Podgorica, March 4, 2022 – Citizens and companies in Montenegro are increasingly using online banking services and mobile payments, which is especially evident since the outbreak of the COVID-19 pandemic – these are the conclusions of 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 mostly used by citizens between the ages of 25 and 54 (72.8%), while 36.6% of them did not have the opportunity to get acquainted with 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%), while every third company (32.5%) decides to use electronic or mobile banking.

The results of the research, presented on behalf of the research team of CEED Consulting by Dragana Radević, show that 24/7 availability and saving time are the most common reasons why citizens and companies use online banking. “When asked whether they would 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.

“Such results confirm that there is significant space for further development of online banking and at the same time indicate the importance and need for stronger financial education of bank clients and citizens of Montenegro in general“, Marija Radenović, advisor to the Executive Director of the Central Bank of Montenegro (CBM).

Ivan Bošković, Director of the Directorate for Payment System and Financial Technologies in the CBM, pointed out the accelerated technological development and the new circumstances caused by the pandemic impose the need for active action of regulators and the banking sector. “The role of the Central Bank is to create conditions for the rapid transformation of banks' operations in order to keep pace with customer requirements and respond to new challenges“, Bošković said.

Boris Rebić, United Nations Development Program (UNDP) project manager, expressed his satisfaction with the cooperation between the UNDP and the CBM on the development of the fintech industry in Montenegro within the “Accelerating Digital Governance“ project. The data we obtained with this research will lead to further improvement of the digital finance system and contribute to the creation of a fintech strategy, and we believe that banks will also use it to feel the pulse of the market and adjust their business to citizens“, Rebić said.

The mentioned survey, which included 1,020 citizens and 311 companies in Montenegro, was conducted at the initiative of the Central Bank of Montenegro and with the support of UNDP, in order to obtain input for future activities of the CBM aimed at further development of online banking in Montenegro, primarily for developing a national fintech strategy.

“Digital Banking and Payment Services in Montenegro – User perspectives” study can be downloaded from here.