Azerbaijan, Baku, Nov. 20 / Trend J.Nasibova /
There are significant opportunities for developing the banking market in Azerbaijan, chairman of the Supervisory Board of Bank Technique Rovshan Ismailov told Trend on Tuesday.
"Today, the banking market in Azerbaijan is developing and has a huge potential," Ismailov said.
According to him, the existence of great potential in this area indicates not only the statistical indicators of the banking sector, but also the macroeconomic indicators related to the Azerbaijani economy's development rate in general.
Ismayilov noted that the current state of banking and customer service is mostly linked with the requirements of the last century's classical banking methods. Today in his opinion, a period of innovative technologies has come about when the growing market is more and more dependent on the modernisation of services, the demand for which is grows each day and the classical 20th Century banking system does not meet the requirements of this period.
"To increase the competitiveness of banks, the development of electronic and remote banking is necessary in the first place. In near future the banks which will direct their activities and will invest in the development of electronic banking and introduction of new technologies will be considered competitive. Possibly, the level of technological development will be a major determining factor in the competitiveness of the banking sector," Ismailov said.
Currently, there are 43 banks in Azerbaijan.