Latvia’s residents are 24% more active in the use of internet banking services than average European Union residents. In Latvia, internet banking services are used by 81% of residents. Across the EU, on the other hand, only 57% of residents use internet banking services.
Latvia is 6th in the entire region; has been for two years. Only residents in Scandinavia and Estonia are more active than Latvian’s in that regard, according to the European Commission’s Digital Economy and Society Index in 2016.
«Latvia stands out among other countries with high quality internet banking services, which are more functional in Latvia in comparison with other leading countries – Finland, Sweden, Denmark and Netherlands. Use of internet banking services allows users to save time and budget, as well as contribute to the development of industries part of the national economy – specifically the IT industry,» – explains Mārtiņš Bičevskis, President of Latvian Association of Commercial Banks.
The actual number of internet banking users in Latvia is even higher – 97% of bank clients use internet banking services provided by their bank to conduct payments. Only 3% of bank clients carry out payments in official bank branches in person. Data from LKA shows that residents’ habits have changes significantly over the course of the past decade: in 2005, 46% of payments were being conducted in bank branches; in 2010, 10% of payments were being conducted on paper and only 5% in 2013. Internet banking services are offered by all banks working in Latvia.
«Use of internet banking services has become very active. It helps people realize their needs more easily and conveniently. With that, it is only natural for the use of internet and mobile banking services to rise – data of the index shows that the number of Latvian internet banking users has grown 6% in the past year. The number of financial services available digitally continues to increase. People also use those services more and more often. This applies to paying bills and carrying out transactions, as well as procuring services, adding changes to contracts and contacting the bank from anywhere,» – explains Swedbank Digital Service Department manager Diana Dubova.
Residents in Latvia can access digital services provided by the state and municipalities at Latvija.lv portal, as well as e-services provided by SRS, Latvenergo, Latvijas Gāze, Lattelecom and private service providers like LMT and Tele2.
«Habits of Latvian residents when it comes to e-services were largely developed by the easy and convenient accessibility. It is expected that the number of e-service users will continue to increase in the country. The state and municipal governments will feel more profound demand for new service,» – says DNB Bank’s Marketing and Communications manager Kristians Pudans.