attributes that give them a sense of stability and security. For the more traditionalist segments that want stability, safety comes first – retired seniors, followed by traditional families are those who prefer safety when thinking about the values ​​of a bank (55% and 54%, respectively). Seriousness is a value mostly mentioned by young professionals (59%), and responsibility is preferred by single adults (59%).

A quarter of respondents (25%) mentioned digitalization as an important value they attribute to a bank. Those who prefer a digital bank are 38% of single adults. Similarly, educated people with children have selected the same option in a significant proportion – 35% of modern families believe that digitalization is a value that a bank should have.