Digitalization in banks focuses on security, personalized customer experience and regulatory compliance – Volodymyr Mudryi
The integration of digital technologies into Ukraine’s banking sector is now proceeding at pace, with three key priorities emerging – security, enhanced customer services (personalized experience), and compliance with regulatory requirements. This was highlighted by Volodymyr Mudryi, Chairman of the Management Board of OTP Bank JSC and Chairman of the NABU Council, during the “DIGITAL HORIZONS: SMART BANKING” event organized by the “Bankir” Club.
“With the onset of martial law, banks were granted only temporary access to cloud technologies necessary for a high level of data security. As Chairman of the NABU Council, I welcome the recent National Bank of Ukraine regulation introducing long-term solutions for banks. The cloud offers the most reliable data protection and ensures uninterrupted operations,” he emphasized.
According to V. Mudryi, all market participants are now paying increased attention to cybersecurity – from countering DDoS attacks to combating social engineering. “AI is already making an important contribution. It helps banks not only create attractive financial offers for clients but also alert the relevant departments to suspicious transactions, thereby preventing fraud,” the OTP BANK CEO stressed.
He noted that digitalization has already been implemented in key banking operations: “Instant payments have been launched – transfers are completed within 10 seconds. This was achieved under challenging conditions. European banks needed years to implement such steps under peacetime circumstances”.
At the same time, many technological solutions still need to be introduced in the near future. V. Mudryi pointed out that the implementation of open banking will foster the development of fintech, while the new Law on Factoring, which has entered into force, will enable the creation of a national digital platform for factoring operations and promote clear and transparent approaches to business financing. “Legislation on virtual assets is also actively being developed, and this will inevitably affect banks in the future,” he said.
The OTP BANK CEO also listed key digital solutions that could become true game changers and stimulate Ukraine’s economic recovery. “A milestone will be Ukraine’s accession to the Single Euro Payments Area (SEPA). Equally important for the market is the implementation of partner accreditation mechanisms under DORA standards, which the EU expects from Ukraine. We must also develop the capital market – this remains an open issue. In addition, mortgage lending should become a fully digital product, although this is still somewhat in limbo,” V. Mudryi added.
He reminded the audience that new types of payments – QR code payments – are actively spreading in Ukraine. “It is clear that this will also be reflected in regulatory norms. Another interesting technological innovation in the banking sector is the emergence of so-called ‘non-biological colleagues’ working on the basis of artificial intelligence. Practice shows that this is mainly an auxiliary model requiring a comprehensive approach and, figuratively speaking, four human eyes to verify the AI’s work. By the way, OTP Bank currently employs five non-biological colleagues,” V. Mudryi noted.
He suggested that the AI topic may lose its prominence over time. “Before 2022 everyone talked about big data; today artificial intelligence is among the top topics. But the pace of social development is such that within a few years we may well switch to a new revolutionary technology,” V. Mudryi concluded.
Share these news with friends!
Public Joint Stock Company OTP Bank is a subsidiary of OTP Bank, which is the largest independent Central-Eastern-European banking group. JSC OTP Bank is one of the largest domestic banks, a recognized leader in the financial sector of Ukraine. The Bank provides a full range of financial services to corporate and private customers, as well as to small and medium enterprises. The bank entered the Ukrainian market in 1998, and since then it enjoys a staunch reputation of socially responsible, reliable and stable institution providing its consumers with services of European quality standard.
Additional information
