Over 40 percent of financial decision makers in Romania view the current economy as weak, and a similar percentage expect it to weaken further in the next 3 months. Similarly, over 50 percent of consumers state their current financial situation is at least somewhat weak, and only 20 percent expect it to improve in the next months. While almost half of consumers have experienced reduction in income and savings, less than a third have been able to reduce household spending. Lastly, 60 percent of consumers are concerned about their job security, with a similar share having less than 4 months of savings.
Only 20% of consumers believe their bank exceeded their expectations during the COVID-19 crisis, as they seek more support from banks in terms of convenient credit terms (e.g., waiving late fees) but also improved service model via digital channels (e.g., website functionality for seamless online transactions across all banking activities).
More than 30% of consumers increased usage of contactless payments over the analyzed period, at the expense of cash. At the same time, increased usage of online and mobile banking services is expected to stay even after the crisis ends, with 27% and 24% of respondents, respectively stating that they will use them more once “normal life” resumes.
