MNB Requests Banks to Submit Digital Transformation Strategy

MNB published a recommendation to strengthen the digital transformation of credit institutions. As part of the recommendation, MNB expects credit institutions to develop a comprehensive digital transformation strategy and timetable and send it to the central bank by October 31, 2021. MNB plans to continuously monitor the implementation of this strategy. The recommendation, which is a novelty at the international level, covers all significant areas of banking operations. MNB expects a report on the progress and re-measurement of the fulfillment of the commitments set out in the digital transformation strategy prepared by credit institutions, by December 31 each year, until the long-term objective of the strategy is achieved. The first report is expected in 2022.