Slovakias banked population share grows to 88%.

By bne IntelliNews September 26, 2012
The share of Slovaks who have some kind of banking relationship stands at 88% of the country's total population presently, up from 81% in 2007, a survey by GfK market research agency showed. Over the past five years, the number of banking clients in Slovakia rose by over half a million, mainly as a result of demographic development, as the number of persons at a productive age has also increased, the agency said. Most Slovaks maintain client relationships with a single bank. Less than 20% use the products or services of two banks, while only 4% are clients with more than two banks. About 80% of the Slovak bank clients have relationships with at least one of the country's top three banks, Slovenska sporitelna, VUB Banka and Tatra banka, which have been dominating the market for many years. When it comes to specific products, a current account is the most widespread one, having enjoyed the most dynamic growth in recent years, GfK said. While in 2003 only 59% of the Slovaks had a current account, the figure has increased to 80% at present. "Use of saving books is on the decrease while savings accounts are increasingly popular. There is untapped potential for using brand new banking products especially among the young population" GfK Regional CEE Executive Rastislav Kocan said. The share of the banked population in the region of central and eastern Europe (CEE) reached 80% last year, up from 74% before the global financial crisis broke out in 2008. "I expect a continuing development in this area - e.g. Poland has a huge potential with still roughly a third of the population being unbanked," Kocan said.
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