Personal Finance Goes Online at Romanian Libraries

Online banking is slowly coming to Romania, but many people continue to rely on cash. Research by the Association of Electronic Payments in Romania shows that while 85% of people in urban areas have a credit or debit card, only 56% use it two or more times per month. Rural areas have even fewer opportunities to transition to electronic banking because there are few rural branches for major banks. Libraries are serving as a platform to open possibilities to online payments and other expanded opportunities in personal finance.

In Salaj County, an area bank approached the county library director to ask if they could join the all-county librarian meeting to discuss their services, offer brochures, and ask librarians to allow them to visit their libraries to reach out to their communities. One such meeting, in rural Illeanda, gave bank representatives an opportunity to explain how their debit and credit cards work and transaction fees. While many rural communities have limited access to an array of banks, librarian Vasile Petrus explained that understanding how different banks work is important for them to make an educated choice, as generally, “People orient themselves to banks that provide ATMs relatively close nearby.”

Beyond basic orientation meetings, librarians are providing hands-on assistance and financial literacy education. In Cluj county, Adriana Bodocan found that patrons were coming to her for advice on choosing the right bank for their needs. She found resources online to assist them, and now helps them simulate taking out loans using the library computers. In one consultation, the patron compared offers from three banks to choose the best deal. Bodocan notes that “Not only banks and their services are of interest here. A number of people come in on a regular basis to pay their mobile phone bill through the internet.”

Combining financial and digital literacy is a powerful service that librarians are offering their communities. Patrons that come to Romanian libraries can find help as they learn to pay bills online, weigh offers for credit, and become increasingly adept at electronic banking. This important work is one way that libraries show they are one of the most important information providers in Romanian communities and a strong partner in development.