Baku, Azerbaijan, March 29
By Anvar Mammadov - Trend:
The Financial Market Supervisory Authority (FIMSA) of Azerbaijan does not exclude the possibility of changing the regulatory mechanisms to speed up the digitalization process of the banking sector, FIMSA told Trend on March 29.
"The improvement of regulatory mechanisms to speed up the digitalization of banks is one of the priority objectives of FIMSA within the framework of the implementation of the Strategic Roadmap on the development of financial services in Azerbaijan. To this end in 2017, the Authority carried out a diagnosis of the current situation of the digitalization process in the country. In January-February 2018, we also held meetings with banks, where the development directions of digital banking services, existing shortcomings and priorities in this area were discussed," FIMSA said.
One of the priority projects within the digitalization process is the provision of banking services, in particular opening of bank accounts remotely, according to FIMSA.
"Opening a new bank account remotely is one of the priority projects within the framework of accelerating the digitalization of banks. We are currently analyzing international practice in this area and are in talks with the banking sector," according to FIMSA.
In general, FIMSA noted that the digitalization of the banking sector is very important for increasing its competitiveness, focusing on the needs of users and providing high-quality services, so it continues its activity in this priority direction.
To date, presence of a client is required for most banking services - opening an account, getting a plastic card and so on. Some banks offer solutions to this issue via integrating ASAN Imza system into the banking interface, but the full transition to non-branch banking depends on the adoption of a number of regulatory measures, as current legislation limits this.