the use of aips and aech, payment systems during their transactions in lek, on their own or their clients ’ behalf. we believe that through a more competitive policy in products pricing by the banking sector clients get more benefits and we may see an increase in their number and, subsequently, generate an increase in the revenues of the banking sector. third area, in which we are focused relates to the requirements to increase accountability in banking institutions management, asking repeatedly that professionalism, dedication and accountability be transformed into a work culture for all banking institutions staff. for that matter, we are continuously reviewing the processes through which the banks realise their decision - making, ensure control of certain activities and reporting chain within their institutions, as well as their interaction with the public. internal control systems define, mostly, the capacity of an institution to operate securely. these are necessary to avoid any gap that may be abused to the disadvantage of the institution. hence, in its regular communication with banks, the bank of albania has requested that they undertake all necessary measures ; in terms of money, human resources and technology ; to guarantee the security of any banking [ trans ] action. concluding, i would like to underline that the bank of albania shall always be at the position the public expects it to be, in order to satisfy, at any given time, its legal responsibilities for price level and banking sector stability. in this process, state authorities, in particular the judiciary, would be needed to offer their indispensable cooperation and consider banking system issues a high priority, with the knowledge that a stable economic development of the country depends on it. the bank of albania calls on all relevant factors to accelerate their structural reforms on property title and execution of collateral as well as undertake a number of other administrative and bureaucratic regulations which affect banking system costs. inviting you to openly discuss on these issues, i thank you for your attention! bis central bankers ’ speeches

profitability of each customer segment and individual customer. when the process is running smoothly, the bank can use business intelligence and planning technologies to monitor the success of its initiatives and feed the information gained back into a continuous improvement cycle ; thus riding its way to success and meet its growth and customer profitability targets. banks should move towards setting new standards that would enable them to attract, retain, and service customers with superior speed, efficiency, and satisfaction. in the banking industry use of information technology ( it ) is omnipresent. from acquiring a customer, servicing the customer ’ s needs, building the customer relationship to managing employees, processes and partners, every action in the bank ’ s value chain relies on technology to ensure efficacy and efficiency. retail banks that will survive and thrive in the current economic climate are using new technologies and channels to grow revenue from basic services, such as deposits and loans, by understanding customer needs, providing relevant products and services cost - effectively and calculating the unique lifetime value of customers to the institution. i would conclude by posing the following three questions to the audience : is it possible for us to make our banking paperless? cheque less? cash less? i know that the answers to these questions are not easy and nobody has a readymade answer. but this should put us on the track to think “ differently ” and think “ big ”. it would definitely take time to achieve the above goals but it is not impossible. let me tell you that this is already happening globally. it is possible for us to leapfrog to achieve the above objectives? i hope it would be possible for the participants this summit to deliberate on these issues and give some broad recommendations for the banking sector to emulate. i wish the summit a grand success. thank you. bis central bankers ’ speeches