Financial Crime World

Andorra’s MoraBanc Leads in Digital Banking Innovation

MoraBanc, one of Andorra’s largest banks, has taken the lead in embracing digital culture in the banking sector. The bank’s commitment to digital transformation has yielded impressive results, solidifying its position as a leader in the industry.

The Importance of Digital Culture in Banking

According to Managing Director Lluís Alsina Àlvarez, “the present and future of banking hinges on the integration of digital culture with business.” This vision is at the heart of MoraBanc’s approach, which recognizes that digital transformation is essential for banks to stay competitive.

MoraBanc Digital: A Catalyst for Change

The bank’s commitment to digital transformation began several years ago with the introduction of the MoraBanc Digital project. This initiative aimed to adapt to the changing needs of clients in a rapidly evolving financial landscape. The results have been impressive, including:

  • Best Digital Bank and Best Mobile Banking App: MoraBanc was named World Finance’s Best Digital Bank and Best Mobile Banking App in Andorra for 2017.
  • Increased Online Banking Entrances: Online banking entrances increased by 24%.
  • Rising Money Transfers: Money transfers rose by 43%.

Driving Innovation and Growth

To drive innovation and growth, MoraBanc is working with fintech firms such as Inbenta, QuickBlox, and Web Financial Group. The bank is also a member of the Andorran ANDBlockchain commission, which focuses on blockchain technology.

Strategic Plan for 2020-2023

MoraBanc’s new strategic plan for 2020-2023 aims to continue profit growth, driven by business expansion in the Andorran market and international growth. The bank plans to strengthen digital banking and simplify processes to become more efficient.

Success and Ongoing Growth

MoraBanc’s commitment to digital transformation has paid off, with profits rising by 3.6% in 2017. The bank is now focused on ongoing growth, driven by its clear direction and talented team. As Managing Director Lluís Alsina Àlvarez notes, “we have made digital culture a part of our day-to-day routine, with a permanent investment in both technology and people.”