First Investment Bank (Fibank) customers are the first in Bulgaria to benefit from the advantages of open banking.
Fibank customers can now add their accounts held with other banks to the My Fibank mobile app. My Fibank for Android OS is live and will be followed by iOS and internet banking,
Fibank Open Banking
Customers can perform the following transactions with their accounts in other banks:
- Add accounts from other banks;
- Check account balances;
- Make money transfers, and
- Receive account statements from other banks.
However, accounts from other banks can only be added when these banks are technically prepared and meet all regulatory standards. Currently, the new functionality allows adding accounts from one other Bulgarian bank.
Subsequently the scope of the service will be expanded. The new functionalities are only available to individuals and not company accounts.
The upgrade of the My Fibank platform allows customers to secure use of their accounts with different banks via single app.
Bulgaria – online banking rising sharply albeit from low base
Internet banking penetration rates remain low in a number of CEE countries. In particular, Romania and Bulgaria have been in the slow lane with online banking penetration rates of about 8%.
But according to GlobalData, internet banking adoption in Romania and Bulgaria has increased by 126% and 100% respectively in 2019 compared to 2013.
Fibank has a market share in Bulgaria by assets of about 9%. It ranks ahead of Raiffeisen and Eurobank. But Fibank ranks behind DSK Bank and Bulbank (UniCredit).
In early November, Fibank teamed up with Mastercard to introduce Apple Pay. Fibank customers who have a Mastercard credit or debit card can add it to their Apple Wallet.
In the first quarter of 2018 Fibank announced its new strategy focused on SME and retail lending. In the seven quarters since the strategy was disclosed the bank’s lending book is up by over 35%.