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Tag Archives: Digital Transformation

How banks can adapt in the digital era

In the digital era, businesses are no longer built around products and services, rather they are built around customers. This is becoming true for banks too, with traditional banking management systems and operating models increasingly inadequate and ill-prepared for the digital world. Many banks are now faced with the need …

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The transformation of the CIO

To serve a changing market and respond to new competitors, retail banks and credit unions are rethinking and expanding the role of the Chief Information Officer (CIO). Beyond improving the traditional front-office and back-office digital functionality, the focus is increasingly on improving consumer experience. This has meant that CIOs have …

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Top 10 retail banking innovations in the world

The Efma–Accenture Banking Innovation award program is an initiative program aimed at identifying and awarding the most innovative projects in retail banking at a global level. The program, now in its fifth year, hopes to share the best practices worldwide. A total of 183 financial institutions from 59 countries submitted …

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Commerzbank’s focus on Digitalization

Germany’s Commerzbank has developed a multi-channel approach to providing support to its customers, using digital solutions for simple daily operations and establishing a trusting relationship with customers at the same time. The bank tends to remain focused its customers, and, as such, has pioneered many banking solutions such as the …

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Alfa-Bank’s digital transformation

Alfa-Bank, like many banks in Russia, is undergoing a digital transformation. The bank has divided this transformation into two main areas: customer-related and internal. Digitalization related to customer experiences includes how customers interact with the bank, products and services, the development of digital channels and creating an open ecosystem of …

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Digital technologies lagging behind in Central Asia

The conclusions of a World Bank report on the development of digital technologies in Central Asia are disappointing. Experts found that expensive and difficult access to the internet has become a barrier to the development of business in the region. In Tajikistan, it was found that only 17% of the …

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ICTForum 2017 held in Uzbekistan

ICTForum 2017, held in Uzbekistan, allowed participants to come together to discuss online banking, payment systems, payment through social networks, cloud solutions for banks, blockchain and other related topics. The forum also included a talk from Abdulaziz Sattarov, IT director at Ipak Yuli Bank, about the stages of digital transformation …

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Digitalization changing how finance works in Kazakhstan

In an increasingly digital world, people are expecting more from the technologies they use every day, and customers are increasingly becoming “hybrid”, i.e. using both online and offline solutions. As part of this digital revolution, the government is concentrating efforts to aid in this transition. The top priority is to …

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6 steps for CIOs to ensure digital success

Find out six ways CIOs can drive digital transformations and lead their companies to increased revenue. BigTech’s impending banking invasion BFC takes part in E-commerce and FinTech Hackathon 2019 Video: 10 strategic technology trends in 2019

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E-mortgage system launched in Azerbaijan

The government of Azerbaijan has completed the integration of an e-mortgage system, the Azerbaijani Mortgage Fund (AMF), into its e-government portal. This means that, as of August 1, 2017, it is possible to apply for a loan online without having to go to a bank in Azerbaijan. An electronic signature …

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Should – be – known facts about the ATM

The automated teller machine (ATM) turned 50 years old this June. In celebration of its 50th anniversary, here are little-known facts about the ATM: The first “cash-dispenser” was installed in 1966 in Japan. The first ATM was installed in London in Barclays’ Enfield branch in 1967. This specific location was …

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Araratbank to become a classic, digital and investment bank by 2020

Ashot Osipyan, CEO of Araratbank, announced his bank’s NewBank strategic development program which will transform the bank into a classic, digital and investment bank. Within the classic commercial bank structure model, the bank intends to review its structure and work to improve the efficiency of banking products, branches and financial …

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EY report: Fintech penetration rates around the world

The most recent Ernst & Young survey of more than 22,000 digitally active consumers highlights the impressive and rapid growth of the adoption of fintech and its variations within 20 different mature and developing markets. The study shows the following fintech adoption rates across 20 markets: China 69% Spain 37% …

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IT policies for more secured cloud usage

The following internal policies provide for maximum cloud data security and prevent unnecessary information leaks. Basic policies: employee trainings on how to handle sensitive data in various situations advanced access management which compartmentalizes departments and gives them access only to the parts of the cloud infrastructure they need activity logs …

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Expert panel discusses slow e-commerce development in Armenia

Ameriabank organized a panel discussion in April 2017 with telecommunication and bank sector experts to discuss the slow development of e-commerce in Armenia. Arman Barseghyan, head of retail banking at Ameriabank, noted that three key factors are impeding e-commerce development in the country: problems associated with the quality and reliability …

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Central Bank of Armenia to implement Intellect QCBS

The digital transformation of the Central Bank of Armenia will include the use of Intellect’s Quantum Central Banking System (QCBS). The QCBS will modernize and streamline business processes across multiple departments at the Central Bank as well as for external entities which conduct business with the bank. The Central Bank …

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Georgia first to use blockchain technology to develop land registry

Georgia is pioneering a new system for registering land titles, property transactions, mortgages, demolitions and notary services by using the same blockchain technology that underpins the virtual currency bitcoin. The idea behind this initiative is that blockchain technology relies on a distributed database to store information accurately and securely. Once …

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Unibank introduces new loan application CRM system

Unibank has employed an automated process for providing unsecured loans to small businesses by using a new customer relationships management (CRM) system developed by Protobase Laboratories. The aim of the new CRM system is to increase the effectiveness and quality of customer service, significantly speed up the decision-making process in …

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EU to finance large e-trade push in Azerbaijan

The European Commission intends to finance Azerbaijan’s 2018–2019 projects associated with the “Harmonizing Digital Markets of EU and Eastern Partnership Countries — HDM Initiative”. The projects will cover six focal points of the HDM Initiative, including  e-customs, e-commerce, e-business and e-security. The HDM Initiative is aimed at addressing issues connected …

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