Central Bank: E-services introduced by Azerbaijani banks must be accompanied by qualitative risk management

Business Materials 9 October 2012 18:23 (UTC +04:00)

Azerbaijan, Baku, Oct. 9 / Trend A. Akhundov /

Many Azerbaijani banks have started implementing projects to automate their mobile-banking and Internet banking services, Azerbaijani Central Bank (CBA) General Director Rashad Orujov told Trend today.

"The banking sector has always been a leader in implementing the e-services," he said. "It is time now when banks consider this issue more thoroughly."

At the same time, the CBA main requirement is the parallel use of appropriate technologies of risk management.

"While rendering these services, it is necessary to regulate the risks that may arise qualitatively," he said. "This is our main requirement for the services to be supported by appropriate technologies of risk management, human resource training. At present, these services will be introduced even faster. The interest in this services is huge."

He said that expanding the range of electronic services rendered by the banks make the consumers' life and the banks' activity easier.

"This will enable the banks to render new services to diversify their services," he said. "This includes very important economic benefits for the banks - reducing the cost of rendering these services, the lack of a necessity to create a large number of service points in the capital and regions of the country. There is progress. We expect that the results in 2013 will be better than this year."

There are 43 banks in Azerbaijan.