FinTech Survey

Financial technologies (FinTech) can transform Montenegrin financial firms, the financial system and the economy in an inclusive way. Financial regulators, primarily the Central Bank of Montenegro and the Government of Montenegro, are conducting a survey to assess the feasibility, opportunities and challenges arising from the development of FinTech and digital financial services. Project National FinTech Strategy is supported by the EFSE Development Facility with funding by the European Union.

Your input is crucial. Therefore, we ask you and your organisation to respond to an online survey that should not take more than 30 minutes.

Start the survey

Surveys are segmented by institution/organization type. Surveys are active from 24 August to 16 September 2022. Please select the survey corresponding to the profile of the institution you are representing:

  1. Existing Financial Services Firms >>>

  2. FinTech and Alternative Finance Firms, including Technology Providers to the Financial Sector >>>

  3. Investors, Accelerators, Incubators, Development Agencies, and Donor Agencies >>>

  4. Financial Services Regulators >>>

  5. Government Ministries and Agencies >>>

  6. Associations >>>

  7. Universities/ Educational Organizations >>>


What is the purpose of this survey?

The survey will help policymakers assess Montenegro's readiness to adopt FinTech and digital financial services. The survey will also help them better understand innovators' obstacles and challenges and how to address them. Finally, the survey output will help policymakers to develop the country's National FinTech Strategy.

Why does Montenegro need FinTech or digital financial services?

FinTech or financial technology will help modernise Montenegro's financial system, benefiting financial firms and consumers. The financial sector will be aligned with the best international practices, which will help us build stronger relations with the European Union and the wider international community. 

What is FinTech?

FinTech refers to using technology in financial services to develop better and innovative products and services that can provide a better user experience at a lower cost. More importantly, FinTech has the potential to provide citizens and smaller businesses with better access to finance. FinTech is a global phenomenon and something Montenegro cannot afford to ignore. Watch the video to understand FinTech and its benefits better.

How is the survey conducted?

Your CEO has appointed a person in charge of coordinating survey responses. This person will find staff who can complete the survey, and you may have already received a call from them. The survey is completed online, and your representative will send you a link through which you can access the survey. After answering the survey questions, you will be asked to click the “Complete” button. That is all you need to do. There is no need to send the completed survey to anyone.

In which language is the survey conducted?

A FinTech consultancy firm based in London is helping us to design, conduct and analyse the survey. They will also be tasked with compiling a FinTech State report incorporating the survey results. Therefore, the survey will be conducted in English.

Who will participate in the survey?

For FinTech’s success, the entire ecosystem needs to work together. Therefore, this survey will seek responses from seven groups of organisations:

  1. Existing financial services firms such as banks, insurance companies, etc;
  2. Alternative financial firms, FinTech firms and providers of financial technologies (software companies);
  3. Incubators for business start-up accelerators and the investor community;
  4. All financial services regulators;
  5. Relevant government ministries responsible for promoting entrepreneurship;
  6. Associations and economic bodies representing financial services sectors;
  7. Universities and private educational institutions (to understand how to develop digital financial services skills in the country);

We expect a total of more than 200 responses from all participating companies. In each firm, a link to the survey will be sent to executive management, the head of a department, senior managers, and operational staff so that we get a holistic view of this area from different perspectives.

What are the benefits of participating in the survey?

  • An opportunity to have your voice heard in the National FinTech Strategy development.
  • Outlining your organisational challenges when developing digital financial services products or FinTech ventures.
  • Those challenges will be part of the National FinTech Strategy, which will remove some obstacles your organisation faces on its digital journey.
  • A better insight into your sector’s opportunities and challenges in developing digital financial services or FinTech products and services.
  • Comparing your organisation with the competition.

How long will it take you to complete the survey?

The survey should not take more than 30 minutes of your valuable time.

What if I cannot answer a survey question?

Please do your best to answer all questions as accurately as possible. Your input is essential. However, if you cannot answer a particular question, you can sometimes leave it blank. Where a response is required, in most cases, you will have a choice of information that will guide your response. If you still cannot answer the question, ask your nominated representative to clarify the question, and then try to answer the required question.

What if I think I am the wrong person to complete the survey?

If you believe you are not sufficiently qualified or knowledgeable to respond to the survey questionnaire or have been wrongly selected to complete the survey, do not hesitate to contact your designated representative. Inform them why you do not believe you are an adequate person to complete the survey. Your appointed representative can explain why you have been selected to complete the survey or can find a replacement if you have been chosen incorrectly.

How long will the survey last?

The survey will last from 24 August to 16 September. 

What happens after the survey is completed?

The survey will close on 16 September 2022. All responses will be aggregated, after which the analysis process will begin. The findings will be detailed in the report. The report will be forwarded to all participating companies and made public. We will also host an event to present the survey findings and discuss the next steps toward the National FinTech Strategy development.

What if I still have a question and cannot find the answer here?

If the FAQ section on this website has not answered all your questions, you can send your question to