查看文章

The article provides an analysis of the Azerbaijani financial sector in terms of readiness for digital transformation. A study is being made of the current state of the banking system of Azerbaijan and its development trends in the use of digital technologies. As a result, conclusions are drawn about the new capabilities of banks in the context of the digitalization of the economy. We believe that digitalization of the economy will lead to an increase in use of cashless payments and specific weight of cash payments in Azerbaijan will decrease from 74% to 40%. Judging by forecasts, the volume of non-cash payments will grow by about a tenth annually. Now Azerbaijan is carefully studying the experience of implementing block chain technologies, assessing the possible risks and prospects of use. The Central Bank has launched the country’s first pilot project on the block chain platform. As a result of the project, the client will be able to open an account through video identification without coming to the bank. If now there are about 30 banks in Azerbaijan, then their number will drop to 20, maybe even less in the coming years. Such processes often lead to the fact that old infrastructures that do not correspond to new realities are replaced by new, advanced ones that keep up with the times in the combined banks. Since 2010, banks have invested approximately 25% of their net profit in financial technology.