TIRANA, January 24 /ATA/ The first digital bank entering into the Albanian financial market constitutes an important innovation for the banking system, marking a step towards the modernization of financial services and approximation to European standards.
Economy expert Romina Radonshiqi appreciated in an interview for the Albanian Telegraphic Agency that Albania has shown a willingness to embrace innovations, although it still faces infrastructure and information challenges.
“The digital bank will bring us closer to European banking markets and will increase the competitiveness of the financial system,” said Radonshiqi.
According to her, “Digital banking means lower transaction costs, time savings and increased competitiveness, both in terms of doing business and in the implementation of financial operations,” she said.
Radonshiqi stressed that the new digital bank is expected to serve as a model for other commercial banks, promoting the further digitalization of services and the orientation of the banking market towards technological innovation.
However, in addition to the innovations it brings, the full digitalization of banking services is also accompanied by significant challenges, the main one of which remains cybersecurity. According to the expert, the increased use of digital platforms exposes the financial system to new risks, including cyber-attacks, which remain a concern for citizens and businesses.
“This requires increased security measures and close cooperation between banks and regulatory institutions,” Radonshiqi stressed.
The first digital bank has already received approval from the Bank of Albania. It will operate without physical branches, offering banking services through digital platforms. /e.xh/r.e/ /a.g/p.s./
