Interview with Dr. Éva Hegedüs, Chairman and CEO of Gránit Bank Hungary

16 Jan Interview with Dr. Éva Hegedüs, Chairman and CEO of Gránit Bank Hungary

How do you assess the current state of the Hungarian banking landscape, and what do you see as the main challenges and opportunities?

Hegedüs: Gránit Bank was founded 15 years ago in the aftermath of the subprime crisis, during a period of heavy losses, economic uncertainty, and weak public trust. I invested my personal savings and professional reputation as co-founder, starting with only a banking license. At a time when branchless banking was still seen as unrealistic, Gránit became Hungary’s first fully digital bank, built to meet modern customer needs.

From the outset, we combined the strengths of fintechs and traditional banks. Un-like most fintechs, we offer a full product range, including accounts, loans, mort-gages, credit cards, state-subsidized programs, and corporate financial services. Our growth has been defined by several milestones: launching as a digital bank 15 years ago; listing on the Budapest Stock Exchange last year, completing Hungary’s largest capital increase combined with an IPO and the biggest capital raise in 25 years; expanding retail services into Romania; and most recently, deploying artifi-cial intelligence across our operations.

The Hungarian banking sector remains strong, with high profitability, excellent li-quidity, solid capital levels, and ample lending capacity supporting the domestic economy and regional stability. Non-performing loans are at historically low levels. Sector growth has been driven mainly by retail activity amid a global slowdown, while Gránit Bank has outperformed domestic competitors in business growth over the past six months. Hungary’s banking market is highly competitive, with a strong presence of foreign-owned banks.

As the country’s first digital bank, Gránit is among the fastest-growing in the region, operating with a highly cost-efficient model and a non-performing loan ratio of just 0.1%, compared with the Hungarian average of around 2%. Following our stock exchange listing, we aim to deepen relationships with global partners, including U.S. investors.

As Hungary’s first fully digital bank and now the eighth-largest universal bank, what key milestones have defined Gránit Bank’s growth journey?

Hegedüs: As my colleagues like to say, innovation is in our DNA. We built a digital-first model to reshape customer experience and drive growth, and we were among the first banks in Europe and globally to introduce video banking, combining personal interaction with a faster and more cost-efficient digital channel. While cash transactions are not available through video banking, they are increasingly unnecessary due to ATMs, cards, and digital payments such as Apple Pay and Google Pay.

Adaptability has always been core to our strategy, and artificial intelligence represents the next major phase of innovation. Our first AI milestone was Gránit Guru, a virtual assistant that functions as a 24/7 personal financial advisor rather than a simple chatbot. We have also introduced AI-based support for mortgage loan documentation, improving customer experience, increasing efficiency, reducing employee workload, and shortening processing times. These developments strengthen our cost efficiency and reinforce our digital-first operating model.

How has Gránit Bank’s long-standing digital-first strategy shaped its growth and customer experience, and how do you see digitalization transforming Hungary’s banking sector more broadly?

Hegedüs: Gránit Bank has helped reshape customer behaviour through digital banking, creating strong opportunities for expansion across the European Union. Our first step into new markets came at the end of last year with our entry into Romania, where we now offer full retail services. Customers can access our services in Hungarian, Romanian, and English, with live support in their native language and the same digital experience available in Hungary. Our digital model has already proven successful internationally: around 25% of new customers joined us from abroad last year, and users from nearly 200 countries used the Gránit App to manage their daily finances.

As a carbon-neutral institution, how do Gránit Bank’s sustainability and CSR initiatives reflect your approach to responsible banking and long-term community impact?

Hegedüs: Sustainability and carbon neutrality are core values at Gránit Bank. Thanks to our branchless digital model, we have been carbon neutral since 2020, saving nearly two million kilograms of paper, protecting around 20,000 trees, and avoiding approximately 143 million kilograms of CO₂ emissions.

We were also among the first globally to introduce an Eco Calculator, allowing customers to track their environmental footprint and offset emissions through tree planting. Financial education is another priority for us: as a long-time ambassador of the global Money Week program, I actively promote financial literacy among primary and secondary school students across Hungary, reaching thousands of children each year.

Following Gránit Bank’s entry into Romania in 2024, what has enabled its international expansion, and how do you position the bank for deeper engagement with U.S. investors?

Hegedüs: Gránit Bank plans to continue expanding its international presence, building on partnerships already established with global players, including U.S. companies. Our technology-driven business model delivers value through above-average performance, strong cost efficiency, and innovation that supports financial system transformation.

We see Gránit Bank as a compelling investment story, with our stock exchange list-ing marking the first step toward strengthening international relationships. Our scalable digital model, fast profitability, and conservative risk management underpin our appeal to global investors. Investor relations are simple, transparent, and data-driven, with English-language materials, timely reporting, and direct access to our team.

For U.S. institutional investors, we emphasize predictability, repeatable margins, prudent capital ratios, sustainable growth, and strong ESG fundamentals.

Recognized as EY Entrepreneur of the Year, you are celebrated as a visionary leader – what have been the greatest challenges and proudest moments, and what are your ambitions for Gránit Bank’s future regional role?

Hegedüs: Gránit Bank has a real opportunity to become an international player. Our digital business model enables scalable expansion, and we are already evaluating the next steps beyond the Budapest Stock Exchange. Broadening our international presence is a natural and compelling opportunity for the bank’s future growth.