Citizens and companies increasing use of online banking services and mobile payments
04/03/2022
Citizens and companies in Montenegro are increasingly using online banking services and mobile payments. It has been noticeable since the COVID-19 pandemic, concluded the study “Digital banking and payment services in Montenegro – User perspectives”, conducted by CEED Consulting from Podgorica.
Out of the total number of surveyed citizens, online banking is used mainly by citizens aged 25 to 54 (72.8%). In comparison, 36.6% of them did not have the opportunity to learn the basics of banking and personal finance during their education.
When it comes to companies, the survey showed that slightly more than half of the respondents still prefer to go to the branch (55.6%). In comparison, every third company (32.5%) decides to use electronic or mobile banking.
The survey results, presented by Dragana Radević on behalf of the CEED Consulting research team, show that constant availability and saving time are the most common reasons citizens and companies use online banking. “When asked whether they will continue to use online banking after the COVID-19 pandemic, 100% of surveyed companies and 96.9% of surveyed citizens gave an affirmative answer,” Radević said.
“These results confirm that there is significant space for online banking’s further development. At the same time, they indicate the importance and need for the stronger financial education of bank clients and Montenegro’s citizens in general,” said Marija Radenović, advisor to the CBCG Executive Director.
Ivan Bošković, the Director of the CBCG Directorate for Payment System and Financial Technologies, pointed out that the accelerated technological development and new circumstances caused by the pandemic impose the need for regulators and the banking sector’s active action. “The role of the CBCG is to create conditions for the banks’ operations’ rapid transformation, to keep pace with customer requirements and respond to new challenges,” Bošković said.
Boris Rebić, project manager in the United Nations Development Program (UNDP), pointed out his satisfaction with this organisation’s opportunity to cooperate with the CBCG on developing the fintech industry in Montenegro within the project “Acceleration of digital management”. “The data we obtained with this research will lead to further improvement of the digital finance system and contribute to creating a fintech strategy. We believe that banks will also use it to feel the market’s pulse and adjust their business to citizens,” Rebić said.
The mentioned survey, which included 1020 citizens and 311 companies in Montenegro, was conducted at the CBCG initiative and UNDP support. Its objective is to obtain input for future CBCG activities to further develop online banking in Montenegro and primarily to draft a national fintech strategy.