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Despite contracting investment banking fees in Europe, Turkey, Slovakia and Croatia have bucked the trend with impressive growth.
Mobile money, including banking and payments, is encroaching into the everyday life of the consumer. Monetising the business is still proving difficult, but thanks to the abundance of products available already, tangible business models are slowly emerging.
Vakibank's five-year plan to upgrade its IT infrastructure and completely remake its core banking application is ambitious but, according to CIO Ali Engin Eroglu, it is vital if the bank is to keep pace with Turkey's technology-focused banking sector.
As part of its drive to make the country more attractive to international investors and strengthen its economy, Turkey has kick-started a series of capital markets reforms by bringing its three exchanges under one roof, thus establishing the Borsa Istanbul.
Turkey has set itself some ambitious targets for the next 10 years, not least wanting to become one of the world's 10 largest economies. There are a number of obstacles that it must overcome first, however, with a significant savings gap, a deep current account deficit and a poor record in attracting foreign direct investment.
In Turkey, banks have stopped talking about alternative delivery channels. They consider all channels – including branches, ATMs and mobile – a core business, and this rise in digital banking is spurring competition and, as a result, innovation.
Personalised and location-based marketing tactics could be a catalyst for higher usage of mobile payments and could, in turn, unlock new business approaches.
UBS undertook one of the more radical post-crisis changes of strategy in 2012, and its head of European advisory, James Hartop, explains how the new structure enables his team to move beyond pure merger and acquisition work.
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