Kosovo Banking Association organized an inter-institutional meeting regarding the digitization of updating banking data

Does the process of updating your data at your bank seem complicated? In today’s world, where everything is modernizing and digitizing, is it a burden to go to the bank in person to update your information?

For this reason, and more, the Kosovo Banking Association organized an inter-institutional meeting with all relevant parties to enable the digitization and simplification of this process.

The modernization of banking processes, including the updating of client information in accordance with legal requirements and best international practices, is essential for the citizens of Kosovo. The banking sector is always at the forefront of digitization initiatives, and on July 17, an inter-institutional meeting was organized, bringing together key institutions such as the Central Bank of the Republic of Kosovo, the Civil Registration Agency, the Financial Intelligence Unit, the Information Society Agency, and representatives of the banking sector to decisively discuss the digitization of processes.

At the meeting, participants appreciated the adoption of Law No. 04/L-160 on the Civil Registration Agency, which allows the banking sector to consult the ARC database. This enables the digital updating of data without the need for citizens to be physically present at banks, enhances the verification system, reduces time, and simplifies customer care. Through this digitization, the financial sector improves data quality and contributes to enhancing the ARC system.

To finalize this initiative, the next step was identified as drafting secondary legislation and an administrative guideline to define the types of information that can be provided to institutions. This meeting marks a significant step toward a sustainable and digitized future for the banking sector, where the main beneficiaries are the citizens of Kosovo.