TitleFintech for Growth: The Case of Albania |
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AuthorsLecturer Dr. Merita Toska, Polis University, AlbaniaDr. Eneida Thomaj, Paylink, Albania Res. Asst. Ledia Bregu, Bank of Albania, Albania |
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AbstractThis study aims at exploring the potential of financial sector innovation (fintech) as an instrument to boost economic development in Albania. The Albanian economy witnessed high growth rates before the 2008 global financial and economic crisis, which slowed down and to date has not succeeded to recover at the same pace. Amidst the sluggishness of the economy, low innovation and ICT integration levels, structural reforms, and EU-integration aspiration, the consecutive natural disasters (i.e., the earthquake of 2019, and the COVID-19 pandemic) paralyzed and kneeled heavily the economy. From a sectoral point of view, growth has been sustained by different sectors interchangeably, presenting high volatility and instability. Over the years, the financial system in Albania despite its immaturity and fragilities has proved to be relatively stable, liquid, and well-capitalized (Bank of Albania, 2020). Large financial resources are being held by the banking system under deposits, while investment opportunities are still low. Can a boost in innovation and development/ integration of ICT transform the financial system into an engine/driver for the sustainable development of Albania? In this study, we use a questionnaire-based survey to explore: (i) customers' (current and potential) perspective towards innovative financial products and ii) strategies perspective on innovation and ICT integration in the financial market and approach to innovative financial products and fintech. Our findings suggest that there’s little knowledge and awareness about financial products among customers while usage propensity is assessed as positive. Financial institutions have long relied on traditional products, while there are space and capacity to move forward towards more innovative products. |
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Keywordsfintech, Albania, development, banks |
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CitationToska, M., Thomaj, E. & Bregu, L. (2021). Fintech for Growth: The Case of Albania. In R. Thripp & I. Sahin (Eds.), Proceedings of iHSES 2021--International Conference on Humanities, Social and Education Sciences (pp. 250-273). Monument, CO, USA: ISTES Organization. Retrieved 21 November 2024 from www.2021.ihses.net/proceedings/61/. |
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