2018-06-07 | 06:00Trade
Last year the customers of Polish banks made nearly 1.8 bn transfers to a total of PLN 4.7 bn – states the NetB@nk Report by the Polish Bank Association. Among banking services, it is the popularity of instant transfers which is enjoying the fastest growth, with 80 percent more such transfers made in 2017 than in the year before. At the same time the number of ATM cash withdrawals and of ATMs themselves are decreasing. This is accompanied by Poles’ becoming more positive about internet banking.
2018-05-17 | 15:00Economy
Businesses are investing more and more. By the first half of this year, the leasing volumes of machinery and equipment may go up by as much as 20 percent.
With a nearly 16-percent growth, last year was very successful for the leasing sector. The greatest boost could be observed in the segment of light passenger and delivery vehicles as well as in machinery and equipment. The latter segment has also continued to grow at a fast pace since the start of 2018. During the first half of this year we may expect these figures to go up by as much as 20 percent, as assessed by the BZ WBK Leasing experts. This can be attributed to the increased volume of investments made by businesses.
2018-05-17 | 06:00Economy
The Polish banking sector is developing a new specialisation. Product sales have been replaced with mortgage loan management
One of the effects of the banking sector consolidation in Poland is that banks are becoming more and more specialised. In the field of mortgage loans institutions are appearing which manage such loan portfolios. And while these institutions are not aggressively fighting for new customers, the example of BPH, a pioneer in this segment, shows that such operations can create new business opportunities. The Bank, whose spinned-off part was taken over in 2016 by Alior, had to build a new business model virtually from scratch. It has based a large part of its new operations on outsourcing.
2018-05-16 | 05:50Law
The upcoming amendments in Polish debt-limitation laws is good news for consumers, including fraudulent ones
The proposed changes in claims-limitation legislation will provide greater protection for debtors. Experts are warning that some fraudulent consumers might take advantage of this, as they would have more tools to avoid repaying overdue debt. These changes might have serious market implications. Most probably, they will affect claims management companies, businesses with overdue claims from clients and consumers themselves, as some financial products will be harder to get and more expensive, experts from the Conference of Financial Companies in Poland argue.
2018-05-15 | 06:00Stock market
The value of investments on the private equity fund market is growing. The well-off are using them as a way to deposit their money.
The development of private equity funds in Poland is gaining momentum. In 2017, the value of investments on our market reached nearly EUR 7 bn. But compared to developed markets we’re still going through the stage of early growth, says Michał Staszkiewicz, Vice-President of the Management Board, Private Equity Managers and MCI Capital TFI. The funds, which invest in private companies, are a good alternative to low-interest deposits and to the volatile stock market. They are more resistant to economic fluctuations, and they rely on long-term strategies and diversified portfolios. But this form of investing is not for everyone.
2018-05-09 | 05:55Stock market
Low inflation is good news for economy and consumers. This can mean two more years without any increase in interest rates
In March inflation was only 1.3 percent in annual terms and it was the slowest increase since December 2016 – the first month to have recorded an increase after 2.5 years of deflation. Such low figures are so surprising that they might even be incorrect, claimed Piotr Kuczyński, CAO at Xelion. But there is no risk of going back to deflation. The continuing slight increases in prices are delaying increases in interest rates.
2018-04-17 | 06:00Technologies
Fintech solutions are revolutionising the banking sector and online shopping. In two years they will be used by more than half of all people in Poland
The Polish fintech market, which includes companies providing financial services with the application of technological solutions, is one of the largest among Central and Eastern European countries. Its value is estimated at almost EUR 860 million. Every fifth Polish citizen is already using fintech solutions, and by 2020 the share is to rise to almost 50%. The dynamic development of fintech solutions enforces changes in the banking sector, taking the form of, e.g., instant online payment or instant borrowing instruments. Innovative solutions also have an impact on the development of online trade.
2018-04-13 | 05:00Economy
Unpaid debts of Polish entrepreneurs and consumers are a major issue in Polish economy, causing companies to lose approx. PLN 180 bn every year
More than 2.5 m Poles experience difficulties in the timely repayment of their liabilities. Unpaid debts is a major problem for the economy as a whole and for the enterprise sector, with businesses spending 5-6 percent of the total costs on dealing with the issue. In statistical terms, the percentage of recovered debt is low. For instance, bailiffs get back around 20 percent of debts. The experts of the Conference of Financial Companies (KPF) emphasise that the suggested changes in the regulations referring to the expiry of claims, with a more protective approach towards debtors, might make these statistics even worse.
2018-04-06 | 05:55Economy
PFR’s President: Banks are facing a great threat. They have to compete not only with each other, but also with financial services providers
“Poles have been exceptionally quick to embrace new financial and payment technologies. Among other factors, this has made Poland’s retail banking, payment system and credit products some of the most unique globally,” observed Paweł Borys, President of the Polish Development Fund. This has opened up a vast space for fintechs – innovative financial start-ups which are starting to challenge banks. Blockchain, the technology behind cryptocurrency, will be one of the leading technologies to change the financial services sector in the years to come.
2018-03-26 | 06:00Industry
80 percent of Polish companies have to deal with overdue payments. Using online debt collection services can boost the effectiveness of the collection process.
As many as 80 percent of enterprises are experiencing problems receiving on-time payments from their contracting parties. At the same time, however, only a little more than a half of companies check their prospective partners before engaging in cooperation. Although the waiting time is getting shorter and is currently 3 months on average, in over 46 percent of companies one in five receivables is overdue. Modern technologies provide easier ways to collect debts. An online application for debt collection can increase the effectiveness of this process by up to a half.