To support innovation and development in financial technology maib took part in the “Digital Transformation for Financial Institutions” conference. This event featured discussions of best practices and case studies of digital transformation in banks, microfinance companies, investment companies, insurance companies and other financial institutions. The conference speakers - local and international experts in Fintech - shared their broad professional experience.
Digital transformation in finance is a key trend in 2022. Applying digital practices in operations, customer relations and strategic projects has become a priority and the main ingredient for growth for every financial institution.
At the beginning of the event Giorgi Shagidze, CEO of maib, emphasized the importance of supporting the development of Fintech to accelerate the digital transformation of companies in the country and their expansion abroad.
"Maib is going through a period of transformation, focusing on quality customer service, digitization, listing on an international stock exchange and, of course, the internationalization and development of ecosystems. We understand that the transformations we want to implement cannot be achieved through traditional methods and techniques. The future of banking is in Fintech and the possibilities it brings. That is why we are here, we are open to collaboration, to become partners and to identify ways to work together with Fintech companies”.
Taking part in the discussion "The New Finance Industry: Digital Transformation in Legacy Banking", Aliona Stratan, First Vice President of maib, Head of Retail, mentioned:
"Banks are going through a period of digitization and mass development, and Fintech companies are becoming the catalyst for this process. Namely this aspect I believe favors and encourages both the collaboration between banks and Fintech startups, as well as the healthy competition between them. Such a symbiosis will be the trigger for changes in the banking sector, leading to several transformations and will inevitably lead to the exclusion of barriers between industries”.
Alexandra Sidorenco, Head of the Digital Product Development Department at maib, presented challenges and milestones of maib’s digital transformation over the past year, including the maibank application and Internet Banking service.
"Loans offered last year through the maibank app accounted for 15% of volume and 33% of the total number of consumer loans to individuals in 2021. Both volume and number of loans increased substantially in 2021 compared to 2020.
Year on year comparison shows that in 2021 loans originating via maibank made up half of the volume of loans offered by all branches in 2020. Maibank originated almost the same number of loans (94%) in 2021 as all branches did in 2020. This proves that the mobile app, in addition to the convenience offered to customers and the cost efficiency for the bank, is quickly becoming the key sales channel”.
The “Digital Transformation for Financial Institutions” conference was held with the support of maib and Mastercard, implemented by Fintech Moldova, together with the help of USAID and the Government of Sweden in the Tekwill project.
About maib
Maib is the largest bank in Moldova, holding 31.4% of the assets of the banking sector and having a share of 34.9% of loans, as of December 31, 2021. Having over 35% of the country’s population as our client, maib is one of the largest employers in the republic. The bank has the most downloaded and rated mobile app in the banking sector. Maib is the largest card acceptor in all business areas: POS terminals, ATMs, e-commerce, self-service terminals. Through its extensive network, the bank serves approximately one million customers, individuals, SMEs and corporate customers. In 2021, for the second year in a row, maib was awarded "Best Digital Bank Moldova" by the Global Banking and Finance Review. At the same time, maib was named "Best Bank in Moldova" by Global Finance, Euromoney and The Banker.
