EY: Banks become less relevant for Romanians

Commercial banks lose their relevance to customers every year in favor of other providers of financial products that are easier to access and offer personalized services. The EY Bank Relevance Index has reached 73.4% in Romania, and is expected to keep decreasing. By comparison, the index amounts to 75.1% at global level. Romania has the second lowest index among the European countries which were included in the survey, after Italy. Among young Romanians aged 18-34, banks are even less relevant, and the value of the index for this age group is only 71.8%. Banks are also less relevant for Romanians with lower income, but have become more important for Romanians with annual revenues above USD 100,000. Among the Romanians that haven’t graduated from high school, the bank relevance index is to 57.3% whereas for those with university degrees the index reaches 77.1%. However, for people with post-graduate diplomas banks are less relevant. In their case, the EY Bank Relevance Index is 71.7%. editor@romania-insider.com