Online Banking in Bulgaria
In today’s modern world of high-tech solutions making our lives easier and better every day, online banking is being used more and more frequently by an increased number of people. The goal is clear – saving time and effort, better control over personal and business finances, overall improvement, etc.
Although Bulgaria has an impressively well-developed infrastructural telecommunication (as mentioned in our last article), up to this moment the level of online banking use has been rather low – hardly 5 % of all Bulgarians used this bank service in 2013. By comparison – the average share of people using online banking in EU is over 40 %. Tendencies are, however, eloquent – there is going to be a growth in this service popularization with more and more Bulgarians giving up skepticism and distrust towards this innovation.
Advantages of online banking
Online banking can save valuable time spent by many Bulgarians in bank branches queues today (mostly out of habit). Fast, easily and conveniently every payment can be executed from home, the office or even through a mobile device. Products on the Bulgarian market are various providing options for both passive and active banking.
Online banking could save many of the fees that are due in cash payments. Since Bulgarians traditionally avoid (if possible) administrative payments we should point out that the lack or reduction of fees due through online banking represents one of its most important advantages that will certainly contribute to its popularity increase.
Keeping track of all personal and business payments is another indisputable advantage of online banking. Using the latter every customer could have personal access to a data base showing all movements of their respective accounts and associated balances 24/7.
High-tech orientation and predisposition of Bulgarians represent an eloquent proof of online banking bright future in the country. And that will influence business environment in Bulgaria making any kind of transactions, communication with banks and financial relations between economic entities much more easily conducted. Practically – the intensive use of online banking will enormously enhance the local business process and will move Bulgaria even closer to the developed European economies.