Digital transformation
The trend in the Andorran banking industry in the last few years has been to prioritise technological investment, especially in digital transformation projects. 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 digitalisation strategy initiated by Andorran banks.
Andorran banks spent almost €7 million in 2022 on promoting this digital transformation process, whose main aims are to change the technological architecture of businesses, make advances in the digitisation of communication channels, drive electronic banking forward to provide as many online services as possible and improve secure identification methods.
This investment went hand in hand with an increase in the number of digital users in the country’s three banks, which soared by 67% over the last year. It is also worth highlighting the growth of users of mobile apps, with an increase of 24%. Among the banking transactions that can be carried out over the Internet, those that have grown the most over the last few years are money transfers and transactions in securities.
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 digital transformation. This programme is linked to the government’s Strategic Plan H23, which prioritises the country’s economic and social growth.