Deloitte: ‘Digital banks will increase investment and competition in the sector…’

At the ‘Digital Bank’ event organized by Deloitte Turkey, the effects of the Banking Regulation and Supervision Agency’s (BDDK) Operating Principles of Digital Banks and the new regulation on Service Model Banking on the sector were discussed. Deloitte Turkey CEO Başak Vardar said that a big movement will come to banking with the legislation and that increased investment and competition will benefit the entire financial ecosystem.

At the ‘Digital Bank’ event organized by Deloitte Turkey, how the ‘digital bank’ and ‘service model banking’ legislation is evaluated in terms of sectors and stakeholders in the ecosystem, what it will change in the lives of consumers and how it will create value for the economy were discussed.

Making the opening speech at the event held at the Wyndham Grand Istanbul Hotel, Deloitte Turkey CEO Başak Vardar said that a new page has been opened in the Turkish banking sector with the new regulation of the Banking Regulation and Supervision Agency (BDDK). Underlining that Turkish banks have made innovations in many fields with their innovative business models in the last 30 years of the sector, Vardar said, “All these applications have been exemplary applications that are referenced in the world. The BRSA, as the regulatory authority, paved the way for the sector with the regulations it brought step by step in this field, contributed to the rapid and strong growth of the sector and protected the rights of the consumers.

Pointing out that with the entry into force of the new regulation, the new generation banking in the Turkish banking sector paved the way for branchless banking, Vardar said, “At the same time, thanks to the open banking services offered by banks to interface providers, innovative business models where all customers can perform their banking transactions by establishing a remote and direct connection are also possible.” .

Noting that they interpreted service model banking as an important step in terms of spreading financial services to a wider base, creating opportunities for innovative business models and enabling the development of the fintech ecosystem, Vardar said, “With the contribution of innovative technologies such as blockchain, artificial intelligence, We expect digital banks, which we expect to offer user-friendly and personalized services, to positively increase the competition in the financial world.”

‘Turkish banking has entered a new era’

Deloitte Turkey Financial Services Leader Yaman Polat stated in his speech that Turkish banking is already at the forefront of the world in terms of digital banking. Emphasizing that Turkish banking has welcomed a new era with the legislation brought by the BRSA, Polat said, “This regulation brought a different definition. He separated the digital banking from the digital bank. What did the digital bank tell us? It has been positioned as a bank that has no branches, markets its products through alternative distribution channels, and can market products limited to certain segments such as retail or SMEs. On the other hand, it introduced us to banking, a service model that did not exist in Turkish banking before. With this model, banks had the opportunity to deliver their products to consumers through different interfaces, with the contribution of interface providers.”

‘Turkey’s digital banking legislation is more progressive’

At the event, Deloitte Global Financial Services Legal Leader Dr. DL Law Firm Partner Lerzan Nalbantoğlu, who evaluated the European Union and Turkey legislations with Mathias Hanten comparatively, stated that EU and Turkish laws show parallelism in this area. Hanten, on the other hand, commented that the BRSA’s legislation is ‘more pioneering’ when compared to other examples in Europe.

Speaking in the second session of the event, Akbank Retail Banking and Digital Solutions Deputy General Manager Burcu Civelek Yüce said, “We can say that we are waiting for the days when we will see a lot of integrated finance practices, where radical change and development in the ecosystem is inevitable, with the growth of the players who take the right steps in the field of Digital Banking and Service Banking, and therefore the market. . We continue to work intensively in this direction, and we aim to implement business models that will add value to both the bank, our business partners, our customers and of course our country in this area opened to us by the regulator very soon.” Deniz Güven, who is the founding CEO of MOX and the CEO of Platform XIT, noted that thanks to the legislation of the BRSA, a very useful platform has emerged in the field of digital banking in Turkey and this platform has many opportunities. Aktif Ventures CEO Yakup Sezer also stated that in the upcoming period, especially in the increasing competition in the field of fintech, service banks, existing banks and companies that offer interface solutions to service banks will set themselves apart from their competitors with the innovations they will implement.

Answering the questions of Deloitte Turkey Risk Consultancy Leader Cüneyt Kırlar in the last session of the event, BRSA Information Systems Compliance Department Head Mustafa Aydın shared his views on the innovations brought by the regulation they prepared to the sector and their effects.

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