Governor Sejko meeting with the banking system: Digital transformation a challenge of special importance for the banking sector!
On January 9, 2025, at the initiative and under the direction of Governor Sejko, the Bank of Albania organized a meeting with the banking system in order to discuss the objectives, where banks can focus on further strengthening the banking sector; increasing their contribution to the development of the local economy, through credit financing of efficient business and family projects, and expanding the range of products and financial services for the public.
Discussions also focused on issues such as innovation promotion, SEPA membership, open banking, etc.
Governor Sejko said that digital transformation, through the continuous adoption of innovative technologies, remains of special importance for the banking sector. Banks must continue to invest in technology, highlighting the need for digital banking solutions to improve customer experience, address cyber security challenges and increase customer confidence in online services.
Triggered by the finalization of Albania's accession to SEPA (Single Euro Payments Area), as part of the first group of Western Balkan countries accepted in this area, the Governor called on the banks to continue preparations to respect the established deadlines, in order to realize the accession to the SEPA schemes and the execution of SEPA transactions for customers by 2025.
In this context, it is now time for the banking system to commit to being fully part of the SEPA systems, investing in technology, infrastructure and staff training.
This initiative is also expected to directly affect the increase in customer satisfaction of the banking sector, through increased efficiency of cross-border payments and integration into the European financial system, which will translate into faster and more cost-effective transactions in Euros for customers.
Another issue brought to attention was the crediting of the economy, the expansion of which has been translated as one of the main sources of supporting the economy with funds, as well as a driver of the growth of consumption and investments in the country. This sector, as a whole, has shown an increased prudence and a proactive approach to lending to different sectors of the economy, however, a special focus may be needed for the under-credited sectors and mainly that of small and medium-sized businesses.
The governor also focused on the importance of the quality of credit portfolios, in order to preserve a banking sector as healthy as possible and at the same time supportive of the country's economic development. He stated that the sector's careful approach during financing processes is a fundamental condition for further strengthening financial stability in the country.
Then, the meeting continued with discussions and exchange of views among the attendees, and was evaluated as very fruitful by all the participants, who expressed their commitment to creating a common work platform for the following period.
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