Digital transformation
The Andorran banking sector’s transition to digitalisation has made it possible to improve its operational efficiency, strengthen cybersecurity and offer more tailored services, and enhance its users’ experience.
The main reasons for embarking on this transformation process have been the willingness of banks to adapt to changes in their customers’ habits and to deal with the new challenges and the emergence of new competitors. The COVID-19 crisis has revealed the benefits of the digital transformation initiated by Andorran banks.
The keys to the successful digital transformation of organisations are becoming clearly customer-oriented, while necessarily adopting emerging technologies and adapting their organisational structures to make them more agile, receptive and reactive to changes. This transition must also go hand-in-hand with coordinated integration of new technologies with their preexisting systems and appropriate preservation of privacy and data security.
At a national level, the Government, led by the Secretary of State for Digital Transformation and Strategic Projects, has drawn up a holistic transformation plan that sets out the most important actions to be carried out over the coming years in terms of digitalisation.
This programme is linked to the government’s Strategic Plan H23, which prioritises the country’s economic and social growth. In this area, the banking sector is contributing to increasing the productivity of the Andorran corporate world by financing companies and businesses seeking to move towards digitalisation, boosting the country’s entrepreneurial ecosystem and opening it up to new digital sectors.