Turkey debate: Digital revolution opens new horizons for Turkish financial innovators

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Turkey’s economy has been slow to go digital but increasing smartphone penetration is offering unparalleled growth opportunities for banks, mobile operators, e-commerce platforms and a host of new generation players. Striking a balance between competition and collaboration will be key as aspiring innovators face up to the challenges posed by big data, regulation and security.


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Executive summary
• Consumers well disposed to new technology

• Big east/west divide in financial infrastructure

• E-commerce is small but growing

• Greater use of data is increasing sales opportunities

• Older generation starting to participate

• Mobile users now outnumber online at Akbank

Euromoney How important is direct banking as a source of growth and profitability for banks in Turkey?

OO, Akbank In the early days, the main purpose of online banking, and digital in general, was generating cost efficiencies by moving transactions to digital channels and serving customer needs outside of branches. With the introduction of mobile, that trend has been more or less completed. Today 85% of financial transactions in Turkey take place outside branches, and if you include actions such as checking credit card statements or account balances then the proportion goes up to 95%. Our focus now is on how to use...