A Stable banking system is a necessary condition for sustainable economic growth. The most important function of banks is to ensure the smooth capital transactions, to provide opportunities for the necessary funding for enterprises, government, individuals, as well as creating an enabling environment for the investments with a view to savings in the national economy.
PrivatBank is one of the key leaders of the banking market in Ukraine. To date, the company successfully combines the banking industry and the IT-sector, seeks to depart from the paper documents and creates new electronic services. IT-director of the Privatbank – Dmitryi Dubilet told us about the innovations, reforms and investments in the banking sector and about where the company finds profitable to invest.
LDaily: Privatbank is the largest Ukrainian financial institution with highly developed IT-sector. How did you find the idea to combine the banking industry and the IT sector?
D. Dubilet: The Chairman of the Board of our bank since 2000 likes to repeat that we are not only and not so much the bank, as an IT company. Significant impact on the Bank at that time had a reading of the book “Business @ the Speed of Thought” by Bill Gates. Then, in the early 2000s, this book made a huge impression and influence on minds of the managers that with renewed vigor realized how important it is to transfer all of their business processes into the electronic form and to use information technology properly.
LDaily: Privatbank pays great attention to the development of electronic online services. How reliable in operation and how protected this electronic work flow system is?
D. Dubilet: Throughout the history of the bank I don’t remember any incident when any electronic document disappeared. But there were a lot of times when we could not find some paper documents in the archive.
LDaily: In your opinion, what are the advantages of the moving to electronic document exchange system?
D. Dubilet: Oh, there are lots of the advantages! It is cheaper because you don’t spend time and money on the paper and couriers. This is a time win, you don’t have to lose your time posting documents and you can share the documents in a couple of clicks. This is more convenient in the context of work and saving documents. And we can also think about the environment.
LDaily: One of the disadvantages of e-services – they are usually paid. How profitable it is to the private individuals and to the legal bodies to use electronic services for the documents’ exchange, how justified the costs are?
D. Dubilet: There are different services. And if someone is using paid services, then I’m sure it’s still cheaper than the paper-express world.
LDaily: What legislative changes are necessary, in your opinion, for the complete moving to electronic exchange of documents?
D. Dubilet: Talking about the commercial sector, none special changes are necessary. All the cases now can be conducted electronically. If we talk about the interaction of the state with business, then, of course, there is still a long way for state agencies agreed to work with businesses in digital form – almost in all spheres.
LDaily: Is the banking industry in Ukraine attractive for the investment nowadays?
D. Dubilet: Unfortunately, not yet.
LDaily: What reforms are needed to attract investment into the banking industry?
D. Dubilet: The banking industry and its attractiveness depend heavily on the state of the overall economy. That’s why I will not name the concrete reform. We are waiting for all the general reforms that will begin the country’s recovery.
LDaily: What projects the bank considers as profitable for investing today?
D. Dubilet: We are constantly looking for new services that we can offer to our clients. For example, recently we launched the Papka24 service – for sharing and storing documents in e-form. Also, there is PrivatMarket – a marketplace, where Ukrainian companies can find suppliers, partners and customers. Almost all of the bank’s top managers are in constant search, what more useful and interesting to start.
LDaily: Is Privatbank ready to invest in the domestic startups, and what should be the project to invest in?
D. Dubilet: The bank is not acting as the investor of start-ups. Still, our role is more in credit financing. But, in April we are launching a new project called Cube. As a part of the platform, enterprises will be able to exhibit their “pitches” to obtain credit financing from those citizens who have cleared funds.