Traditional Banks and FinTech in Bulgaria

Svetoslav Dimitrov – Member of the BoD of the Bulgarian FinTech Association, took part in Bloomberg TV Bulgaria’s “Business Start”. 

He talked about the future of the implementation of innovations in the traditional banking industry, the new sollutions that are already emerging on the market, as well as of the opportunities that will be created as a result the adoption of PSD 2.

The synergy between the banks and innovative FinTech solutions was discussed through the example set by the United Bulgarian Bank which recently released an update to their mobile banking app. It now allows the users to access and operate different bank accounts in several banks from one place – UBB’s application.  

One of the biggest challenges that the industry will be facing is in regards to the consumer behaviour in Bulgaria’s market, as consumers tend to be a bit more conservative when it comes to using innovative banking services. 

He also mentioned some of the pros and cons that the digitalisation of finance will bring. 

You can watch the full interview here

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