Coffee with…

In an interesting conversation “over coffee” with Sandra Rodic from USAID Cooperation for Growth Project, Vladimir Dornik from Societe Generale highlighted that what the times ahead and the initiative “Open Banking” are bringing is the clients directing the trends, the clients using those apps and services which they want and not using what the banks are offering. In fact, banks will be open to various Fintech and start-up apps that will have access to the client’s account should the client want as much. Thereby, the end customers will have more options. Open banking will provide room for Fintech companies for making numerous apps, tools which will be used by various small and medium enterprise segments , tailor made for specific segments and their needs. That will certainly change and alleviate communication with the banks regarding their financial needs.

However, if we’re talking about loans, small and medium enterprise representatives still prefer the face to face approach because banks play an advisory role, and not just a service role.