{"id":14203,"date":"2019-12-10T06:58:01","date_gmt":"2019-12-10T06:58:01","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=14203"},"modified":"2019-12-10T06:58:01","modified_gmt":"2019-12-10T06:58:01","slug":"digitalization-levels-in-kazakhstani-financial-institutions-extremely-low","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/digitalization-levels-in-kazakhstani-financial-institutions-extremely-low\/","title":{"rendered":"Digitalization levels in Kazakhstani financial institutions extremely low"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Kazakhstan suffers from a lack of digitalization in the financial sector, as is evident by the fact that there is not a single full-fledged digital financial institution in the country. Moreover, there seems to be a lack of understanding of what going digital means, with many financial institutions often only working on fashionable frontend solutions and ignoring digitizing vital processes, procedures, products, etc. For this to change, there needs to be a fundamental rethinking in financial institutions (from top management down) about what it really means to be a digital financial institution. In other words, go beyond thinking about merely transferring everything to an online forum and really move toward rethinking and reshaping every aspect of the institution.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fortunately, there is hope for true digital transformation in Kazakhstan. The national regulator is working on ways to promote and support digital financial institutions, and those interested in pursuing this should work with them to develop something unique within the country as well as create an information buzz about the promise of digital. There are also a large number of interesting partnership opportunities for those interested in going digital, including with government agencies and retail stores.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Digitization in the financial sector is inevitable and will soon reach most consumers worldwide. In Kazakhstan, it is likely that at least 2 digital financial institutions will appear and start to change the sector within the next 10 years, including by forcing more traditional organizations to offer more and more services online and with digital-backed processes.<\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-14203 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Armenian company brings the internet of things to fashion'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/armenian-company-brings-the-internet-of-things-to-fashion\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/12\/armenian-company-brings-the-internet-of-things-to-fashion-2-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-11814\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11814'>\n\t\t\t\tArmenian company brings the internet of things to fashion\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Kyrgyz National Bank proposes banning replenishment of e-wallets from mobile balances'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/kyrgyz-national-bank-proposes-banning-replenishment-of-e-wallets-from-mobile-balances\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/two-business-man-fighting-over-a-market-income_3446-463-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8584\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/two-business-man-fighting-over-a-market-income_3446-463-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/two-business-man-fighting-over-a-market-income_3446-463-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/two-business-man-fighting-over-a-market-income_3446-463.jpg 626w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8584'>\n\t\t\t\tKyrgyz National Bank proposes banning replenishment of e-wallets from mobile balances\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Expert opinions on Kyrgyz fintech and e-commerce market'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/expert-opinions-on-kyrgyz-fintech-and-e-commerce-market\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/07\/64588122_2846841948874274_4611309160816967680_n-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-13258\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13258'>\n\t\t\t\tExpert opinions on Kyrgyz fintech and e-commerce market\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Kazakhstan suffers from a lack of digitalization in the financial sector, as is evident by the fact that there is not a single full-fledged digital financial institution in the country. Moreover, there seems to be a lack of understanding of what going digital means, with many financial institutions often only working on fashionable frontend solutions &hellip;<\/p>\n","protected":false},"author":5,"featured_media":14237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,76],"tags":[35,49,75],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14203"}],"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=14203"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14203\/revisions"}],"predecessor-version":[{"id":14204,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/14203\/revisions\/14204"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/14237"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=14203"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=14203"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=14203"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}