 
Writer: Petia Dimitrova, Chairperson of the Board of Administrators of the Affiliation of Banks in Bulgaria
Each time it occurs, becoming a member of the Eurozone and adopting the second most generally used forex on the earth is a long-awaited course of for Bulgaria. It’ll positively affect our financial system and function a driver for accelerating reforms, bettering prosperity and attaining European dwelling requirements. It’ll convey many advantages to residents and companies, not solely by lowering transaction prices but in addition by bettering the funding atmosphere – activating native and international investments which can be anticipated to assist employment. It’s anticipated that the adoption of the euro will stimulate Bulgaria’s worldwide commerce, particularly in some manufacturing sectors the place Bulgaria already has established positions within the EU provide chains.
On the Affiliation of Banks in Bulgaria, we plan to conduct an informational marketing campaign amongst residents, along with the Bulgarian Nationwide Financial institution and the federal government, to spotlight all the advantages of adopting the euro, which can considerably enhance the atmosphere wherein all of us do enterprise. All of us – banks, companies and the state – should converse with one voice and ship clear messages to assist our shoppers, workers, and society navigate the ocean of data and misinformation and clearly perceive the advantages of adopting the euro.
The phygital mannequin – for us, that is the way forward for banking
The euro has lengthy been a part of our on a regular basis lives. A big portion of actual property costs are already quoted in euros, and Bulgarian residents are already concluding offers and making funds in euros. Coming into the Eurozone will open many new horizons for growth, assist for companies and the financial system. I might additionally like to handle a priority shared by some individuals – whether or not the forex conversion might be carried out on the fastened central charge of 1.95583 leva per euro. Current contracts, corresponding to loans, deposits, or monetary devices in leva or with references to the leva, won’t be altered or canceled. Loans and deposits might be transformed at this fastened charge. Now’s the time to advise shoppers to make use of the months earlier than the euro adoption and deposit their cash into their financial institution accounts.
Postbank had been the primary financial institution with a marketing campaign permitting each consumer to deposit their cash with out charges. This meets client expectations for comfort and velocity in our providers and demonstrates our dedication to being a trusted and dependable accomplice, simplifying processes as a lot as potential and exhibiting our assist for the nation’s path to the Eurozone.
Wheels in movement
There may be an simple momentum round digital transformation in our sector, as all of us attempt to realize a greater expertise for finish customers whereas driving effectivity by innovation. Improvements are a fantastic springboard for the banking sector and must be a precedence if you need your enterprise to maneuver ahead. The long run is technological, and banks will evolve at a fair quicker tempo. Expertise offers far more data and considerably will increase the velocity of our work. The fast implementation of high-tech options drastically improves the client expertise. This permits us to supply our shoppers even higher-quality and extra environment friendly banking providers. Digital playing cards, digital wallets and QR code funds are only a small a part of the brand new actuality. Knowledge evaluation instruments are notably necessary, as they will facilitate higher danger evaluation, quicker reactions to market developments and larger resilience. In the present day, banks should give attention to the flexibleness with which we reply to environmental adjustments. With the combination of synthetic intelligence, we are able to proactively develop eventualities that simulate a variety of potential ‘what if’ conditions – from rate of interest will increase to sudden deposit inflows – and assess the financial institution’s vulnerabilities if these eventualities unfold.
The long run is technological, and banks will evolve at a fair quicker tempo
At Postbank, we intention to supply personalised monetary merchandise and digital providers, combining the most recent applied sciences with conventional strategies, a private method {and professional} session. We make vital investments in course of re-engineering and human assets to create user-friendly purposes that improve the client expertise with us. We proceed to spend money on the event of our digital service channels and increase the phygital mannequin – for us, that is the way forward for banking. We utilise many digital options that open new alternatives for us.
We’re trendy, however on the similar time, synthetic intelligence may by no means totally change the human issue and the added worth that comes from interacting with an actual skilled, as a result of our shoppers need to converse with them personally. That’s the reason we give attention to hybrid types of banking, the advanced mannequin between digital and bodily providers, and the client expertise throughout completely different channels and platforms – constantly and in real-time – that is what we’re doing at Postbank and what our shoppers anticipate from us. Expertise is altering work processes and providing one other benefit – extra free time for our workers to give attention to experiences past the work atmosphere.
Cash mentors
Banks and credit score establishments can and do play a vital position in bettering monetary literacy, which in flip helps individuals strengthen their funds, together with their credit standing. Being digitally and financially literate is just not solely stylish but in addition a key benefit for fulfillment and private and enterprise growth.
Banks should give attention to the flexibleness with which we reply to environmental adjustments
Investments in schooling, abilities growth, and competency constructing are in no way new for Postbank. These are our long-term commitments, which is why the financial institution has applied quite a few initiatives targeted on bettering younger individuals’s abilities, in addition to many different programmes within the subject of company social accountability. Amongst our main tasks in schooling are the large-scale initiatives with a number of colleges and universities. Postbank can also be a part of the accomplice group for the mentor programme ‘Mentor the Younger,’ whose objective is to encourage actual change within the careers and private lives of contributors by giving them the chance to fulfill established consultants from numerous market sectors.
For instance, with the creation of our modern programme ‘Venture YOUth,’ our intention was to increase younger individuals’s entry to personalised and safe monetary options that can assist them develop the required tradition relating to private price range administration, constructing new financial savings habits and accountable consumption.
We additionally not too long ago launched a large-scale strategic partnership with Junior Achievement Bulgaria, geared toward bettering monetary literacy amongst younger individuals in Bulgaria. By means of the programmes ‘Private Finance’ and ‘Sensible Finance,’ we’ll equip college students with primary monetary data and abilities to assist them make knowledgeable choices of their private {and professional} lives and higher handle their funds.
Our objective is just not solely to offer the required data, sensible steerage, and helpful recommendation to younger individuals but in addition to encourage them to take an lively position in shaping their monetary future.
Due to this fact, we’ll proceed to dedicate a number of time and assets to CSR programmes associated to the monetary wellbeing of residents, monetary sustainability of companies, monetary schooling and their significance to the steadiness of society.
