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Western EuropeMay 1 2013

Turkey's banks embrace the digital generation

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.
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Turkey's banks embrace the digital generation

Just a few years ago, Sina Afra would have never considered relocating to Turkey, his parents’ home country. However, a business trip turned into a life-changing event when the then-director for European corporate development and mergers at eBay was tasked with acquiring a local player for the company and joining its board.

“I came to stay for 18 months, on behalf of eBay, but then I realised how empty [the Turkish e-commerce] market was. I saw the potential,” he says. Following this, Mr Afra set up Markafoni, a members-only online shopping network that Bloomberg cites as the world's second-most visited website of its kind.

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