Only a few years ago, Turkish banks were rushing to open as many as 50 new branches a year on the back of a consumer-banking boom. But Turkey is also registering rapid growth in both internet usage and smartphone penetration – a trend often seen in countries with positive demographics – which is causing the country's banks to increasingly seek to develop more cutting-edge banking technology.
One of those having taken the step into technological advances at an early stage is Türk Ekonomi Bankası (TEB). A subsidiary of France’s largest bank, BNP Paribas, and the Turkey's 10th largest bank by assets as of year-end 2015 data, TEB is reaping the benefits of being an early mover into financial technology (fintech).