INECOBANK`s new product InecoOne meets today`s pace of life: 24/7 cash in/out online control

ArmInfo. On October 19, INECOBANK presented a new product - InecoOne - a system to control cash online 24/7.

Levon Rubinyan, Head of INECOBANK Department for Retail, explained that the new banking product helps managing the current accounts and savings (in 4 currencies), international credit cards, overdrafts, online and mobile banking solutions. 

"We started developing the given solution realizing that to control personal cash, a customer needs all these tools at once and in one place. By our new product InecoOne we have united all these tools into a single system," he said adding that comparing to similar systems in the banking sector of Armenia, InecoOne has some other advantages too.

First, Rubinyan said, the system ensures access to personal accounts, provides a customer with a credit card he can use 24/7 through ATMs operating in ArCa system, commission free. In addition, the system enables the customers to transfer money from a bank account to the card and the vice versa, pay utility bills, state finds and others with % commission fee. Within InecoOne system, the Bank's another product  - Inecofriend enables two customers of the bank to transfer money from/to each other's accounts choosing the right contact a mobile phone or typing the necessary email. One can make transactions through payment terminals, in particular, through Inecobank's Inecoexpress terminals, with 0% commission fee.  Another advantage of InecoOne is the facilitated terms of connection to the system without additional payments, except the monthly subscription fee. One can easily join the system online having the necessary documents with him. 

"We have developed a product necessary to customers, a product meeting today's pace of line," Rubinyan said for conclusion.

Established in 1996, INECOBANK is one of the most dynamically developing banks on the financial market of Armenia. To note, the major phase of the ProCredit Bank (Armenia) - INECOBANK merger was completed on 14 December 2015. The EBRD was registered as a stakeholder on December 16. The second phase was of technical nature. When the EBRD joined INECOBANK's capital, the stakes of the majority shareholders were distributed as follows: the aggregate share of the two major shareholders - Avetis Baloyan and Karen Safaryan - became a little more than 51% (versus the previous aggregate 65,57%), the share of EBRD made up 22.7%, and the stakes of the other investors DEG and IFC, which took no part in the transaction, naturally declined. As a result, the bank's capital has 11 shareholders.

According to ArmInfo's Ranking of Armenian Banks, INECOBANK is the leader by the key balance figures in the market. As of October 1 2016, the bank's total capital amounted to 42.7 bln AMD (5th rank), assets - 223 bln AMD (7th rank), net profits - 3.4bln AMD (3rd rank).

According to ArmInfo's analytical review "Armenian Banks in the Card Market," INECOANK is one of the leaders in the plastic card market too. It serves both local ArCa cards and international Visa and MasterCard  (the total number of the plastic cards and the transactions grew by 40% versus October 2015), INECOBANK ranks the 2nd in terms of the number of own POS-Terminals - about 1,200.