Problems and Challenges for the Financial Sector
The banking sector in Albania has been a promoter of the economic growth in the last 10 years.
Information and Communication Technologies have played a key role in the geographical spread, diversity and quality of services that are now available to the public. The major challenges of the banking sector in Albania are:
- Operating Cost Reduction remains an important theme, especially in the largest banks.
- Controlled Business Growth with a mainstream focus on profitability. The improvement of service and interaction with customers to offer new products and services and the promotion of electronic delivery channels as means used to increase revenues.
- Tighter Risk Controls and Supervision from central bank and international banks headquarters.
A future potential growth in the banking sector is expected to come from further development of retail banking and the introduction of investment and private bank services.
We believe IT to be a key enabler of efficiency in operations, market size growth rate, risks controls and innovation in the market space. The leading core banking solutions purchased from leading international software vendors being used by banks in Albania provide a secure, reliable and solid foundation of IT application architecture. Nevertheless, taking into consideration that such applications are supplied and supported from outside the country, the costs and time to customize the core applications to accommodate ever revolving local market requirements may not be cost efficient. The purchase of non-core modules from the core banking application vendor is a very costly approach, too. Contrary, the in-house development alternative requires a very high level of practical experience and qualified IT workforce that is hard to find and keep and may not work effectively for all banks and/or for all type of IT projects and developments.
Some of the Benefits of Working with Us
- Access to a professional, reliable, trustworthy IT expertise workforce to outsource IT development work on demand.
- Availability of off-the-shelf applications, designed and developed to satisfy local banks requirements that can be installed without the need for any customization or localization.
- Use of a one-stop-shop to implement turnkey solutions in a more cost efficient manner compared to international consultancy pricing.
- Flexibility to be responsive to the Local Market Needs
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