Artificial intelligence, blockchain, cyber security, digital customer experience, cash management, online customer onboarding, and metaverse – are some of the topics that have captured the attention of the more than 200 participants present at the second edition of the Digital Transformation for Financial Institutions conference, organized by Fintech Moldova and supported by and Mastercard.
The digital transformation has proposed in its strategy and successfully implemented has intensified the interest of the entire team for this conference. Besides the speakers who shared the bank’s experience in the field, about 50 employees participated in the event, specialists who have inspired themselves to create smart and simple financial and lifestyle solutions, that inspire people to be happier and businesses more successful.
"Last year we started a large-scale digital transformation. Our goal is to become an agile bank, with a flattened hierarchical structure, typical for start-ups, where teams have the capacity and decision-making power to solve cases and implement new ideas in the shortest possible time so that we respond promptly to the needs of customers. We already see the results of the transformation, thus in 2022 the number of users of the app increased by 50%, the number of transactions by more than 100%, and 55% of the total deposits are opened online and 20% of the total loans are offered through the mobile app. I want to thank the Fintech Moldova community for organizing such an important event for financial institutions both in the country and abroad, as well as Mastercard for the beautiful partnerships in which we are involved together."
The focus on artificial intelligence, how ChatGPT works, what is the difference between it and GPT3, popular in March 2022, how NLP (natural language processing) has evolved to create experiences as close to reality as possible, and other current details were addressed by Mihai Preguza , Data scientist in the IT Department of , during the presentation "The role of AI in financial services. Demystifying the benefits and applications of artificial intelligence in financial services.”
"Artificial intelligence is no longer the future, it is the present. At we use a multitude of algorithms that support us to create personalized offers for customers, to ensure identification through biometric data, to create simple and easy digital experiences, while offering high security for customer transactions at the same time ", Mihai mentioned.
Aliona Stratan, First Deputy Chairwoman of the Management Board at , spoke about the digitization of the national financial-banking sector and the role of the public-private partnership in the panel " How to Facilitate Country-Wide Digital Transformation in Finance. The role of the Public and Private sectors ", outlining the changes has embraced in its journey towards digitalization and how the speed at which these are happening in the bank has been influenced.
"Due to the constantly evolving environment and customer needs, at , we started implementing the "digital first" concept, which means that any new product or service we create is initially available on the digital channel so that the customer feels comfortable and has a simple and easy experience in using them. When we talk about digital at , we mean 3 components: our people, architecture and technology. Currently, employs professionals from over 10 countries, combining local and international experience, working in an agile style, which allows us to work as easily, quickly and better as possible for our customers. We are happy to see daily how our customers embrace innovation. Currently, 40% of all deposits are opened online. I can say that, for sure, we have one of the best IT teams in the country, and we continue the digital innovation with the entire team."
Digital Transformation for Financial Institutions was organized by Fintech Moldova, with the support of and Mastercard, supported by USAID in the framework of the Moldova Institutional and Structural Reforms Activity (MISRA) program.
is the largest bank in Moldova, with a share of 33% of deposits and 37.2% of loans of the entire banking system at the end of 2022. The bank is systemically important and serves almost a third of the country's population. is a disciplined lender with a NPL ratio of 2.54% and is well capitalized with CAR of 22.2% as of December 31, 2022. is widely recognized for its customer service and innovative products. In 2023, won the "The best bank in Moldova" award, a title awarded by the international magazine Global Finance for the seventh consecutive year.
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