The National Bank of Slovakia wants to become a partner to the market in introducing financial innovations—from the first idea all the way to supervision. In its presentation, it introduced the tools with which it supports innovation, as well as what is changing fastest in the market. At the same time, it drew attention to the risks and regulations that inevitably come with digitalization.
From Innovation Hub to Sandbox
The NBS Innovation Hub has been operating since 2019 and has already handled over a hundred cases. It serves as a guide for companies seeking a license or looking to enter the market, which often run into bureaucracy or ambiguities. The goal is to reduce friction and clarify the rules, but it remains true that you cannot enter a regulated environment unprepared—innovation must also respect the framework of customer protection and security.
The second pillar is the regulatory sandbox, opened in January 2022, which currently has two cases in progress. Entry into the sandbox requires greater readiness and a more mature business model, so there are naturally fewer applications than in the hub. NBS also actively engages with the market, attends conferences, and is a member of the European blockchain sandbox; the goal is to exchange insights continuously, not wait years for a "perfect" regulation.
Technologies Driving the Financial Market
The strongest shift has come from artificial intelligence, whose use rose markedly after the end of 2022. Companies deploy it in the back office, for translations, marketing, text generation, and code suggestions, although it still holds that outputs need to be checked. The catch-up of pandemic-era trends also continues—cloud and remote identity verification—as institutions complete the digitization of signatures and processes.
Today, the cloud is the most widespread technology across sectors, but with an emphasis on questions of outsourcing and data access. The reminder "the cloud is just someone else's computer" is not a cliché here, but a note on practical responsibility for data. In insurance, the Internet of Things is taking hold: from wearables in life insurance to telematics in cars, enabling products to be tailored to real customer behavior.
Risks, Regulation, and Digital Inclusion
The top priority is cybersecurity: better processes, testing, regular training, and stricter access management are already standard. The human factor remains a weakness, so companies curb risky habits—for example, installing unverified software or casually using USB drives. Regulations are responding to these challenges: MiCA regulates the crypto-assets market, DORA, from January 17, 2025, introduces rules for digital operational resilience, FIDA prepares open finance, and the AI Act (applicable from 2026) will bring obligations for the transparent use of artificial intelligence.
Despite Slovakia's weaker position in innovation rankings, there is reason for cautious optimism: companies are innovating and the regulator positions itself as a partner that helps separate honest players from fraudsters. However, digitalization also increases the risk of exclusion—the closing of branches and the shift of services online complicate life for people with low digital literacy. That is why, alongside financial education, NBS is developing projects to support digital skills, so that innovations are accessible and safe for as many customers as possible.
