Digital transformation of the banking sector of Azerbaijan

Mamedov, Z. F.; Велиев, Э. Н.; Вейсов, Емин Назим оглы

doi:10.31432/1994-2443-2021-16-3-10-20

jour

2021

DOI: 10.31432/1994-2443-2021-16-3-10-20

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Digital transformation of the banking sector of Azerbaijan

Z. F. Mamedov

Э. Н. Велиев

Емин Назим оглы Вейсов

Abstract: Currently, the eﬀectiveness of banks’ activities and their competitiveness in the ﬁnancial market largely depends on the introduction of the latest banking services and technological processes. This article examines trends in the digitalization of the banking sector in Azerbaijan. The main purpose of the article is to identify key prospects for the development of digital banking in Azerbaijan in the context of the digital economy. As a result of the study, the problems and prospects of using digital technologi… Show more

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Cited by 4 publications

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Digital transformation of the Russian banking sector: Opportunities and risks

SEMENOVA

2024

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Subject. The article investigates the process of digital transformation of the Russian banking sector. Objectives. The purpose of the study is to assess the current state of digital transformation of the Russian banking sector. Methods. The study draws on traditional methods of scientific knowledge (analysis and synthesis, analogy, generalization, combination of historical and logical, etc.). To determine the current state of digital transformation in the Russian banking sector, I used the analytical materials from KMDA, digital audit agency SDI360, and National Agency for Financial Studies. Results. The study revealed the essence of the category “digital transformation of banks” and substantiated potential opportunities and risks of digital transformation of the Russian banking sector. I reviewed and analyzed current trends in the development of digitalization processes in the Russian banking sector, considered positions of leading Russian banks in the ranking, according to the level of business digitalization. Conclusions. The banking sector is a leader in implementing digital transformation, and the use of digital innovative technologies is a dominant trend. The findings will enable to improve the efficiency of digital transformation of banks’ business models, and, as a result, the competitiveness of credit institutions in the market.

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Digital transformation of the Russian banking sector: Opportunities and risks

SEMENOVA

2024

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Digital payment system of Azerbaijan: new trends, problems and prospects

Mamedov

Kazimov

Farzaliyeva

et al. 2023

jour

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Аннотация. В последние годы на финансовый рынок Азербайджана активно проникают цифровые платежные услуги. Большую роль в осуществлении цифровых платежей в последние годы в Азербайджане играют платежные карты. Для большинства азербайджанских граждан платежные карты стали обычным платежным инструментом, используемым в повседневных расчетах за товары и услуги, а также при осуществлении переводов денежных средств. В данной статье авторами рассмотрены вопросы и перспективы цифровизации платежной системы Азербайджана. Анализируются новые тренды рынка розничных платежей в Азербайджане и обозначены особенности политики по сокращению наличных платежей в структуре денежных агрегатов. Авторы изложили собственные взгляды на перспективу развития цифровизации платежной системы Азербайджана в новых условиях вызовов. Итак, цифровизация может стать одним из драйверов развития платежной системы, а также обеспечит прозрачность в экономическом секторе. Ключевые слова: цифровая экономика, цифровой банкинг, цифровая платежная система, цифровая технология, национальная платежная система Азербайджана.

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Trends of development of Azerbaijan’s banking sector

Garaeva

2023

Èkonomika i upravlenie

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Aim. To identify new trends in the development of the banking sector of Azerbaijan, one of the key links in the national economy of the country, based on the analysis of its condition in the last five years.Tasks. To analyse the mandate of the Central Bank of Azerbaijan (CBA), the structure of the country’s banking market, the level of banks’ capitalisation; to sum up the results of the analysis; to formulate proposals for improving the situation.Methods. The study relies on a systematic approach to solving the set tasks. The article presents different points of view of authors and analysts regarding reforms in the banking sector of Azerbaijan. The dialectical approach to the analysis of the main phenomena and regularities, as well as the systematic approach to the disclosure of the key factors of development of the national banking sector of the country served as the methodological basis of the study.Results. The main trends in the development of the banking sector of Azerbaijan were analysed, its current state was assessed, and the mandate of the CBA was determined. The research shows that the growth of the banking market, new trends in the expansion of banking services create significant qualitative changes in this market. During the year, the banking sector as a whole showed resistance to exogenous shocks.Conclusions. In the banking business of Azerbaijan, one of the special tendencies manifested in the activity of the banking services market is technological improvement and expansion of application of modern automatic systems. The analysis showed that in recent years, despite the growth of current expenses in the activity of banks, the most modern and productive communication technologies replacing labour-intensive processes are introduced. The mandate of the CBA was focused mainly on monetary policy, ensuring regulation and development of interbank centralised and other unlicensed payment systems. Monetary policy implemented by the CBA has been aimed at mitigating inflationary pressures. Although high global inflation remains risky in the context of uncertainty due to the global geopolitical and geo-economic situation, the accelerated recovery of economic growth, the country’s trade surplus and the increase in strategic foreign exchange reserves allow the macroeconomic environment of the financial system to remain stable.

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Digital transformation of the banking sector of Azerbaijan

Cited by 4 publications

References 5 publications

Digital transformation of the Russian banking sector: Opportunities and risks

Digital transformation of the Russian banking sector: Opportunities and risks

Digital payment system of Azerbaijan: new trends, problems and prospects

Trends of development of Azerbaijan’s banking sector

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