Money Motion: Traditional banks in Romania and the entire region must prepare for a wave of technological changes. Cryptocurrencies and traditional payment methods will coexist

Expectations of increasing number of banks innovating, adapting, and integrating cryptocurrencies and other fintech innovations.

The digital transformation of the banking sector is inevitable, and traditional banks in Romania and Central and Eastern Europe must prepare for a wave of technological changes and adapt quickly to remain competitive. Not only are digital wallets and real-time payment options becoming mandatory, but artificial intelligence (AI), automation, Open Banking, blockchain technology, and cryptocurrencies will also become increasingly present in the banking system, according to representatives of Money Motion, the largest fintech event in the region, held in Croatia.

“The future of the financial-banking sector is undoubtedly digital, but it’s not a simple switch. Banks and the banking system have survived for the last 200 years, and it’s overly optimistic to think that crypto or any other single technology can completely replace traditional banking overnight. What we’re going to see is a gradual but accelerating shift towards digital payments and services. We will coexist with traditional and digital financial services for quite some time. Integrating AI, blockchain, and other emerging technologies will continue to reshape the industry. Data security and privacy will become even more critical”, Nikola Skoric, co-founder of Money Motion and founder of Electrocoin, the largest cryptocurrency company in Croatia, stated.

Thus, a significant digital transformation will take place over the next 5-10 years; however, complete digitalization remains unlikely, especially in the DACH and Balkan regions. These markets are still heavily reliant on cash, with Austria even discussing the possibility of guaranteeing the civil right to pay in cash, says the co-founder of Money Motion.

In a rapidly evolving financial landscape, traditional banks must embrace innovation and collaborate with fintechs to provide faster, safer, and more accessible services. In this context, the future of traditional banks will be a key topic at Money Motion 2025, the largest fintech event in Central and Eastern Europe, taking place in Zagreb, Croatia, on March 27-28, 2025.

“The CEE market, including Romania, will continue following the trend of digitalizing financial services, with more and more people seeking traditional banking services in a faster and simpler way. As our second-biggest market, Romania presents a significant opportunity for us to expand our services and meet the growing demand for fast, secure, and seamless financial transactions. With a growing network of over 35,000 top-up locations across the country and an increasing number of users, we are committed to making everyday financial transactions easier and more accessible”, Borko Buturac, COO of AirCash, an electronic money institution that provides users with a user-friendly mobile app for fast and secure money transfers, present in Romania since 2022, adds.

Can banks transform into FinTechs?

Banks are the backbone of the financial system, being highly regulated—an essential aspect that mitigates many risks. This is precisely why fintech companies play a crucial role, benefiting from greater flexibility to explore innovation up to a certain point before collaborating with banks to enhance the financial experience for all parties involved.

“We will see more banks innovating, changing, and approaching crypto. Banks will integrate crypto and other fintech innovations. In the long run, we are already witnessing a convergence between traditional banks and fintech innovations. It’s not about banks becoming fintechs, but about banks becoming more fintech-driven to stay competitive”, the co-founder of Money Motion points out.

At the same time, AirCash representatives state that fintechs have the agility to innovate and develop new solutions, but they will collaborate with banks due to their existing customer base, trust, and regulatory expertise. This collaboration brings the best of both worlds – security and stability from banks, combined with the efficiency and user-focused innovations of fintechs.

Cryptocurrencies, a viable alternative to traditional payment methods
Cryptocurrencies are increasingly being used as payment methods, with growing adoption and the development of stablecoins and crypto payment ecosystems. Traditional financial institutions are showing greater interest in this space, while regulations such as MiCA in Europe provide a legal framework for cryptocurrency usage.

“However, it’s important to note that we are not looking at a complete replacement of traditional payment methods. Rather, we are moving towards a world where cryptocurrencies and traditional payment methods coexist, each serving different needs and use cases. We had a great discussion on this at the last year’s edition of Money Motion with Nadiem Sissouno and Anton Mozgovoy, because it became very clear that alternative tokens already is a higher demand in our societies than the average perceives, and there is this distorted view of what you can, should or not pay with”, Nikola Skoric, co-founder of Money Motion concludes.

The novelties of the FinTech field will be presented and debated within Money Motion 2025, where solutions will be presented to contribute to the progress of digitization in the countries of the region.

Money Motion brings together more than 700 companies and 3,500 professionals from the financial and technological sectors, becoming the most important event in Central and Eastern Europe. As a hub of innovation, the event brings together diverse ideas, cultures and solutions, outlining the latest trends and visionary strategies in one of today’s most dynamic industries.

The organization of the third edition of the Money Motion event is possible with the help of several innovative companies, including ASEE, Monri, Mastercard, OTP banka, A1 Hrvatska, Croatia osiguranje, and LAQO.