ICTNEWS - - Мундарижа Март -

thinking») or hiring an outsourcing company to analyze and develop new business requirements. Usually, the bank creates such group from among its employees, which does not give any noticeable results with the obvious workload of these employees

with operational tasks.


– First of all, the digital bank implies a change in the attitude towards the bank as a whole. This is a completely new concept of a relationship with the customer. Therefore, transforming the bank, especially in our country, is an infernal and most often impossible task. It is much easier to make it from the scratch because the majority of employees of the bank over the course of many years have been brought believing that if the client needs something, he will come to the bank. – Second of all, not everyone understands what they want to get as a result of such transformation. It is clear that «I want as Tinkoff» is the basic postulate on which this desire is based. And the fact that one of the foundations of his business are card products (everything started with credit cards) is somehow forgotten. And here the question arises, is there any bank that ready to invest in the card business? A priori, unprofitable, by the way, because tariffs are always known. Are banks ready to introduce new products?

– Third of all, it will be necessary to create an independent infrastructure, because the existing one is not undermined so that clients do not come to the bank.

And infrastructure is always expensive. Are banks ready to invest in it?

And what’s the main: do those who want digitalization understand that cover of expenditure will not come soon? This investment is at least with a medium-term payback, but it is highly likely - with a longterm.

Yes, you can buy SAP or something else, but it’s just a tool, and a tool without a master is just an expensive toy. The mischief of it is that there is lack of masters. A real one. There is only one conclusion: Firstly, banks need to understand that the engine of progress is profit, and the source of profit is the customer.


Digitalization is not the purchase of new software. Even the best system will not help the organization if there remains the same way of thinking. Digital is when the bank is ready to completely redesign its business processes. «Common practice» – is the biggest enemy of digital transformation. There is no point in spending money on translating existing paper processes into information systems.

Digital processes should be like that from the start, the client should come to the bank at most once – to sign a service agreement. Further relationships between the client and the bank should be completely digital: opening an account, obtaining a loan, ordering a new plastic card, money transfer - everything should happen through mobile devices and personal computers. This means that the banking products themselves must be digital. Former products and services will continue to exist, but eventually, they will be completely replaced by new ones.

Since banks have little experience in the digital business this often poses the question: where to start and how to solve the problem of transition to digital business? There are two main ways. The first is to do everything yourself, to the extent of your own understanding of digitalization. This method will take a long time and will inevitably be followed by mistakes. After all, the task for programmers will be put by people who educated and graduated ten or more years ago. One has only to think about, that the first iphone appeared in stores in 2007 to understand how much the world has changed.

The second way is to trust the technology leader, who has great practice in the field of digital business transformation. Ideally, this leader should possess knowledge in a variety of industries, including banking. New ideas know no bounds; Digital technologies are developed at a rapid-fire pace in retail, telecommunications, transport and many other industries. This allows you to take from all sectors the best and innovative practices and apply it to a particular organization.

The classical banking market experiences hard times, including thanks to the global expansion of Fintech companies and start-ups. Local players in different countries quickly and efficiently adapt successful approaches and tools borrowed from other markets and related industries, for example, telecommunications, retail and other sectors. This trend is observed in the desire of many companies to exclude intermediate stages in achieving the goal for their customers. For instance: to exclude consumer credit and sell the target product instead. Dozens of organizations are moving in this direction in Uzbekistan, and the first success stories can be expected already in 2018.

It is important to consider risks and to calculate in advance all possible difficulties on the way to the target business model, as well as good understanding of modern information technologies, especially with regard to working with data and interacting with customers in real time. In order to solve these problems, many banks are involved in long processes of formalizing development strategies with the participation of armies of international consultants. This approach is dangerous in terms of the waste of time and misapplication of funds on the theory, which in the end may not be enough to implement the chosen business models. The business models themselves can be significantly outdated by the time of implementation or do not justify the investors’ hopes because of the miscalculations in the source data. Unfortunately, many large organizations in Uzbekistan lose a significant amount of time and money to work, which results in reports on the regiment’s leader.

The way out in this situation is to understand the basic concept of Fintech and digital bank as a company whose main asset is customer data, which can and should be monetized in the most effective way.

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