bank CITI won in the competition from the magazine "Global Finance" (2016) in the
category "Best Digital Bank", becoming a leader in the following nominations: "The
best online money management"; "The Best Integrated Corporate Banking Website";
"Best Information Security Initiatives"; "The Best Online Treasury Services"; "The
Best Mobile Banking Application" in Western, Central and Eastern Europe. Moreover,
the British preferred this digital bank in the nomination "Best Consumer Digital Bank",
whereas in Central and Eastern European countries such banks were Tatra Bank, Bank
Millennium and Sberbank [10].
In order to run a successful electronic financial business, banks should work
where there can be a large number of their potential customers, namely, in social
networks. For example, the social network Facebook for 2015-2016 continued to
improve financial payment services: now chatboats can accept payments in the
messenger, and users are able to request and initiate remittances. In addition, Facebook
has received a money transfer license in Europe.
In countries such as Colombia and the Philippines, a Lenddo.com project has been
introduced. This allows customers to receive consumer loans (up to US$ 1,000 per
social networking profile). Lenddo.com is studying prospective borrowers and their
friends. The more his accounts are, for example, in Google and other social networks,
and the more respectable the links, the better the chances to get such a loan.
Information from social networks is also widely used by credit bureaus in the
United States. Their employees thoroughly study potential borrowers, as well as their
habits, and so on. These data allow us to draw up a psychological portrait of the
borrower, in order to then make a final decision on such a loan.
The Groupe BPCE French bank is widely using technology that allows you to
make money transfers on the Twitter social network, while Indian ICI Bank does not
work through offices, but through Facebook, communicating with clients through a
secure Pockets application. This program also allows users to send money through a
social network, replenish their mobile account, book tickets, check their account
balance and pay for utilities, etc. [18; 12].
During 2016, McKinsey Global Institute explored the prospects for developing
digital finance, with the example of developing countries. Thus, providing digital
financial services to customers through smartphones can stimulate GDP growth in
developing countries by 6% – up to US$ 3.7-trillion over the next 10 years and create
over 95 million jobs. According to a study, digital finance can cover more than 1.6
billion people who currently do not have access to banking services. Most of them are
women. Digital financial services will help provide loans to individuals and small
businesses in the amount of US$ 2.1-trillion. The governments of such countries will
be able to receive an additional US$ 110-billion per year, arranging government
spending and tax collection. Financial service providers will be able to save about
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