Jet Bank has joined forces with fintech solutions provider Backbase to roll out the nation’s inaugural digital-only banking institution. This venture promises to transform how Albanians handle their finances, emphasizing a streamlined, app-driven approach that prioritizes ease, security, and transparency. The partnership has enabled a swift deployment, achieving full operational status in just six months from initial setup.
Jet Bank, a fresh entrant in the market and a subsidiary of Amsterdam-based Jet Holding B.V., is designed from the ground up as a mobile-first entity.
It aims to deliver modern banking solutions without the constraints of physical branches, drawing on established European practices to ensure robust compliance, governance, and data protection.
By focusing on user-friendly interfaces, the bank seeks to empower customers with greater control over their financial activities, from daily transactions to more complex services.
At the core of this initiative is Backbase’s advanced AI-enhanced Banking Platform, which acts as the core digital framework.
This technology unifies customer interactions across mobile apps and web portals, seamlessly connecting with essential backend systems such as core banking operations, payment processing, and external integrations.
The platform’s composable design allows for quick adaptations, enabling Jet Bank to introduce new features monthly based on user feedback, all while maintaining system stability and regulatory adherence.
Backbase handled the implementation in a hosted environment, accelerating the process from configuration to testing in roughly three months.
They also collaborated with partners like Facilization for core banking elements, minimizing risks and ensuring a cohesive rollout.
This digital bank stands out with its array of customer-oriented features, including effortless onboarding, lending options, investment tools, and AI-assisted guidance—all accessible via a single, intuitive app.
For Albanian consumers, this means faster, more personalized banking experiences that evolve in real-time, free from the hassles of traditional setups.
On a broader scale, the launch could catalyze innovation in the region’s fintech sector, potentially paving the way for expansions and novel products that align with global standards.
Fatbardha Rino, CEO of Jet Bank, highlighted the project’s vision:
“We aim to redefine banking in Albania with a service that’s straightforward, dependable, and attuned to daily life. Teaming up with Backbase provides the solid tech base we need for a quick start, while upholding the reliability of a regulated entity.”
Robert Mihaljek, Backbase’s Regional Vice President, stated:
“Jet Bank embodies the next wave of digital finance—agile, innovative, and customer-focused right from launch. Their decision to use a integrated platform over fragmented tools shows smart planning for long-term growth.”
Backbase, established in 2003 and headquartered in Amsterdam with a global footprint, specializes in empowering financial institutions through AI-driven tools.
Serving over 150 clients worldwide and acclaimed by industry analysts like Forrester and Gartner, the company continues to drive digital transformations.
For Jet Bank, this alliance not only facilitates a rapid market entry but also positions Albania as a emerging hub for fintech advancement.
This development underscores a growing trend toward digital-native banking in emerging markets, where technology bridges gaps in accessibility and efficiency. As Albania’s economy digitizes, initiatives like this could foster greater financial inclusion and competition.