BCR's Stellar 2024: A Mobile-First Paradigm in Romanian Banking
BCR Group Announces 2024 Results: Increased Business Activities with Clients, Significant Advancements in Economic Financing, Digital Banking, and Education Sector Support
In the burgeoning world of fintech, Banca Comercială Română (BCR) has blazed a trail, leaving a sizable footprint in the Romanian banking sector. The bank's impressive performance in 2024 was marked by a growth spurt, as the institution outpaced the market with a 19.2% surge in annual net profit, all while maintaining its commitment to the community and fostering financial literacy.
The Number Crunching: BCR's 2024 Scorecard
Beginning with its resounding success in the retail space, BCR's impressive loan portfolio expansion of 13.6% shrank the distance between them and their competitors. The bank's determination to financially empower businesses and individuals in Romania manifested in grants worth over 6,500 loans to companies that nurtured around 280,000 jobs. As for retail offerings, BCR's significant investments in digitalizing retail products paid off handsomely, with a whopping 87% of all private individual products—including home loans, savings accounts, and insurance—achieving full digital flow. This digital revolution extended to mortgages as well, with 2,000 customers accessing mortgages directly through their mobile devices, making BCR the industry frontrunner in digital mortgage solutions.
The impact didn't stop at the frontlines. Education was another critical pillar of BCR's strategy, with the bank plowing a tidy sum of €2 million into ZBOR, an expansive ecosystem for Romanian youth, offering education, personal development, and mentorship resources. Financial literacy programs Money School and Financial Coaching reached over 1.8 million people, equipping them with financial management know-how and facilitating tailor-made financial planning for life goals.
Accelerated Digitalization: BCR's Super App Trumps All
Users have embraced BCR's digital ecosystem, boasting 2.53 million digital banking enthusiasts, 2.16 million active George app users, and over 2 million digital products opened on the platform. The launch of George Bills, a user-friendly bill payment option, found 60,000 users activating the service within mere months. BCR's app has grown to include over 350 service providers and diverse ecosystems like George for Business, George SmartEU, MedLife, Regina Maria, Bitdefender, QuickLegal, and Edenred, among others.
Community Care: BCR's Commitment to Society
BCR didn't forget its commitment to the community in 2024. The bank's charitable efforts encompassed various initiatives, such as a €200,000 donation to help children in Galati following floods, renovating the Constanta State Theatre's Studio Hall with €200,000, and investing €250,000 to foster sustainability education at the Ivan Patzaichin Museum.
Financial Literacy: Setting the Tone for a Bright Future
BCR continued its mission to empower the populace through financial education programs, reaching 1.8 million people with educational services and coaching over 1 million clients on personalized financial planning. Moreover, BCR's FinCoach section, George Tips, and virtual assistant ADA supported users in making intelligent financial decisions, while the "Rural Branch on Wheels" initiative made financial services accessible to remote communities in need.
Customer Engagement: Transforming the BCR Experience
In the increasingly competitive banking landscape, customer engagement and satisfaction hold the key to success, and BCR grasped this baton tightly. The "Alege bine pentru tine" campaign attracted over 150,000 new clients by doubling personal loan, credit card, and savings account sales, and transferring over 260,000 salaries to the bank. BCR continued to develop the open banking system, offering seamless account opening via partner apps like Kaufland, Lidl Plus, MyVodafone, Rompetrol, and Profi, while eMAG and BOLT joined the George Store to deliver exclusive promotions.
BCR's Impact on the Economy and Society
BCR westernized the retail banking sector by funneling €15.6 billion in new loans to individuals and microbusinesses in 2024, with unsecured consumer loans including credit cards and overdrafts rising by 51.9% year-on-year. Corporate loans of €13.9 billion accounted for nearly 28% of acquisitions destined for investments, showcasing BCR's commitment to bolstering Romania's economy.
Embracing the new-age banking landscape, BCR Leasing launched eBCR Leasing, a fully digital, online car financing solution for businesses, eliminating the need for bank visits and streamlining the car-buying process. Furthermore, BCR Leasing bolstered its partnerships with companies in construction, transportation, healthcare, and trade sectors, recording its strongest growth in these industries.
As part of its ongoing efforts to support entrepreneurs, BCR Social Finance granted financing to 2,500 micro-enterprises, including 1,300 projects in the agribusiness sector, and 36 NGOs and social enterprises, impacting over 30,000 beneficiaries and sustaining 900 jobs. The financing supported the United Nation's Sustainable Development Goals (SDGs) in the areas of health, quality education, and sustainable cities.
Amplifying impact, multiplying opportunities
From the SkyTower in Bucharest to the bustling streets of rural Romania, BCR's digital solutions served over 5,200 employees, facilitating 2 million calls, and generating over €31.5 million for clients through its loyalty program, George Moneyback. Over the past five years, the bank has handled over 200 million digital payment transactions in public transport, recorded over 2.6 million smart parking payments, and modernized 30% of its branches, making each interaction effortless and convienient.
With 72% of BCR branches now cash-free, and 850,000 customers taking advantage of digital authentication, BCR has firmly established itself as a modern financial institution that caters to the Romania of today and tomorrow.
"In 2024, we stood alongside people and businesses in Romania, offering financial solutions to foster growth and instill confidence in the future," stated Sergiu Manea, CEO of Banca Comercială Română. "We have accelerated digitalization, brought financial education to over 1.8 million Romanians, and facilitated the development of young people through ZBOR. Our results underscore BCR's pivotal role in Romania's economy, strengthening our foundation for future growth and unwavering commitment to building a stronger, more connected, and more relevant Romania."
- BCR's resounding success in 2024 was marked not only by a growth spurt in annual net profit but also by a 13.6% expansion in its loan portfolio, moving it closer to competitors in the retail space.
- BCR's significant investments in digitalizing retail products in 2024 resulted in an impressive 87% of all private individual products achieving full digital flow.
- In an effort to foster financial literacy in Romania, BCR provided over 6,500 loans worth millions to companies, supporting the creation of around 280,000 jobs.
- The bank's financial literacy programs, such as Money School and Financial Coaching, educated over 1.8 million people, helping them acquire financial management skills and facilitating tailor-made financial planning for life goals.
- The launch of BCR's app, George, included over 350 service providers, and grew to incorporate various ecosystems like George for Business, George SmartEU, MedLife, Regina Maria, Bitdefender, QuickLegal, Edenred, and others.
- BCR's partnership initiatives extended to various sectors, including educational programs like ZBOR, which received €2 million in funding to support Romanian youth, and support to agribusiness enterprises through BCR Social Finance.
- To attract new customers, BCR's "Alege bine pentru tine" campaign successfully doubled personal loan, credit card, and savings account sales, as well as transferred over 260,000 salaries to the bank. The bank's digitalization efforts also led to partnerships with eMAG, BOLT, and various retailers, offering exclusive promotions.
