Banking system to invest 19.3 mln euro in information technology in 2017

The Albanian banking system invested around 15.4 million euro in information and communication technologies in 2016, while the projected investments for 2017 amount to 19.3 million euro.

Albanian banks are trying to follow the global trend of digitized services as an important element in serving customers and having competitive advantages.

The Albanian Association of Banks held on Tuesday the first forum for retail banking services.

Deputy Chairman of the AAB Board Silvio Pedrazzi said that improving customer service is a top priority of the industry, especially in view of the changes that technological revolution has brought about.

“Today, a smart phone is not just a communication means for consumers, but also a source of information and a means to carry out transactions. We should not underestimate this evolution that technology is bringing. Traditional bank branches will not disappear, but they will be transformed to respond to this change. Customer expectations, technological development and regulatory requirements will dictate future changes. Retail banking will surely become very different from what it is today. To be successful in this process we will need huge investments. Just last year banks invested 15.4 million euro in information technology, while this year they plan to invest 19.3 million euro,“ said Pedrazzi

The banking business, both in Albania and elsewhere, finds itself at an important juncture of development this year.

The effects of the economic crisis have significantly shrunk the profitability of banks, but, meanwhile, they are facing a great need to invest in high quality services.

Wide adoption of technology is among the most essential issues for banks, not only to meet the needs of customers especially the younger generation, but also as a means to reduce operation costs.

Ersuin Shehu / SCAN

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