14.03.2022

VIEWAPP - participant in the "Digitalisation and Online" discussion of Collateral Caseirium No. 4

On March 10, 2022 the International Banking Club INTERBANKCLUB.com hosted Collateral Keysorium № 4, the main goal of which was to create a common space for information and analysis in finance and banking.

During its existence, the club has organized about 100 large-scale events which was attended not only by banks from Russia, Belarus, Kazakhstan, but also by export-import agencies from various countries. All this contributes to the exchange of experience between specialists, and leads to the recovery and modernisation of the financial and banking sector.

Representatives of several banks (MTS-Bank, Post Bank, Alfa-Bank) as well as representatives of various technologies for digitalization of banks' operations took part in the online discussion "Digitalization and Online". In total, more than 120 participants from at least 40 banks took part in the case study. The discussion touched on topical issues such as:

- Should everything be moved online or should offline mechanisms still remain in business processes?

- How safe is digital technology compared to traditional ways of working?

There were some concerns expressed by bank representatives about the security of digital processes, which in our view is more related to their lack of information about the technology being used, as well as detailed positive experiences of digital tools being used by banks. And there is a sense that it is difficult for innovation to break through this stable, familiar, but already outdated pattern of banking, even despite the clear benefits of digital, as the stalling of new trends is often due to a simple reluctance to change the established and so "native" way of doing things.

However, there is no doubt that the trend towards digital business is not temporary, and will soon be widespread, as many banks are already actively and successfully using, for example, VIEWAPP technology for remote inspections, thereby saving enormous amounts of money and effort every day.

And they have taken a big risk: almost immediately after applying VIEWAPP, the onboarding time is minimal (from one week to a couple of months for highly complex business processes), they have not only the competitive advantage of customers doing everything quickly and comfortably online, and the bank then processes the information quickly and comfortably, but also the economic advantage of sometimes even exceeding the cost of doing it themselves. The savings are not just a percentage but many times over.

The more banks acquire digital technologies, the more chances they have to get clients for whom there is a new criterion for choosing a bank, not only because of its products and services, stability, etc., but also because of the level of digital development.

Alexander Fokin's presentation is available for viewing here