Monday , August 15 2022

AIK Bank: Strengthening and Digitizing the Banking Sector


AIK Bank: Strengthening and Digitizing the Banking Sector

Consolidation and digitization are processes that marked the last decade of banking operations in the world.

Digitization is one of the key consolidation processes that began ten years ago as a result of the global economic crisis.

Billions of dollars spent for consolidation. According to Gartner, the banking sector will digitize the banking sector this year to spend $ 519 billion globally. One of the largest banks in the world, UBS, said it would spend 3.2 billion Swiss francs (of which 800 million on research and development).

The world is confronted with a re-interpretation of the term "bank", which has so far only been experienced as a counter in the branch. The organization's full traditional model is changing, relying on investing in endowing and expanding branch networks and staff. Some banks in Europe, for example, now sell 20% of their cash loans through digital channels. And in Germany, more and more FinTech companies only deal with the collection of deposits, which the banks welcome, because they are ultimately used by the majority of clients.

"More and more financial companies and FinTech are entering the financial services market," Bojan Pavlovic, director of AIK Bank direct positions, Bojan Pavlovic, said.

These changes have led classical banks to plan the introduction / implementation of digital transformation into plans for this year (85% of global banks). The goal is to make the digital network, using new technologies, to change corporate culture, to gain greater accessibility for potential customers and increase competitiveness.

From a technical point of view, digital communication and contracting between customers and banks is already feasible now, but it is also an improvement in the regulatory framework and state organization.

In order to familiarize the client with the appropriate software and to determine the probability of a regular repayment of the loan, the bank must have a lot of information about it (place of residence, employment, holidays, tax obligations, ownership of movable and immovable property, paid and unpaid, earnings, time spent on the road, Internet data purchase if convicted). These data can be collected from a variety of networked network databases (large data). The regulatory framework is extremely important because it creates the possibility for a bank account and client profile to be available for its (exclusive) request and for any commercial or technological company the customer has, which is in line with current PSD2 on the EU market.

AIK Bank, one of the largest Serbian banks, has been largely involved in digital communication with customers and the digital transformation of operations. Currently, the "Start" package is the most attractive in the current account, where the customer receives a full set of monthly services at a price of 250 dinars.

This package includes a P2P service (sending money to anyone via e / mBanking applications where the recipient can collect money without a card at any ATM). Subsequently, there is a new e / mBanking platform that enables free payment orders for users with an e / mBanking service enabled, as well as a more favorable exchange rate conversion program within the Start Account Package.

This package also includes: AIKeWallet application / service (debit cards on smart phones using digital tokens, point-to-point telephone payments, on-line payments), non-interest-rate sales and commissions for card users AIK Bank credit, insurance, allowed a loan of up to 30,000 dinars and a payment card for deposit accounts for money or purchase.

"Basically, only making more billing services through e / mBanking, which is free, saves the user more than the monthly price of the account," concludes Pavlovic.

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