Digital Banking Transformation in Romania. Pathway Toward Financial Inclusion and Education

This study analyzes Romania's digital banking transformation within the broader scope of international benchmarks, emphasizing key technologies such as artificial intelligence (AI), blockchain, fintech, mobile applications, big data, and cybersecurity and financial education programs developed by banks in order to use it. Through a comprehensive review of global case studies and Romania's own digital transformation, the study highlights both the advancements and challenges the country faces in terms of banking digitalization and also financial education. Comparative analyses of Romania's digital banking initiatives against more mature markets such as the UK, Singapore, and Sweden reveal gaps in technological adoption, regulatory frameworks, and customer inclusivity. This paper provides a detailed analysis of Romanian banks such as Banca Transilvania and CEC Bank, focusing on their adoption of digital tools, customer inclusion, financial education efforts, and operational improvements. It also discusses the societal impacts of digital banking on financial inclusion and financial education, particularly in rural areas and among older populations. Despite progress, Romania lags behind in digital maturity, as reflected in the Digital Economy and Society Index (DESI), which places it last among EU countries in terms of digital integration. A consequence may also be the lack of financial and digital education of the population. The study concludes with strategic recommendations for Romania to enhance its digital banking ecosystem, stressing the need for continued investments in technology, improved regulatory frameworks, and a stronger focus on financial education.