{"id":13437,"date":"2019-08-12T15:27:59","date_gmt":"2019-08-12T15:27:59","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=13437"},"modified":"2019-08-12T15:27:59","modified_gmt":"2019-08-12T15:27:59","slug":"3-ways-financial-institutions-in-kazakhstan-can-interact-with-bigtechs","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/3-ways-financial-institutions-in-kazakhstan-can-interact-with-bigtechs\/","title":{"rendered":"3 ways financial institutions in Kazakhstan can interact with BigTechs"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">New players, so-called BigTechs, are entering global financial markets and capturing new market niches by taking advantage of their technological innovations and huge customer bases. As these companies slowly begin their penetration into Kazakhstan, financial institutions in the country will need to choose one of three paths forward:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Competition <\/b><span style=\"font-weight: 400;\">\u2013 globally, this strategy is losing as financial institutions, even those demonstrating advanced technological growth, cannot keep up with the growth of BigTechs. The fact is that new digital competitors are able to develop and market new offers better and faster than financial institutions.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Partnership <\/b><span style=\"font-weight: 400;\">\u2013 partnerships with BigTechs allow financial institutions to develop new communication and sales channels as well as optimize operational efficiency and reduce marketing costs. Partnerships offer an interesting and important path forward for financial institutions to be able to survive and thrive.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Transformation <\/b>\u2013 an alternative to partnerships is for financial institutions to completely transform and start offering non-banking services, moving from a \u201cmy money\u201d strategy to a \u201cmy life\u201d strategy. Such a move, however, requires colossal investments, making it a realistic option for only the largest financial institutions. Perhaps the best example of this is Russia\u2019s Sberbank, which is working to create its own online ecosystem through smart partnerships and the development of unique non-banking solutions to life\u2019s frustrations.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-13437 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Visa awards Alfa-Bank Kazakhstan for successful launch of Beeline card'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/visa-awards-alfa-bank-kazakhstan-for-successful-launch-of-beeline-card\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/woman-credit-shopping-smartphone-manager_1262-2761-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8587\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8587'>\n\t\t\t\tVisa awards Alfa-Bank Kazakhstan for successful launch of Beeline card\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Uzbekistan to benefit from Payme&#8217;s launch of transfers from international cards to Uzcard'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/payme-announces-launch-of-transfer-from-international-cards-to-uzcard\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/05\/credit-card-payments-system_1426-1070-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-9575\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-9575'>\n\t\t\t\tUzbekistan to benefit from Payme&#8217;s launch of transfers from international cards to Uzcard\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Podcast: is COVID-19 the catalyst for banking digital transformations?'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/podcast-is-covid-19-the-catalyst-for-banking-digital-transformations\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/07\/Is-COVID-The-Catalyst-For-Banking-Digital-Transformations-150x150.jpeg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15109\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15109'>\n\t\t\t\tPodcast: is COVID-19 the catalyst for banking digital transformations?\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>New players, so-called BigTechs, are entering global financial markets and capturing new market niches by taking advantage of their technological innovations and huge customer bases. As these companies slowly begin their penetration into Kazakhstan, financial institutions in the country will need to choose one of three paths forward: Competition \u2013 globally, this strategy is losing &hellip;<\/p>\n","protected":false},"author":5,"featured_media":13474,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,76],"tags":[449,49],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13437"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=13437"}],"version-history":[{"count":2,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13437\/revisions"}],"predecessor-version":[{"id":13439,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/13437\/revisions\/13439"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/13474"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=13437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=13437"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=13437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}