Payments, the most digitized service by banks - BoA: Customer experience, in second place. Credit and risk management, still at the counter
Albanian banks have digitized a significant portion of their services, especially in the area of payments. According to a survey conducted by the Bank of Albania, 58.8% of banks assessed their level of digitalization as “high”, while 41.9% assessed it as “average”.
In the area of payments, 23.78% of banks declare a “very high” level of digitalization and 49.9% reported a “high” level. This is in line with global trends in the digital journey, where in the early stages of digital transformation banks often prioritize payment services due to their critical role in customer engagement and convenience.
Customer service is rated the second most digitized area, with 42.56% of banks rating the digitalization of this area as “high.” This indicates the sector’s increasing focus on improving customer experiences through digital channels and automation, addressing customers’ evolving expectations for seamless banking service.
On the other hand, internal operations, especially back-office functions, show moderate levels of digitalization. A significant portion of banks (58.8%) rated this area as “high”, while a smaller segment (8.2%) reported “low” levels of digital adoption. Digital transformation in back-office processes is essential for operational efficiency and cost reduction, although some banks remain in the early stages of this transition.
Credit services and risk management are the least digitized areas, with 27.88% of banks rating the digitization of credit services as "low", and some even indicating a very low level.
Similarly, risk management has experienced limited digital adoption, reflecting a cautious approach to these important areas of banking business, where mistakes can have significant consequences.
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