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Fintech for Growth: The Case of Albania
Proceedings of International Conference on Humanities, Social and Education Sciences - 2021
Merita Toska, Eneida Thomaj, Ledia Bregu
Stephen Jackowicz, Ismail Sahin
978-1-952092-18-3
250-273
This study aims at exploring the potential of financial sector innovation (fintech) as an instrument to boost economic development in Albania. Before the 2008 global financial and economic crisis, the Albanian economy witnessed high growth rates, slowing down and has not succeeded in recovering at the same pace. Amidst the economy's sluggishness, low innovation and ICT integration levels, structural reforms, EU integration aspiration, and consecutive natural disasters paralysed and kneeled heavily the economy. From a sectoral perspective, different sectors have sustained growth interchangeably, presenting high volatility and instability. Despite its immaturity and fragilities, the financial system in Albania has proved to be relatively stable, liquid, and well-capitalised (Bank of Albania, 2019). 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 is little knowledge and awareness about financial products among customers while usage propensity is positive. Financial institutions have long relied on traditional products, while there are space and capacity to move towards more innovative products.
Toska, M., Thomaj, E., & Bregu, L. (2021). Fintech for growth: The case of Albania. In S. Jackowicz & I. Sahin (Eds.), Proceedings of IHSES 2021-- International Conference on Humanities, Social and Education Sciences (pp. 250-273), New York, USA. ISTES Organization.
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