Implementing AI in FinTech: Evidence from Albanian Financial Institutions and Establishing an Interdisciplinary AI Laboratory

Abstract

This paper outlines a comprehensive strategy to facilitate the integration of artificial intelligence (AI) within the Albanian financial sector via a dual initiative: the creation of an interdisciplinary AI Laboratory at Aleksandër Moisiu University of Durrës (UAMD) and a nationwide survey evaluating AI utilisation in financial institutions. The AI Lab serves as a strategic academic centre, aiming to promote practical research, talent enhancement, and collaboration with the finance sector, thereby facilitating the co-creation of AI-driven breakthroughs. An empirical study involving 50 financial professionals was conducted to align the lab’s objective with industry needs, assessing the existing use of AI, obstacles, and expectations among Albanian banks, insurance companies, and fintech startups. Research indicates that 48% of institutions have initiated AI implementation, primarily for customer service, analytics, and credit risk evaluation. Nonetheless, other obstacles persist, including inadequate data quality, a lack of technical proficiency, and infrastructure constraints. Participants recognised essential priorities for expanding AI, including investment in personnel training, the establishment of specialised AI teams, and collaborations with technology vendors. The discourse emphasizes how the AI Lab can effectively meet these requirements through training, research collaboration, infrastructure assistance, and ethical AI guidance. The suggested methodology connects academics and industry to expedite digital transformation, enhance innovation capability, and provide context-specific AI solutions. The Albanian experience offers a replicable model for emerging nations seeking to integrate academic resources into their national AI development objectives, particularly in areas such as FinTech.

Received: 20 May 2025 / Accepted: 20 July 2025 / Published: 01 August 2025