BAKU, Azerbaijan, July 3. The history of the development of neobanks (digital banks) is the development of cross-border money transfers, Advisor to the Board of Directors of Bank Freedom Finance Kazakhstan JSC Aidos Zhumagulov told Trend.
According to him, in addition to payments, neobanks will specialize in the delivery of money from a bank in one country to a bank in another.
"Neobank can process a large amount of data in a digital environment, no traditional bank can do this. So, for example, a traditional bank will not be able, or will be able with great difficulty, to serve 100,000 customers per quarter," he said. "The bank needs to create a large branch network, recruit hundreds of employees, and in a neobank, when creating a stable infrastructure, it's possible to open accounts for at least millions of customers and process all their requests. The digital bank also allows to cut costs, thereby lowering interest rates for loans. All this makes it possible to capture the market and go beyond it."
Zhumagulov also stressed that in terms of cyber security, information security should be at the highest level.
"It's certainly necessary to have a secure environment, before building a neobank, because, in the event of cyber attacks, it will be almost impossible to bring a client to the bank a second time," he added.
Bank Freedom Finance Kazakhstan JSC is one of the top private investment markets in the country.