MagNet Bank and Its Diverse Business Activities

MagNet Bank is a financial institution that wears many hats. It operates a range of business activities, making it a significant player in the industry.

One of MagNet Bank's notable activities is its retail banking services. It offers a wide range of products and services to its customers.

MagNet Bank also has a strong presence in the corporate banking sector.

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MagNet Bank offers a range of services that go beyond traditional banking. One of its unique features is that it only invests in projects that benefit society and the environment.

The bank has been operating profitably for over 23 years, and its main goal is to promote transparency and financial literacy. It achieves this by providing its clients with detailed information about how much they contributed to the bank's annual profit.

MagNet Bank's approach to lending is also noteworthy, as it prioritizes projects that have a positive impact on society and the environment.

The MagNet Bank has been operating profitably for over 23 years, a remarkable achievement for a Hungarian-owned bank. It's a testament to their commitment to success.

Their main goals include promoting transparency and financial literacy. They aim to make a positive impact on society and the environment through their lending practices.

In their lending process, they give preference to projects that benefit society and the environment. This is a refreshing approach that prioritizes social responsibility.

The bank also takes a unique approach to transparency by calculating and sharing the amount each customer contributes to their annual profit. This level of transparency is rare in the banking industry.

By offering competitive interest rates, the MagNet Bank has become a standout in the market.

The Babaváro Kölcsön is a credit option that allows you to borrow up to 11 million forints.

You can use the loan for anything, and you won't have to pay interest on it until the end of the loan period. During the interest-free period, your maximum monthly payment will be 51,000 forints, including the fee for taking on the loan.

The loan period can be anywhere from 60 to 240 months.

You don't need to provide collateral for the loan, thanks to the state's guarantee.

The loan is connected to state child-raising support: after your first child arrives, the loan becomes interest-free until the end of the loan period.

After your second child arrives, the state will forgive 30% of the outstanding loan amount, and after your third child arrives, they'll forgive the entire amount.

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At MagNet Bank, you can avoid the dreaded bank account management fee, which increases every year, by going magnetically, that is, for free.

You can get the 150,000 forint ATM cash withdrawal benefit without having to declare it, and if you have an account at another bank too, you can collect a total of 300,000 forints every month.

MagNet Bank offers high-interest savings accounts, which is a rare find these days.

You can take out a state-subsidized loan like the Babavárok, or opt for a current account loan or a Green Personal Loan.

All eight of these features are available at MagNet Bank.

The MagNet Bank has had its fair share of issues, particularly when it comes to bank and factoring problems. The bank was fined 63 million forints by the MNB for various infractions, including issues with bank management, credit risk, and IT security.

The bank's internal controls were found to be inadequate, with problems identified in areas such as monitoring, data reporting, and risk management. The bank also failed to properly identify and report potential risks, including those related to large exposures.

The MagNet Faktor, a related company, also had issues with bank management, asset valuation, and IT security. The MNB fined the MagNet Faktor 17 million forints for these infractions.

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In 2016, MagNet Bank implemented a custom-developed CMS system that was initially tailored to their needs.

However, the supplier stopped supporting the custom implementation after a few years, leaving the bank with a poorly documented codebase.

The in-house IT experts struggled to maintain the outdated system, which posed an IT security risk and limited the product development and marketing teams' scope.

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The available element set was very limited, with only four page templates and six modules, forcing internal content providers to rely on manual processes.

One such manual process involved uploading calculator data through Excel sheets, consuming the time of expert colleagues.

The outdated system hindered the bank's ability to showcase its value-based operations and create a user-friendly interface for younger target groups.

The decision was made to switch to a modern, modular portal system that would provide flexibility in product innovation and corporate communication management.

The MagNet Bank and its factoring arm, MagNet Faktor, have both made mistakes. A comprehensive investigation by the Magyar Nemzeti Bank (MNB) revealed serious issues with the bank's corporate governance, risk management, and IT security.

The bank's corporate governance was found to be lacking, with problems identified in areas such as regulatory compliance, corporate-level oversight, and departmental management.

The bank's internal controls were inadequate, including issues with its IT infrastructure, data protection, and accounting practices.

The MagNet Faktor also had significant problems with its corporate governance, value impairment, accounting, and IT security.

A total of 63 million forints in fines was imposed on the MagNet Bank and MagNet Faktor due to the identified issues.

The bank was ordered to report back to the MNB by May 31, 2025, and February 28, 2026, on the implementation of corrective measures.

At MagNet Bank, you have several account options to choose from, depending on your needs and preferences.

One of the account options is the MagNet személyi kölcsön, which is a personal loan. The bank also offers a MagNet lakáshitel, a home loan, and a MagNet betéti kamat, which likely refers to a savings account with interest.

If you're looking for a simple account option, the bank's alapesetben 0 forintos számlavezetési díjat (zero forint account maintenance fee) is a good choice. However, if you want more flexibility, you can opt for the becsületkasszás számlavezetés, which allows you to choose a monthly account maintenance fee between 0 and 1,000 forints.

Here are the MagNet Bank account options mentioned in the article:

It's worth noting that the bank's banki önköltsége (banking fee) for the becsületkasszás számlavezetés is 400 forints.

MagNet Bank has made significant improvements in their online presence with the launch of their new portal. The new interface allows them to present their products and services in a more user-friendly web environment.

The analysis provided by MagNet Bank's new system includes detailed financial information, such as key financial metrics and ratios, as well as information on their market share and competitors. This information is essential for investors and customers to make informed decisions.

The analysis also includes information on the company's ownership structure, including the ultimate beneficial owner, and a risk assessment. This helps to provide a comprehensive view of the company's financial health and stability.

Here is a list of the key information provided in the analysis:

MagNet Bank's employees were able to work with 93 modules, compared to just nine previously, providing them with significant freedom and flexibility in agile customer service and communication.

The bank has seen significant growth in organic traffic and has ranked higher on search engine lists since the launch of the new system.

Redundancy was reduced and outdated frontend pages were eliminated, streamlining the bank's web presence and site map, making them clearer and more understandable.

The initial training was completed quickly, and support was provided for questions arising during real-world usage in the months following the launch.

The Product Owner's active involvement from August 2023 contributed significantly to the project's success, ensuring sound financial, professional, and technological decisions were made at every stage.

The hybrid team's work in harmonizing technological and design aspects proved essential to the project's success.

The final result met both user needs and technological possibilities thanks to the effective coordination and cooperation between designers and developers.

The new interface allows MagNet Bank to present their products and services in a more user-friendly web environment and adapt flexibly to changing market demands.

The image MagNet Bank now projects not only faithfully reflects their values but also exceeds their original expectations.

The appearance, structure, functions, colors, and forms of their website are all reflective of the bank's values and mission.

So you want to know more about the analysis process? The "Elemzés" section provides you with up-to-date company information, including a detailed financial analysis with the most important positive and negative information, as well as personnel data.

This section is packed with valuable information, including Alapinformációk, which gives you a rundown of the company's basic information.

You'll also find Kapcsolt vállalkozás információk, which lists connected company information, and Bankkapcsolatok, which shows the company's bank connections.

Pénzügyi adatok és mutatók provides you with the company's financial data and indicators, while Pozitív és negatív információk gives you an overview of the positive and negative information about the company.

Additionally, you can use the Piaci részesedés kalkulátor to calculate the company's market share, and Létszámadatok shows the company's personnel data.

The Végső tulajdonos section reveals the ultimate owner of the company, and Cégkörnyezet vizsgálat provides an examination of the company's environment.

Finally, the Kockázati besorolás section assigns a risk classification to the company.