OTP Bank: the bank is in your hands

OTP Bank: the bank is in your hands

Of the numerous developments of OTP Bank, the most important innovation this year is the introduction of the new internet and mobile bank and the related Digital Service Contract. With the use of the new platforms, the credit institution offers a unique digital experience that puts the entire bank at the fingertips of customers. In the first step, the new Digital Service Contract was made available to all existing retail customers with an OTP Direct contract.

OTP Bank, as a key credit institution in Hungary, considers it particularly important to provide wide-ranging functionality and customer experience through an online solution that are on par with the personal service received in branches. With that in mind, the Bank revamped its internet and mobile banking services. The OTPdirect retail electronic service is gradually being replaced by the new Digital Service Contract, which simplifies banking for the Bank’s customers by providing easy access to countless new functions.

New application, old values

Based on the feedback of 1,900 respondents, the annual survey of MasterCard* found that the percentage of mobile banking users rose from 29 percent to 56 percent between 2018 and 2020 among cardholders. Obviously, smartphone penetration – which increased to 95 percent from 83 percent in the same period – is an essential condition for this growth.

The continuously expanding clientele and the increasingly frequent use of digital banking also brought about new customer requirements. OTP Bank recognised these new needs and responded to them by rejuvenating its retail internet banking service and mobile application which, after the successful conclusion of the pilot period, are now available for all customers who hold an OTPdirect internet banking service contract.

Registration for the digital service can be launched from the existing applications, OTP Bank’s website, or by downloading the new application from the App Store or Google Play portals. After the download, it only takes a few simple steps for customers to set up their own digital user accounts through which they can conclude the contract. After that, they will be ready to try the new internet banking and mobile banking functions, including the Expense Tracker, which enables them to get a clear and easily obtained overview of their finances. The system recognises items automatically, and classifies them into the appropriate expense category based on various criteria – such as receipts, utilities, shopping, transportation – before displaying them all on an impressive diagram. This can then be compared with the average monthly spending of the past three months, and the user can also check the status of the current month’s spending compared to the average.

‘At OTP Bank we are doing our best to become vanguards in offering top-quality, convenient and secure digital services to our customers’, said András Kuhárszki, director of digital banking developments at OTP Bank, in relation to the platforms. ‘When we embarked on our project to renew our internet and mobile banking services, it was not a simple facelift that we had in mind; we wanted to put communication with our customers on completely new foundations. We committed to this goal in order to enable the Bank to provide our customers with the same comprehensive range of services on our digital platforms as the one offered in our branches. The innovative functions, user-friendly platforms and transparent design assist our customers in improving their money management and keeping firm control over their finances’, he added.

Even more functions, simpler use

It was not only the externalities that were affected by the transformation; the internet bank and the mobile bank offer numerous, heretofore unavailable functions already, but thanks to the scheduled development process, upgrades and new services will become available on a regular basis from now on.

• In addition to the Expense Tracker function mentioned above, the Portfolio View function also gives the user a sense of financial control by providing uniform and coherent information to customers using the application on all of their savings held with OTP Bank.
• As an alternative to text messages, the mobile application sends instant application notifications (‘push messages’) to notify customers of card purchases and other transactions.
• Internet bank login is made simpler by using the e-mail address and password provided at registration.
• QR code cheque payment is also enabled in the mobile banking application.
• The platform is suitable to set up the 3D Secure Code and to approve online card transactions.
• Besides instant, standing and scheduled credit transfers, customers are also able to make donations to support current charity projects sponsored by the Bank.
• Government bonds can be purchased easily (even via smartphone).
• Even new customers can apply for personal loans (in the internet bank).

OTP Bank will continue to enhance the new internet banking and mobile application service in the future to further improve and maximise the range of the digital banking experience.

The new internet and mobile banking application can be downloaded from the App Store and Google Play.

For further information, please visit this page.

*Source: MasterCard Survey on Card Usage and Attitude. The survey was conducted by Free Association in October 2020. The survey is representative of the urban population.