Banks given option to implement project-based strategy for overseeing investment undertakings by National Bank
Digitally Speaking: A New Breed of Banking
In a recent disclosure at the "Digital Banking - 2025" conference, Alexander Egorov, the first deputy chairman of the National Bank, sparked conversations about a revolutionary approach to client investment monitoring.
Egorov's proposition? Monitoring clients' investment projects in real-time, right from the get-go - a paradigm shift from the quarterly or monthly loan disbursement method currently adopted by Belarusian banks. But why settle for the status quo when you can leap into the future?
He suggested equipping clients with cameras to track project progress, ensuring transparency, and assessing tender documents to deter money laundering or inflated prices. Furthermore, he emphasized the importance of delving into weekly plans for a holistic view of a project's progression. This approach stands to benefit both parties: the bank gains earlier risk identification capabilities, while the client builds project management competencies.
The Chinese take a step ahead in this game, already implementing digital platforms to monitor client flows and lend using data-driven decisions - no need for cumbersome documentation. Egorov is confident that AI can manage this extensive monitoring, giving signals when necessary.
Despite being an unconventional idea, Egorov believes it's a step in the right direction. The digital banking world is bogged down in discussions about the past, yet standing still isn't an option to move forward.
Incorporating AI in Digital Banking
Digital banks globally are embracing AI for diverse operational aspects, including:
- Fraud Detection: AI can swiftly detect fraudulent activities and streamline risk management, preserving customer trust.
- Data Governance: AI aids in automating data workflows, enhancing data quality, and improving decision-making processes.
- Operational Efficiency: By automating numerous processes, AI frees up resources, allowing for user-friendly services and cost reduction.
Project Monitoring in the Digital Banking Era
Though specifics on project monitoring are scarce, it's plausible that AI could:- Optimize Predictive Analytics: AI will anticipate project performance, identify risks, and enhance investment strategies.- Streamline Reporting: AI reduces manual report generation, furnishing real-time insights to assist in informed decision-making.- Strengthen Compliance: AI can maintain regulatory and policy compliance by scrutinizing project data.
Global Pulse: Digital Banking Innovation
Chinese digital banks are spearheading digital innovation, with AI woven into various operational strands. As for Belarus, the general trend towards digitalization indicates potential AI integration for boosting operational efficiency. Stay tuned for other exciting leaps in the digital banking landscape!
- In the digital banking era, AI could optimize project monitoring by providing predictive analytics, identifying risks, and enhancing investment strategies.
- By streamlining reporting with AI, digital banks could generate real-time insights, thereby facilitating informed decision-making.
- The integration of AI into digital banking operations, as seen in Chinese digital banks, could help in maintaining regulatory and policy compliance by scrutinizing project data.
- Alexander Egorov, a Belarusian banking executive, believes that AI could handle the extensive monitoring required for real-time project tracking, providing signals when necessary.
