Azernews.Az

By Amina Nazarli

Banks of the new generation will need three to five branches and this will be enough for their operation.

Nikolay Chumak, the founder and CEO of the Ukrainian IDNT company, which specializes in the development and implementation of sales point formats for retail chains, service companies and banks told Trend.

“In the future, the branches of banks will be much less. The more online channels develop, the more important it is to build confidence in the brand. Branch is the showcase of the brand, the demonstration of values, approaches and technologies. This is just the tip of the iceberg, which is visible to the consumer,” he said.

Chumak emphasized that the business models of banks in Europe, the U.S., and Asia differ from each other and from banks in Azerbaijan, therefore, models of customer service and product content differ.

Comparing countries, he spoke of the quality of Singaporean and Japan bank systems, adding that, however, it is necessary not to copy these models, but create a "store" for own product.

Nevertheless, the CEO thinks that there are some trends that are worth to pay attention.

“First of all, more and more operations will go into self-service and online. The task of branches in this situation is to become a bridge between the physical world and the virtual, helping clients understand innovations. At second, in the near future, the functions of the offices will be to advise on complex products and build relationships [with customers]. As the specifics of our markets, it is also necessary to note the function of cash accepting. In this area, there are a lot of innovations and technologies that improve safety, increase the speed of service and optimize space. At third, the new requirements of customers to the staff of the offices will be higher. Already, the functions of ordinary cashiers or operators have replaced mobile applications and terminals. If the consumer has come to the physical department, he requires qualitative consultation, qualified experts and an absolutely personal approach, confidentiality and complete security. Everything else he already has in the smartphone.

Business in Azerbaijan focuses on Middle Eastern values and mentality

Despite the similarity in the mentality, the absence of a language barrier, geographical proximity and a common past, Chumak said that there is a weighty difference between the work observed in Azerbaijan and that in other countries where IDNT operates [CIS, Eastern Europe, U.S.].

“We saw in our projects that part of the business audience Azerbaijan orientates on Middle Eastern values and mentality,” he said. “Turkey has a strong influence on business in Azerbaijan. Many [local] businessmen regularly visit the UAE and other Arab countries, having business interests there. This greatly distinguishes Azerbaijan from Kazakhstan," he believes.

But at the same time Azerbaijan is a very strong country both in terms of economy and traditions, he underlined. "Visiting Baku you often see how quickly new buildings are built, how the infrastructure is being improved. And the main thing is that people feel pride in their country,” he added.

--

Amina Nazarli is AzerNews’ staff journalist, follow her on Twitter: @amina_nazarli

Follow us on Twitter @AzerNewsAz