OVES Enterprise: Digitization requests from banks have increased by more than 50% since the beginning of the year

Requests for digitization and optimization of processes from banking institutions have increased by over 50% since the beginning of the year, according to an analysis by OVES Enterprise, a Romanian software developer company.

In a competitive environment and in the effort to attract new customers, in a more difficult economic context, banks are ready to invest to confirm consumers’ expectation of having access, through technology, to better, simpler, faster services , safer.

The banking industry is facing challenges regarding the optimization and diversification of the activities carried out, and banks will invest significantly for infrastructure development, responding to growth needs and customer expectations. According to the latest report of the National Committee for Macroprudential Supervision, Romanian banks have budgeted, for 2021, approximately 1 billion lei for investments in digitalization, almost half of the cumulative expenses for digitalization from 2017-2020.

The digitization process in banks is currently accelerating, according to OVES Enterprise. Digitization investments by banks and fintech companies increased by around 30% in 2022.

“The pace of growth, with approximately 30%, of investments in digitization in the banking sector will also be maintained in 2023, with a very high probability of accelerating at the end of the year. Decision-makers in the banking sector understand that this is the only way they can remain competitive – if they invest more in digitization and process optimization. The banking sector now has the opportunity to develop innovative products and services that meet the needs of the digital customer”, says Mihai Filip, CEO of OVES Enterprise.

The experience gained in recent years in the development of digitization projects in the banking sector allows OVES Enterprise teams to access larger and highly complex projects focused on innovation and new technologies.

What banks are digitizing
User interface and user experience are at the top of banks’ concerns, most institutions wanting to improve applications (mobile and desktop), to make them more attractive, more intuitive and easier to use.

Security is also a focus for banks, as they look for new ways to identify vulnerabilities and prevent and limit cyber attacks. Now the route of the money and its origin are being checked more and more carefully, especially in the context of the war in Ukraine. And banks are successfully trying to use blockchain technology in making payments, for reasons of privacy, security and efficiency.

Additionally, banks are investing in the development of new applications that allow faster money transfers. Banks have also started to improve the consulting and lending side online with the help of AI.

The increase in the number of development projects for the banking sector contributes to a higher level of predictability on the evolution of OVES Enterprise’s business this year, with the company estimating a doubling of business in 2023, compared to 6 million euros, which it recorded at the end of the year last.