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Western EuropeMay 2 2017

Turkey’s TEB reaps online early-mover reward

As one of the first banks to venture into digital banking in Turkey, Turkiye Ekonomi Bank is enjoying the benefits of early investment, as Gökhan Mendi, senior assistant general manager, retail and private banking group, tells David O’Byrne.
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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).

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