IFC to help Ipoteka Bank to transfer its business
Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan’s Ipoteka Bank is establishing cooperation with the International Finance Corporation (IFC).
The program of cooperation with the IFC, in addition to attracting foreign direct investment to Uzbekistan, includes a three-year program of bank transformation.
This is a fundamentally new business building model, a complete rethinking of traditional approaches to solving customer problems, the interpenetration of banking products, services, marketing and sales, customer service and operating processes in a digital environment.
Ipoteka-Bank expects major changes in risk and investment management, an increase in capital return, an increase in the commercial function, and changes in the organizational structure are expected. Much attention will be directed to the introduction of modern, advanced methods of customer service, implying a completely different concept.
Business will not be built around the product, but around the client, traditional communications will be replaced by innovative customer-oriented systems. The key elements of the transformation program will be the use of the capabilities of information technology, and the development of fundamentally new banking products.
Digital “reboot” will require not only the restructuring of all processes, but also a change in the outlook of the bank staff. The new concept can no longer work on the existing management and operating model; it requires a change in the thinking of managers and employees, the introduction of a new business culture.
The initiatives and processes, which were developed together with a team of specialists and experts from IFC at the preparatory stage of the transformation were included in the project portfolio and will be implemented over the coming years. For their effective implementation, it is necessary to solve problems focused on customer service experience, as well as on the introduction of innovations that support the loyalty of the customer base.
By the end of 2020, it is planned that by opening new practices, developing innovative products and offering customers completely new types of services, Ipoteka Bank will gradually switch to an open, integrated and promising technological system that promises competitive business results and also opens up broad opportunities to differentiate services.