{"id":15036,"date":"2020-06-16T13:42:32","date_gmt":"2020-06-16T13:42:32","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=15036"},"modified":"2020-06-16T13:42:32","modified_gmt":"2020-06-16T13:42:32","slug":"7-things-covid-19-changed-in-kazakhstan-s-banking-sector","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/7-things-covid-19-changed-in-kazakhstan-s-banking-sector\/","title":{"rendered":"7 things COVID-19 changed in Kazakhstan\u2019s banking sector"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">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:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Push toward online<\/b><span style=\"font-weight: 400;\"> \u2013 COVID-19 has forced a quick transition to online financial services as people were forced to spend more time at home. For many consumers, this push made them realize that ease and convenience that online financial services offer.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>New trust in online transactions <\/b><span style=\"font-weight: 400;\">\u2013 an increased use of online financial services has given people confidence in it as a viable solution going forward.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Raised expectations<\/b><span style=\"font-weight: 400;\"> \u2013 given their exposure to new online possibilities, consumers are likely to have increased expectations for what commercial financial institutions can offer them to save their time, effort and money. This is likely to result in improved quality and expanded functionality in the near future.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Online ecosystems<\/b><span style=\"font-weight: 400;\"> \u2013 COVID-19 has stressed the importance of online ecosystems for commercial financial institutions as consumers turn to their smartphones and computers to satisfy their daily needs.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Cashless payments and transfers<\/b><span style=\"font-weight: 400;\"> \u2013 COVID-19 has shown how unhygienic cash is as well as how convenient online transactions are. This is likely to push payments and transfers to be completed, more and more, in cashless ways.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Digital development <\/b><span style=\"font-weight: 400;\">\u2013 as retailers transition to online, it is important for consumers to have a full-fledged online consumer journey, one that allows for all their needs to be met fully online.<\/span><\/li>\n<\/ul>\n<p><b>Revised banking business models<\/b><span style=\"font-weight: 400;\"> \u2013 as the banking sector (and the larger economy) moves toward more and more digital, commercial financial institutions will need to adapt to new realities. This includes embracing FinTech solutions, especially those focused on meeting consumers increased demands for products and services. <\/span><\/p>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-15036 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 19th \u2013 26th'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-19th-26th\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/06\/Untitled-1-2-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15087\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15087'>\n\t\t\t\tBFC FinTech Monitor 19th \u2013 26th\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='New Eurasian Bank e-wallet allows Kazakhstanis to pay with smartphones'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/new-eurasian-bank-e-wallet-allows-kazakhstanis-to-pay-with-smartphones\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/06\/48aed4c7ce564419fae68ea388ad2ddb-small-1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-10208\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-10208'>\n\t\t\t\tNew Eurasian Bank e-wallet allows Kazakhstanis to pay with smartphones\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Quick look at the statuses of various CBDC projects around the world'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/quick-look-at-the-statuses-of-various-cbdc-projects-around-the-world\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/10\/414e14c5-bd83-4e61-bae1-e23aacd2cd191-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15450\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15450'>\n\t\t\t\tQuick look at the statuses of various CBDC projects around the world\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>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 \u2013 COVID-19 has forced a quick transition to online financial services as people were forced to spend &hellip;<\/p>\n","protected":false},"author":12,"featured_media":15038,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,76],"tags":[480],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15036"}],"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\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=15036"}],"version-history":[{"count":2,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15036\/revisions"}],"predecessor-version":[{"id":15039,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15036\/revisions\/15039"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/15038"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=15036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=15036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=15036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}