The digital agenda

A new stage of evolution

The market for financial & banking services is in a new stage of development, being concerned with redefining some new business models and developing new services, a stage meant to bring about more openness, transparency and competitiveness and stimulate innovation.

At global level, in the banking & financial sector, the new priorities are digitalization and innovation. The digital model has changed the game for ever: to stay relevant in financial & banking services means becoming an active part of customers’ digital lives.

The COVID-19 pandemic has brought about new challenges for financial institutions, for the business environment and for the population, with movement restrictions and social distancing accelerating the usage of remote services. If, until now, we were talking about the opportunities generated by technology, today, digitalization has indeed become a must in order to continue providing for customers access to products and services, efficiently and safely, on short and medium-term but also on a longer period of time – which cannot be known currently, due to the many unknown aspects in the development of this unprecedented global crisis.

The adoption of digital technologies in financial-banking services

Contemplating innovation and digitalization, the financial & banking industry is one of the most dynamic sectors, rolling out a number of projects meant to lead to major structural changes. These changes are related to enhancing the performance of the services delivered to customers but also to the automation and modernization of internal systems, in line with technological progress.

Adopting digital technologies in financial & banking services addresses consumers’ expectations and requirements regarding the simplification of the access to banking operations via the new information and telecommunication technologies, while, at the same time, enhancing the financial inclusion of the people living in less-developed areas.

The general amenity of Romania’s economy before foreign investors and competitiveness improvements in any domain – by providing a level playing field regarding access to payment applications and services, investments, loans and deposits – are the direct consequences of digitalization in banking & finance.

For the banking sector, the wide-scale implementation of digital solutions and the maximal turning to account of their scope potential lead to increasing customer satisfaction and to a larger customer base, next to cost cutting, which, in the end, will be transferred to the benefit of consumers – via tariff cuts for accessing and making several financial & banking operations.

Platform for Digital Agenda

The Romanian Association of Banks has been promoting dialogue with all stakeholders – institutions, representatives of consumer associations, the business environment, the mass media – in order to improve and harmonise the legal framework in force, so as to allow for the accelerating of the process of adopting digital technologies in the financial & banking sector.

The project targets certain types of problems which can be addressed in order to reach the aim mentioned above, such as:

Simplifying the procedures on the authentication and verification of customer identity under the KYC procedures:
Accepting digital documents and customers’ consent in digital format:
Simplifying the procedures on the proof of customer revenues:

Completed / ongoing projects

The Digital Agenda Platform includes the following completed / under construction projects of the banking community: