The 'revolution' in finance, innovations and transformations of 2025 - SEPA, open banking, credit regulation and the 'bonus malus' system
The banking sector, non-bank financial institutions of lending and payments, but also the insurance market will be in a deep transformational process throughout this year. The innovations that are expected to enter the financial market in general will further facilitate the access of customers by expanding and improving the services even further.
During this year that we have just started, payment transactions within the SEPA system will come into effect, drastically reducing the cost of international transfers for Albanians inside and outside the country.
Access to SEPA is expected to save Albanians at least 20 million euros per year. But this is a preliminary estimate because expectations are for even higher savings. According to the analyzes of the World Bank, currently a payment from Albania to the SEPA area costs almost 10 times more than a payment within the SEPA area. Meanwhile, the benefit is not only in value but also in time, because payments will be made much faster.
Also, in 2025, it is expected that open banking services will finally be active, which will enable Albanians to make payments through fintech institutions, using their bank account.
The Bank of Albania estimates that this innovation brings numerous benefits on the way to the formalization of the economy and financial inclusion.
The changes will also affect the microfinance market. With the entry into force of the new regulations, the granting of quick loans without a financial analysis of the borrower is expected to become more difficult. The package of changes comes into force on 1 January 2025, making this market safer.
A radical change is also expected in the insurance market. Finally, the application of the bonus-malus principle and other elements of risk will be realized. This measure brings differentiated prices for the mandatory insurance of tools, of course starting the application from January 1 of this year.
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