Use of financial technologies increasing in Azerbaijan

BAKU, Azerbaijan, Feb.28

By Eldar Janashvili, Fidan Babayeva - Trend:

Use of financial technologies is increasing very year in Azerbaijan, Executive Director of Azerbaijan’s Center for Analysis of Economic Reforms and Communication Vusal Gasimli said, Trend reports Feb 28 with reference to the Center’s press office.

"This increase is provided through initiatives of various companies, especially banks and insurance companies. So, almost all banks in the country apply mobile and digital banking, artificial intelligence based on software, service of customers using method of chat bots (PashaBank, RabitaBank, VTB and private companies, like Technote)," Gasimli stated.

Some additional technological solutions are also applied, such as online credits and payment of utility bills with funds on the balance of mobile operators.

Along with this, there are such startups in the country for managing own financial resources as “Xərclərim” and Bankoff.co, Botbox, combining small and medium-scale businesses, and BNB Dynamics, which develops robots for various purposes.

Given the fact that most financial technologies are based on artificial intelligence, the current situation in this area in Azerbaijan can be assessed by Government Artificial Intelligence Readiness Index from the Oxford Insights, according to which, by the end of 2019, Azerbaijan ranked 64th place to leaving behind Iran (72nd), Georgia (76th) and Armenia (81st).