Application of Artificial Intelligence in FinTech: Efficiency and Use in Financial Institutions in Albania

Abstract

This study examines the use of Artificial Intelligence (AI) in the Albanian financial sector, with a particular focus on its efficiency and implementation methods within financial institutions. In a context where FinTech is significantly transforming the way financial services are delivered, Albania faces natural development challenges, but also holds potential for technological adoption. The study employs a combined methodological approach, including a literature review and empirical analysis of data collected through two structured questionnaires distributed to banks, microfinance institutions, and insurance companies. The results indicate that AI usage is still in its early stages, mainly focusing on functions such as customer service improvement, data analysis, and process automation, while more advanced applications remain limited. The main challenges include a lack of sustainable investments, trained resources, and clear technical and regulatory standards. Nevertheless, a positive trend towards technology adoption is identified, along with room for strategic interventions in training, infrastructure, and policymaking. In conclusion, the study emphasizes the need for a gradual, coordinated approach based on real capacities to successfully integrate Artificial Intelligence into Albania’s financial system.

Received: 17 May 2025 / Accepted: 19 July 2025 / Published: 01 August 2025