DILIJAN, November 13. /AVAILABLE/. Armenia's modern banking system is not ready for technological development, stated Tigran Jrbashyan, development director of Ameria group of companies, within the framework of the 3rd International Business-Innovation Forum in Dilijan.
"For the innovative development of the banking sector, large finances are needed in the absence of the necessary volume of the market," he said.
The expert believes that the banking system is on the verge of serious changes.
"In 2017, you will have a 'hungry', technologically underdeveloped banking system that has entered into competition with major global players, and it will have to invest more in technological development," he noted.
Jrbashyan also added that modern technologies lead to the fact that mediation services traditionally operating in various fields lose their relevance. For example, a service like Uber (a service for ordering a personal driver through an iPhone or Android application) replaces a traditional taxi service.
He also mentioned that access to financial resources is being democratized in the financial sector, and the existing institutions of financial intermediation are being urbanized (elimination of intermediaries).
"Not only in the world, but also in Armenia, the "crowd lending" phenomenon is gaining momentum, which allows bypassing traditional financial institutions to lend or receive a loan," said Jrbashyan.
The 3rd international business-innovation conference started on November 13 in Dilijan. The conference is attended by local and foreign businessmen, representatives of business unions and associations, state administration bodies, consulting companies, educational institutions, diplomats.
The event is held under the patronage of the Prime Minister of Armenia, Hovik Abrahamyan. The main sponsor of the conference is the BetConstruct company.
The first international business-innovation conference was held in Dilijan from November 29 to December 1, 2013.
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