Alternative banking services are gaining popularity in Bulgaria.

Banks are concentrating on the development of this sector because it is easy, fast and very cheap.

Major investments are being made in online banking security systems, call centres, mobile banking divisions and strategic partnerships after the systems were introduced in Bulgaria in 2005, Pari daily said.

DSK Bank CEO Violina Marinova said that there was a lot of competition between banks, and each was seeking ways to offer the best possible products and services to customers.

Rapid development of the sector is expected, but there are concerns about the security of services.

According to Maria Sharlandzhieva of MKB Unionbank, a large amount of money was spent on security, and the level achieved was very good.

The main problem with alternative banking was the psychological barrier that exists for some customers, Sharlandzhieva said.