Digitalisation in the financial sector will pressure society to prepare for the next wave of innovation, according to Bank of Valletta’s Head of Multi-Channel Banking & Business Payments Tonia Naudi.

“Banks have a critical role in our road to developing end-to-end digitalised solutions, as they tailor products that provide customers and businesses with faster, efficient and more environmentally-friendly propositions,” she said during the SME Week organised by the European Commission.

The bank noted that almost three in four European banks have seen an increase in digital transformation and greater focus on technology in the financial sector. At the same time around 65 per cent of worldwide experts recognise that even the greatest banks in the world should induce a greater sense of innovation in their market offering.

“Since last January, we’ve seen a reduction of 34 per cent in cheque usage and an increase of 20 per cent in digital payments. Moreover, around 87 per cent of BOV card transactions are conducted in contactless mode. These are continuous milestones that encourage us to ensure a seamless experience for our customers whilst protecting them from any potential cyberattacks, hence providing them with convenience and security in one single package,” BOV said.

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