17:14 - 24.06.2025

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June 24, Fineko/abc.az. One of the main changes observed in the financial sector in recent years is the dominance of consumer-oriented and technology-based approaches, ABC.AZ informs, quoting the executive director of the Center for Analysis of Economic Reforms and Communications, Vusal Gasimli, as saying this at the next exhibition of finance & technology (Fintex Sammit) in Baku.

"Today, banks are already acting not only as financial institutions, but also as providers of digital services. Innovations such as artificial intelligence, blockchain technology, open banking, and big data analytics are improving the quality of service and giving new breath to competitors. These innovative approaches deepen the competitive environment in the banking sector, facilitate the entry of fintech companies into the market and, most importantly, accelerate the customer-oriented service model. Today, the banking system is turning not only into a "branch-oriented" model, but also into a "platform-oriented" and "coordinated ecosystem-oriented" model. This increases financial stability, the level of innovation and sustainability both in our country and internationally," Gasimli said.