How Banks Were Chosen and Rated in Hungary before and during the COVID-19 Pandemic

Abstract

Banks can be chosen based on multiple factors, such as location, security, and e-banking functions. The characteristics of customers such as gender and age can also affect this decision. Since the digitalization of banking sped up due to the COVID-19 pandemic, the factors that affect this decision may change as well. To assess this, a questionnaire was completed by 156 respondents, and the results were evaluated using Pearson’s correlation test. According to the results, personal visits to the banks declined after the COVID-19 pandemic started. Furthermore, the number of e-bankers rose. When choosing banks, no gender-related relationships were found based on location, while older people chose different banks than their younger counterparts. The security of internet banking functions was not associated with bank choice, while the security of the mobile banking application was. Regarding the ratings of banks, males and females did not rate banks differently, and younger people tended to be more critical in their ratings. Security, accessible location, and good customer service can lead to more positive ratings as well. The findings can be used by banks in Hungary to improve their services in order to attract customers and increase their satisfaction.