Sitemap

Dušan Lalić, Co-president Of The FIC Financial Services Committee (Generali osiguranje Srbija a.d.o.)

We Need More Digital Solutions

It is essential for the state and the financial sector to work on creating a higher degree of trust in digitalisation. Alongside this, it is important to work on removing legislative barriers that hamper the issuance of digital insurance policies

The outbreak of the pandemic had one good side, and that’s accelerating the digitalisation of the financial sector. Prior to the coronavirus crisis, more or less everything was conducted via branches of the financial sector, which was reluctant to transition to digitisation because, on the one hand, regulations didn’t allow it, while on the other hand, citizens weren’t ready for such changes. Major changes in the field came during the pandemic. Today, in the majority of the financial sector, citizens can complete everything from their armchairs. The state has done a lot on this front and reforms have yielded plenty of good results.

Financial sector services are today available to our citizens 24/7. There is less paper and bureaucracy, and what represents the key advantage of digitalisation is the easy and simple communication and sales process between the client and the financial sector. When it comes to shortcomings, I think two segments exist that require care to be taken. One is trust in digital products.

Research shows that citizens in Serbia have little trust in online purchases, even though the majority of them have smartphones. In other words, there is a fear of being defrauded and misled. We currently have a situation in which the financial sector has new digital solutions, but they still aren’t being utilised much. It is important here that the state, but also the financial sector, provide their own contribution to creating a higher degree of trust in digitalisation. The second segment is regulation.

We’ve launched an initiative to organise an annual conference of the financial sector that would include open discussion of all issues related to the advancing of these activities

In insurance, for example, there are still regulations in place that hamper the issuance of digital insurance policies. Our Committee provided its contribution to the development of digitalisation in this segment through active participation in discussions with the National Bank of Serbia and the Government of the Republic of Serbia on various topics connected to the digitalisation of the financial sector. The next steps, alongside the writing of a proposal for the White Book, are to continue the dialogue with state bodies and initiate new trends in the digital transformation of our sector.

It is extremely important to introduce regular workshops and seminars, in cooperation between the NBS and the financial sector, with the aim of ensuring constructive discussions, exchanging opinions and receiving instructions and directives for identifying the best solutions to protect the rights and interests of users of financial services. Advances must be harmonised with solutions that emerge from the aforementioned workshops. Only the joint work of the financial sector and the regulator can improve our clients’ level of protection. Financial sector education is an obligation of us all, or rather the entire financial sector must work continuously, together with regulators, on the educating of all users of financial services.

Alongside the educating of users, there must also be work on the educating of judges and other representatives of state bodies directly or indirectly included in the process of protecting users of financial services. When all of the aforementioned is taken into consideration, the FIC Financial Services Committee has already launched an initiative to organise an annual conference of the financial sector that would include open discussion of all issues related to the advancing of the financial sector. And I hope to have an opportunity to talk about the results of that conference next time.

CorD Recommends

More...

Nicolas Marquier, Regional Manager for the Western Balkans at the International Finance Corporation (IFC)

Financing the Future

IFC, the largest global development institution, has provided almost $1 billion in financing to Serbia’s private sector over the past six years IFC, as a...

Dr Ivan Todorović, Todorović Law Firm

Dedicated Advisors and Tenacious Litigators

The Todorović Law Firm has existed for more than 30 years and throughout that time has demonstrated its unwavering dedication to continuously advancing at...

Marija Stojiljković, Founder, Royal Nanny

Children Deserve the Best Nannies

Royal Nanny offers a wide range of childcare services, primarily through mediating between professional nannies and families, providing responsible, meticulous, trained and caring individuals Starting...

Petar Miljković, CEO, 14. Oktobar d.o.o.

Employees are the Company’s Real Strength

This former Kruševac giant, which has come a long way over the course of 100 years of operations, developing from a construction machinery factory...

News

Serbia Charts the Course to Smart Cities with Kragujevac Leading the Way

In a significant development for urban planning and technology in Serbia, a roadmap for smart cities was unveiled today...

Serbia, Slovenia, and Hungary Merge Power Exchanges in Energy Pact

In a significant move to streamline and enhance energy trading in the region, Serbia, Slovenia, and Hungary have unified...

Over Two Thousand Seek Employment in Serbia Through Open Balkan Scheme

Serbian President Aleksandar Vučić reported that, via the Open Balkan initiative's ID card system, 2,200 individuals have expressed their...

Peter Pellegrini Wins Slovak Presidential Election

Peter Pellegrini, the candidate from the ruling coalition, won the second round of the presidential elections in Slovakia, securing...

Strategic Energy Partnership Established Between Serbia and France

The Serbian Government adopted a Memorandum of Understanding between the Government of Serbia and French Electric Power Company (EDF),...

Peter Pellegrini Wins Slovak Presidential Election

Peter Pellegrini, the candidate from the ruling coalition, won the second round of the presidential elections in Slovakia, securing...

Strategic Energy Partnership Established Between Serbia and France

The Serbian Government adopted a Memorandum of Understanding between the Government of Serbia and French Electric Power Company (EDF),...

Serbia-France Innovation Forum Begins: Innovate for the Planet! Play Green!

At the Serbia-France Innovation Forum titled 'Innovate for the Planet, Play Green', which commenced at the Palace Serbia, French...

EU and EP Finalise €6 Billion Support for Western Balkans

The European Parliament and the Council of the European Union have finalised a deal to provide an additional six...

Zrenjanin Crowned Serbia’s Cultural Capital for 2025

In a ceremony held at the Serbian government, Zrenjanin was officially designated as Serbia's Cultural Capital for 2025. The...

Peter Pellegrini Wins Slovak Presidential Election

Peter Pellegrini, the candidate from the ruling coalition, won the second round of the presidential elections in Slovakia, securing...

Strategic Energy Partnership Established Between Serbia and France

The Serbian Government adopted a Memorandum of Understanding between the Government of Serbia and French Electric Power Company (EDF),...

Serbia-France Innovation Forum Begins: Innovate for the Planet! Play Green!

At the Serbia-France Innovation Forum titled 'Innovate for the Planet, Play Green', which commenced at the Palace Serbia, French...

EU and EP Finalise €6 Billion Support for Western Balkans

The European Parliament and the Council of the European Union have finalised a deal to provide an additional six...

Zrenjanin Crowned Serbia’s Cultural Capital for 2025

In a ceremony held at the Serbian government, Zrenjanin was officially designated as Serbia's Cultural Capital for 2025. The...