Wider implementation of video identification of clients, instant payment system, distance contracts and better networking are some of the recognized business solutions that would be part of the future reforms. Given that breakage with traditional models in providing banking services is made, e.g. “personal presence and paper work”, exchange of data between banks, payment institutions, tax authorities and public administration would make foundation for further improvement of related regulatory framework.
Reforms of banking sector have been recognized as tool for development of sustainable market economy, being based, among other factors, on competitiveness, good-governance, green transition and resilience. Looking ahead to better solutions that would increase capacity of banks to better understand the needs of financial services users and help them utilize the data to the maximum extent, would finally lead to procuring and preserving much needed trust in the system.
Wrapping up this comprehensive coverage, a joint conclusion was made that improvement and wider application of technology and further development of SMIs would help utilize the data to the maximum extent and build more efficient financial sector.