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2019 SME banking innovations in Eastern Europe and Central Asia

Financial institutions operating in Eastern Europe and Central Asia were active in providing innovative services and solutions for small- and medium-sized enterprises (SMEs) in 2019. In fact, financial institutions in these regions implemented 20% more such services and solutions than in 2018, with more than 40 financial institutions distinguishing in …

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Digital transformation risks for Russian financial institutions

The COVID-19 pandemic has given Russian financial institutions the impetus to increase the implementation and use of innovative financial technologies, which will, in turn, serve to further accelerate the process of digital transformation in the financial sector in the country. At the same time, the benefits associated with digital transformation …

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Digitization an inevitability in Kazakhstan

Kazakhstan began its journey toward digitization in 2006. Since that time, digitization has gained much traction in the country in both the public and commercial sectors. Our friends at Terrasoft sat down with Nurlan Akshanov, deputy chairman of Construction Savings Bank (one of the largest banks in Kazakhstan) to discuss …

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Video panel: the future of finance

Bloomberg convened a peer community of C-level technology executives and senior decision-makers to examine how financial services leaders are embracing digital transformation to improve business continuity, modernize processes and navigate mounting challenges. Watch this fascinating panel discussion to gain some interesting insights into how the COVID-19 pandemic is driving digital …

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Data’s role in digital transformation after COVID-19

In recent months, there has been a deep cultural change in the way we live our lives and conduct business. This change, brought on by the COVID-19 pandemic, is largely being driven by digital transformation initiatives, which became front and center as the world was urged to stay home. Fortunately, …

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What banking will look like after the pandemic

As we emerge from the COVID-19 crisis and look to the future, we can clearly see that banking will be very different than it was before. Perhaps most obviously, banking will move increasingly into online spaces as the measures taken to combat the spread of COVID-19 are exposing a greater …

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How COVID-19 could reshape China’s banking industry

With COVID-19 seemingly somewhat under control in China, the country’s banking industry is examining the damage and preparing for difficulties. In particular, the aftermath of the crisis is expected to test lenders’ resilience with a more than 50% increase in non-performing assets at the same time as a halving in …

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EU financial institutions facing unprecedented challenges

The European Banking Authority (EBA) has published a preliminary assessment of the impact of COVID-19 on the European Union (EU) banking sector. The main findings of the assessment are: Financial institutions entered the crisis more capitalized and with better liquidity compared to previous crises. The crisis will have a negative …

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The importance of FinTech in emerging markets

FinTech services have quickly become fundamentally important for continued development in emerging markets. This is largely due to the fact that access to financial services for many in these countries, especially those living in more rural areas, occurs thanks to FinTech solutions that allow consumers to interact with financial institutions …

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7 things COVID-19 changed in Kazakhstan’s banking sector

COVID-19 has impacted the way Kazakhstanis are living their lives, and many believe that the new normal will look very different from the old one. Within the banking sector, COVID-19 has pushed 7 key changes: Push toward online – COVID-19 has forced a quick transition to online financial services as …

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National Bank of Ukraine updating financial sector development strategy

The National Bank of Ukraine is updating its development strategy for the financial sector, taking into account the COVID-19 pandemic. Specifically, they plan to: Consider the possibility of transferring the functions of the Social Insurance Fund to insurers as a way to improve service quality Increase efforts to boost cybersecurity, …

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4 ways COVID-19 is improving the banking sector of Uzbekistan

The banking system of Uzbekistan has adapted well to the COVID-19 crisis, particularly in matters that allow consumers to conduct banking transactions easily and safely. Here are 4 ways Uzbek financial institutions have adapted to the COVID-19 situation to help consumers: Increased mobile app functionality –these apps allow for quick, …

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Video: how banking will change after COVID-19

Emmanuel Daniel, founder of The Asian Banker, discusses how commercial financial institutions around the world, by and large, failed consumers during the COVID-19 pandemic as well as the emerging new standards upon which commercial financial institutions are likely to be assessed in a post-COVID-19 world. Infographic: how bigtechs make their …

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5 ways FinTech startups are adapting to the COVID-19 pandemic

We’re now living in a new macroeconomic narrative, one with major changes taking place nearly every day. To survive in such conditions, it’s necessary to be flexible. Unsurprisingly, FinTechs are already starting to adapt to the new realities. Here’s 5 important things FinTechs are doing to survive and come out …

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