Tuesday, April 9 2019 20:19

ArmInfo. In the nearest future serious technological changes are expected in the international financial system, including in Armenia. 

On April 9, executive director of the Union of Banks of Armenia (UBA)  Seyran Sargsyan told reporters on the margins of a seminar dedicated  to the topic "Digital Transformation and Monetization of Data in the  Banking System", which is initiated by the SBA and the Armenian  office of Microsoft Innovation Center.Answering the question of  ArmInfo, he explained that today the overwhelming majority of  Armenian banks in their strategies noted the intention to follow the  path of digitalization of products and services. In this vein, S.  Sargsyan stressed that banks gradually introduce serious  technological solutions. "Banks attach importance to this and follow  international trends. Moreover, they are in readiness to introduce  them into the banking system of Armenia,> the SBA executive director  stressed.At the same time, he noted that digitalization is a  permanent process for banks, since technologies are constantly  evolving, new systems are being created, and in order to keep up, we  must constantly be in the process. 

"Competition, customer requirements, in particular, high demand for  technology, and the need to improve the efficiency of the system are  pushing banks to take the path of digital transformation," he said.In  addition, according to S. Sargsyan, the digitalization process has  not yet resulted in job cuts, on the contrary, in recent years there  has been an increase in the staff of the banking system. At the same  time, he noted that with time, as a result of the transformation,  some specialties will lose their relevance. However, according toS.  Sargsyan, new jobs will be created, in particular, requiring related  knowledge in the field of IT and finance. "I hope that a certain  reduction in jobs will lead to the creation of new ones," he added.In  turn, the representative of the Armenian office of Microsoft Arthur  Varderesyan, answering the question of ArmInfo, noted that Armenian  banks meet all the requirements of international standards, in  particular, from the point of view of risk management and ensuring  cybersecurity.

"It can be said that Armenia is one of the first countries in the  region where they were able to correctly assess the risks associated  with cybersecurity in accordance with international standards," he  stressed.  Speaking about the objectives of the seminar,  A.Varderesyan noted that within the framework of the event organized  jointly with the Union of Banks of Armenia, trends and technologies  in the international banking system will be presented to help  Armenian banks to more rapidly transform into digital and innovative.