Romania is making waves in digital sales within the entire Erste Group, ranking third in Europe, right after the UK and Poland. In 2023 alone, BCR (Banca Comercială Română), one of Romania’s leading banks, reported selling one million digital products through its George platform, as highlighted by Cristian Mustață, Executive Director of Retail, at the Future Banking conference.
The significant uptick in digital sales across BCR showcases not just a shift towards online banking but an embrace of digital services by the Romanian public. Since the launch of George in 2018, the adoption rate has soared beyond expectations.
Today, the digital ecosystem George boasts 2.3 million users, with nearly 1.9 million active mobile app users, marking a 13.7% year-on-year growth. Daily, half a million customers interact with George, underscoring its utility and popularity.
A Digital Product Portfolio
83% of retail products purchased by customers are done through George, reflecting a digital-first approach in banking. The portfolio spans unsecured loans, home loans, over nine insurance products, pension and investment contracts, and standard banking accounts and deposits. Digital sales now account for 99% of overdrafts, 93% for credit cards, and 91% for personal loans.
BCR plans to enhance the chat functionalities within George to further boost user engagement. However, the bank is mindful of balancing automated services with the need for human interaction, recognizing that customers sometimes prefer to speak with a person.
As digital banking evolves, Romania’s position within the Erste Group and Europe points to a broader trend of rapid digital adoption and innovation in the financial sector. BCR’s success story with George illustrates the potential of digital platforms to transform banking services, making them more accessible, efficient, and tailored to customer needs.
