MINSK, 24 April (BelTA) - Technologies are not just changing business processes but are transforming the very essence of financial services, First Deputy Chairman of the Board of Belarus’ National Bank Aleksandr Yegorov said as he addressed the Digital Banking 2025 conference, BelTA learned from the Information and Public Relations Department of the National Bank.
“We live in an era when technology is not just changing business processes, but transforming the very essence of financial services, creating new markets and determining the rules of competition. Digitalization is no longer a matter of choice, but a necessity. Customers expect instant, secure, personalized solutions. The regulator is creating new rules of the game, and competition goes beyond the traditional players,” Aleksandr Yegorov noted.
The National Bank and financial organizations continue to move forward and implement new digital technologies despite external circumstances, he stressed. “One of the main tasks of the National Bank is to ensure efficient, reliable and safe functioning of the banking sector and the payment market. As practice has shown, this is an important component of the country's economic security, and maybe even its integral part. But the main thing is the willingness and conditions for reducing transaction costs of business and growth of added value in the country,” Aleksandr Yegorov said.
The National Bank pays much attention to the legal regulation of modern technologies in the financial market, introduction of innovative financial products into the market. It is also important that such regulation encourages technologies and protects consumer rights, Aleksandr Yegorov noted.
Minsk is hosting the Digital Banking 2025, the largest annual event dedicated to the development of digital financial technologies This year the conference, which is being held for the 11th time, has brought together about 300 top managers and specialists of the banking and financial sector, IT companies. The main topics include the promising avenues of development of the payment market of the Republic of Belarus, the use of Big Data and artificial intelligence technologies in the banking and financial sectors.
“We live in an era when technology is not just changing business processes, but transforming the very essence of financial services, creating new markets and determining the rules of competition. Digitalization is no longer a matter of choice, but a necessity. Customers expect instant, secure, personalized solutions. The regulator is creating new rules of the game, and competition goes beyond the traditional players,” Aleksandr Yegorov noted.
The National Bank and financial organizations continue to move forward and implement new digital technologies despite external circumstances, he stressed. “One of the main tasks of the National Bank is to ensure efficient, reliable and safe functioning of the banking sector and the payment market. As practice has shown, this is an important component of the country's economic security, and maybe even its integral part. But the main thing is the willingness and conditions for reducing transaction costs of business and growth of added value in the country,” Aleksandr Yegorov said.
The National Bank pays much attention to the legal regulation of modern technologies in the financial market, introduction of innovative financial products into the market. It is also important that such regulation encourages technologies and protects consumer rights, Aleksandr Yegorov noted.
Minsk is hosting the Digital Banking 2025, the largest annual event dedicated to the development of digital financial technologies This year the conference, which is being held for the 11th time, has brought together about 300 top managers and specialists of the banking and financial sector, IT companies. The main topics include the promising avenues of development of the payment market of the Republic of Belarus, the use of Big Data and artificial intelligence technologies in the banking and financial sectors.
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