FinComBank has been actively developing over the years, offering new innovative approaches and technological solutions to both Bank’s clients and non-clients. Technologies are constantly evolving at a fast pace, so in order to be flexible, meet the expectations of our customers and be responsive to their needs, the FinComBank team went through the DigiLab Finance digital transformation program, which was organized by IFC Europe & Central Asia-International Finance Corporation, which is the largest global development institution focused on the private sector in emerging markets, in partnership with the governments of Japan and the United Kingdom and implementing partner Accenture.
"The digital transformation has opened for us the new approaches and the transition from being product-centric to customer-centric. We have mastered many tools, approaches and solutions that will undoubtedly become the starting point for all the transformation processes in our Bank. Already now we are changing the existing processes, and we are going to launch new ones very soon, because we know exactly what we want, what we will achieve and what will help us with this. The DigiLab FinComBank team has become a single entity in achieving the goals and objectives we have set for ourselves in the near future and will confidently lead the Bank to the digital transformation,” said Svetlana Mironova, the Interim CEO of FinComBank.
As part of this program, which lasted several months, the DigiLab FinComBank team, with the support of the program mentors, had developed the Bank's digital transformation strategy. Also, during the course, leading experts from different countries shared their knowledge and experience in the field of agile transformation, design thinking, data management, change management and digital leadership.
Throughout the entire period, the FinComBank team actively participated in trainings and workshops, with the support of regional and international mentors, alongside with other program participants: top banks from Armenia and Georgia, Evocabank and Terabank.
“DigiLab program was a very important and valuable experience for us. It helped us to enhance our strategic skills and competences. Now we are ready to dig deeper into our digital DNA and expand the horizons of digital transformation of Evocabank. As a well-recognized digital bank in Armenia, it was an interesting challenge for us to pass this path with such innovative banks as FinComBank and Terabank,” said Tatevik Khachatryan, Deputy CEO of Evocabank.
"Participating in the Digital Transformation Program has taken Terabank's strategic approach to introducing innovative approaches and state-of-the-art solutions to an even higher level. The opportunities that we have shared as a result of the program will help us run our business processes in such a way that, based on the principles of digital transformation, we can respond to customer needs more flexibly and quickly,” said Vakhtang Khutsishvili, Chief Operating Officer of Terabank.
Another important step has been taken towards the digital transformation as part of the Bank's long-term strategy. There are big changes ahead of us, which will undoubtedly contribute to the digitalization of banking services and will improve customer experience.
Recently, FinComBank presented IFC's management its new digital transformation strategy, which has been developed by all FinComBank team over the past months. All participants of DigiLab received Certificates of Completion of the Program and memorable gifts from IFC DigiLab Finance.
We thank the IFC team for organizing and conducting this program, and for the unique experience that they shared with us over the course of several months.
Moving towards digital transformation with FinComBank!
IFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In fiscal year 2021, IFC committed a record $31.5 billion to private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity as economies grapple with the impacts of the COVID-19 pandemic. For more information, visit www.ifc.org.
FinComBank was established in July 1993 as a joint-stock company. Today it is a well-positioned, highly profitable mid-sized bank with a very professional and dedicated management team. FinComBank provides a wide range of corporate and investment banking services to Moldovan and foreign clients. The Bank’s customers include individuals, micro, small and medium enterprises, representing all the main sectors of the Moldovan economy. However, FinComBank considers being a priority servicing micro- and small business as well as private individual entrepreneurs. 90% of new credits are issued to SMEs. FinComBank’s 17 branches and 67 agencies are located all over the Republic. At present, the Bank has 139 shareholders, 575 employees, and over 110 thousand clients. In August 2007 widely well-known venture Western NIS Enterprises Fund (WNISEF) became one of the major shareholders of FinComBank after purchase of 25 percent of the bank’s shares. Since 1995 the Bank has had its annual financial audits conducted according to international standards initially by Coopers & Lybrand/PriceWaterhouseCoopers), then by Ernst & Young. As a result it has maintained its financial strength by complying with all international standards concerning liquidity margins and capital adequacy required under the Basle Accords. The Bank is one of the founders of the Banking Association of Moldova and the Moldovan Stock Exchange and a member of the American Chamber of Commerce in Moldova (AmCham).