Digital transformation of the banking sector in Republic of Macedonia-state and opportunities for further advancement
Digital transformation of the banking sector in Republic of Macedonia-state and opportunities for further advancement

Summary/Abstract: Information communication technologies (ICT) advancements had a powerful meaning in the reshaping the banking industry and banking services during the last period. Hence it is essential to perform an analysis for the profound changes of financial digitalization on the demand and supply side in the banking industry, degree of digitalization in banking in general and particularly these processes in the Republic of Macedonia. The paper aims to determine the stance and the level of development of digital banking in the Republic of Macedonia, causes for current level of development and to provide further recommendation for forthcoming positive changes. Research results demonstrate that the growth of online and mobile banking on the global level has vast influence on the reshaping the market and competition in traditional banking. Moreover the outcomes indicate that the main channels for distribution of bank product are branch and the internet, yet mobile channel and its influence is undeniable. It is important to emphasize that the banks invested mainly in digitalisation of basic bank operations, yet the complex transaction digitalisation globally is nonetheless in the development phase. Republic of Macedonia experiences relatively low level of readiness for significant development of the digital banking which is limited on basic bank transactions. Such condition can be explained by the clients mistrust in e-bank services, lack of information for the digitalization's benefits, resistance for changing habits, etc. The research has been completed by utilization of the following methods: analysis, synthesis, induction-deduction method, statistical, logical, comparative method. Their exploitation is determined by the specificity of the research theme.

• Details
• Contents