Over half of Romanian bank interactions on new product purchases are through digital channels

There are now 48% fewer bank branches in Romania compared to 2008 57% of Romanian consumers buy banking products online, nearly double that of 2020 (30%)   Leading consultancy Kearney has released the latest data from its annual European Retail Banking Radar. The data reveals that for the first time ever, over half (52%) of all interactions that European customers have with their banks regarding new product purchases are on digital channels. In Romania, this percentage is even higher, at 57%. Digital banking gains momentum   Digital channels feature prominently in the customer journey, with more than two-thirds (70%) of all interactions involving a digital channel either for pre-purchase research or the actual purchase.   Spurred initially by the COVID-19 pandemic, the adoption of digital channels for banking has made big strides in the last five years. 64% of Romanian consumers opened a savings account online - nearly double that of 2020 (38%), in line with the European average. When it comes to consumer loans, 40% of Romanian consumers chose the digital channel to apply for one (vs 30% in 2020).   This marks a shift from the past, where digital channels were mainly for research and purchases happened face-to-face. Kearney’s report reveals a more balanced split between physical and digital channels across Europe.   From branches to bytes   The number of physical bank branches in Europe has declined significantly, dropping by 43% in the last 15 years. In Romania they dropped from over 6,500 in 2008 to less than 3,500 in 2024.   That being said, human interaction via either branches or independent advisers remain essential for high-value, complex transactions across Europe. Customer interactions with independent advisers in Europe actually grew by 50% compared to only a year ago. In Romania, almost one third of consumers work with an independent advisor when it comes to investment products.   Roberto Freddi, European Head of Financial Services practice, comments: “With regulation around digital financing continuing to evolve, banks must prioritise investments in advanced technologies, continuous employee development, and robust data management practices to remain a trusted partner in their customers’ financial journeys.   “While the value of face-to-face interactions remains crucial, building a powerful channel strategy will be essential to deliver seamless end-to-end digital sales. Customers expect the same level of service and information regardless of the channel they use, and our findings show that creating a cohesive customer experience will remain a key task to meeting this demand in the coming years.” ? Methodology?   The Retail Banking Radar is based on the segment reports of European banks and reflects actual figures as reported by individual institutions. Additionally, direct customer research is conducted on selected topics – this year, on channel use for banking products, customer loyalty, and the size of the threat from digital-only banks and fintechs – by surveying 500 respondents with representative demographic profile per country. About?Kearney??    Kearney is a leading global management consulting firm with deep-rooted expertise in strategic transformation. We work with more than three-quarters of the Fortune Global 500, as well as with government bodies and non-profit organizations. As a global consulting partnership in more than 40 countries, our people make us who we are. We’re individuals who take as much joy from those we work with as the work itself. Driven to be the difference between a big idea and making it happen, we work alongside our clients to regenerate their businesses to create a future that works for everyone.