Over Half of Hungarian Bank Branches Disappeared in Ten Years

Published: December 06 2023

Over the past ten years, Hungary has experienced a significant decrease in the number of bank branches, with more than half of them closing. This trend can be attributed to the increasing popularity of online banking and the convenience it provides to customers. Despite the decrease in physical branches, the number of bank employees has remained stable.

The number of bank branches in Hungary has been steadily declining over the years. In 2013, there were over 3,100 branches, but by September 2021, this number had dropped to just 1,445. This decrease can be attributed to various factors, including bank mergers and the rise of online banking.

The increasing popularity of online banking has contributed to the decrease in bank branches. With the ability to perform most banking transactions online, customers no longer have a need to visit physical branches. This has led to a decrease in foot traffic and a shift towards digital banking solutions.

Despite the closure of over half of the bank branches in Hungary, the number of bank employees has not decreased. In fact, the average number of employees in Hungarian banks has increased over the years. However, there has been a shift in the types of roles that banks are hiring for, with a higher demand for IT professionals and experts in areas such as sustainability and fraud prevention.

While the number of bank branches has decreased, the number of ATMs in Hungary has remained stable. In fact, there has been an increase in the number of ATMs in recent years. However, Hungary still lags behind other countries in terms of the number of ATMs per capita. Despite this, the value of cash transactions per ATM in Hungary is among the highest in Europe.

The decrease in the number of bank branches in Hungary can be attributed to the rise of online banking and the convenience it provides to customers. While this trend has led to a shift in the types of roles that banks are hiring for, the number of bank employees has remained stable. Additionally, the number of ATMs in Hungary has not decreased, indicating the continued importance of cash transactions in the country.

How many bank branches have disappeared in Hungary in the past ten years? Over the past ten years, more than half of the bank branches in Hungary have disappeared. Currently, there are only 1445 branches in the country, compared to over 3000 ten years ago.

Why have so many bank branches closed in Hungary? The closure of bank branches in Hungary is mainly due to the increasing popularity of online banking. With the convenience of online banking, customers have less need to visit physical bank branches for their banking needs.

Has the number of bank employees decreased despite the closure of bank branches in Hungary? No, the closure of bank branches has not led to a decrease in the number of bank employees. In fact, the number of bank employees in Hungary has increased. As of September 2023, the average number of bank employees was 39,757, compared to just under 39,000 in the previous year.

Are there still job opportunities in the banking sector in Hungary? Yes, there are still job opportunities in the banking sector in Hungary. While the demand for bank tellers has decreased, there is an increasing demand for IT professionals, sustainability experts, climate change specialists, and experts in fraud prevention.

Has the number of ATMs in Hungary remained stable? Yes, the number of ATMs in Hungary has remained relatively stable. As of June 2024, there were a total of 4825 ATMs in the country, with fewer than 900 located in county seats. However, the number of ATMs per capita in Hungary is lower compared to similar-sized Western and Central European countries.

Why is the number of ATMs per capita low in Hungary despite the high cash transaction value? Although the number of ATMs per capita in Hungary is low, the value of cash transactions per ATM is the highest among European countries. This suggests that Hungarians rely heavily on ATMs for their cash transactions, and this value continues to increase.