PROFIT Finance Day 2023: Bank of the Future
July 3, 2023
Fintech literally transforms the financial services industry and provides new business opportunities. It allows banks and other financial market participants to introduce new services and products, as well as to improve the quality of existing ones. But it also brings challenges.
The digitalization of the financial sector in Kazakhstan was discussed at PROFIT Finance Day 2023. The conference for the eighth time brought together market experts and representatives of financial institutions, as well as vendors offering various solutions for the industry.
The conference was opened by Zhanargul Izimova, leader of the practice of digital transformation of financial institutions at PwC Eurasia. She speculated on digital ecosystems and super-ops - how relevant is this still and what trends do experts see today.
"The market volume of ecosystems, one of the tools of which are superapps, will be 60 trillion dollars by 2025. Business development is going in 12 areas, including trading platforms, healthcare, education, travel and lifestyle, and so on. Today, one in three people in the world already uses superapps in their daily lives. The expected compound annual average growth rate for the superapps market through 2028 is about 28% per year. So just imagine how much our life has changed over the past 10 years and how much it will change for our children and our grandchildren in another 10 years. If we talk about Central Asia, market players are also actively developing super-ops for retail clients, more often building ecosystems around financial services. In addition, our financial institutions are trying to integrate lifestyle services (marketplaces, cabs, TV, health and medicine). In Kazakhstan, this trend is well noticeable - entry through Lifestyle Services", - said Zhanargul Izimova.
