Azerbaijan's Unibank plans to transform traditional banking into digital

By Trend

Unibank is planning to transform traditional banking into digital environment, Chief Digital Officer at Unibank Sattar Kazimov told Trend.

According to him, the bank is closely cooperating with financial and technological companies and the launch a joint banking product with one of the local fintech companies is expected in the near future.

"In particular it's about acquiring cards, supporting clients and other issues. Unibank already launched the ‘Topla’ (Moneybox) project. The client has the opportunity to open a savings account online. A user can set a certain goal and upon reaching this goal, he receives a certain percentage reward," Kazimov said.

He reminded that Unibank is one of the first local banks to launch such global payment solutions as Apple Pay and Google Pay.

"Unibank also launched the Garmin Pay payment solution. The bank's clients will be introduced a new method of payment authorization. The transition to a new payment authorization method is expected in a few days. The bank will leave the usual 3D Secure for the ability to confirm payments from a mobile application. This method reduces the possibility of interception of SMS messages and fraudulent activities, because the participants in the process are only the client and the bank. There are also a number of other projects, which, I think, are too early to talk about," he said.

Kazimov noted that ensuring information safety is one of the main and priority directions for the development of Unibank.

"Constant attention is paid to this issue, relevant meetings are being held. Unibank took a huge number of measures to combat cyber incidents, as well as developed and implemented information protection systems. In addition, the bank uses best practices in combating fraud. In this direction, I believe, Unibank keeps up to date and its customers don't have to worry about any possible fraud and cyber attacks. The bank has its own processing center, which complies with PSI DSS (Payment Card Industry Data Security Standard)," he said.

He emphasized that Unibank plans to completely transform the traditional banking into digital environment.

"Unibank plans to transfer all its clients to online channels, that is, it will provide the clients with the opportunity to receive, pay and close loans, open deposits and accounts, and order bank cards online. Part of this work has already been implemented, and work is underway to expand the digitalization of products and services," Kazimov said.