Governor Selimović: „Digital Transformation Requires Strategy, Vision and Courage“

The Governor of the Central Bank of Bosnia and Herzegovina, Jasmina Selimović, Ph.D. delivered the opening speech at the Economic Forum of Bosnia and Herzegovina, organized by the School of Economics and Business (SEBS). The theme of this year’s forum, the 10th in a row, was “Sustainable Development and Digital Transformation”, and it brought together experts, representatives of institutions, of business and academic communities, and international organizations aiming to encourage the dialogue on linking sustainable development goals with digitalization processes.

In her speech, the Governor emphasized that this topic has been provoking discussions in academic and business circles for many years and on how to best use technology for economic, social and intellectual progress.

“How can digital transformation change not only the appearance of the desk, but also the way we do our work and live our lives?”, emphasized the Governor, opening the Forum, adding that the opportunities are enormous, but that, at the same time, digitalization also brings numerous challenges.“

She pointed out that it is no coincidence that digitalization first found its place in the financial sector, which, in addition to being one of the most competitive sectors, is also the sector that had the resources for investment and digitalization, thus laying the foundation for the development of numerous other sectors – from online shopping to digital services.

“Today, we easily order products from various platforms around the world, book hotels, buy airline tickets... We forget that all of this would not be possible without online payment channels that enable these services,” said Governor Selimović. However, the question arises as to why there is a large gap between the public and private sectors today when it comes to digital transformation. As reasons for this, the Governor cited limited resources and resistance to changes in the public sector when it comes to introducing new technologies, as well as existing laws and regulations that are often not adapted to the digital age, which can slow down the implementation of digital solutions.

“The list of questions and unknown facts that are being raised is long, however, the essential reason for the lag lies in the lack of strategy, vision, and most importantly, will,” emphasized the Governor. According to her, a change requires courage, and public institutions often do not go that route. Digital transformation implies doing things in a new way and changing the business model. “Only then will the benefits of digital transformation be evident and we will be in a situation where we can save resources, both financial and human, and all others. In fact, I would say that this is the only, right way,” concluded Governor Selimović.

Speaking about the Central Bank of Bosnia and Herzegovina, she stated that the institution already has extremely developed and robust IT systems, but that this does not prevent it from continuously investing in further improvements. Among the prominent initiatives, she mentioned:

• Joining the SEPA system,

• Introducing instant payments

• The project of introducing QR code for payments

• Introducing an internal and qualified electronic signature,

• Exploring the potentials of introducing AI models for data analysis.

“These are all steps that lead us towards making the institution better tomorrow than it is today – for the benefit of the citizens and the economic development of Bosnia and Herzegovina.”

Finally, the Governor emphasized the importance of cross-sectoral cooperation:

“We cannot go down this path alone. Only when both the public and private sectors, each in their own field, take the initiative, make their contribution and start cooperating, we can expect tangible results.