27.09.2024.

Twice more distance financial contracts

Q2 2024 saw a vigorous y-o-y rise in the number of concluded distance financial contracts. The clients of banks offering this service are increasingly using its advantages, favouring the easiness, speed and comfort of contracting financial products and services “from the armchair”.

In Q2 2024, 75,308 such contracts were concluded, twice more (102.5%) than in the same period last year. Of this, 20,335 contracts were concluded via video identification – in case a client contracts bank services for the first time – up by more than three times (219.6%) y-o-y. The remaining contracts were concluded electronically (54,973) – in cases when the client has already concluded a business relationship with the financial service provider and wishes to contract the use of additional services. This category is also on the rise: 78.3% y-o-y.

In terms of the type of financial product, in Q2 2024 citizens opted for distance contracting more than in Q2 2023, in respect of all services – 410% more payment accounts were opened (16,850 vs. 3,307), 154% more overdraft services were contracted (17,109 vs. 6,723), demand/time savings were up by 88% (5,220 vs. 2,782), other services ^[1] by 51% (5,846 vs. 3,863), and cash loans by 48% (30,283 vs. 20,513).

A graphic overview of data on the provision of payment services and the issuance of e-money in Q2 2024 is available on the NBS website, section for payment system statistics.

^{[1] Оther services include contracts relating to cards, loan insurance, eServices, account packages, standing orders, direct debits, etc.}

Payment System Department