With internet banking in Turkey because the second half of the 90s have experienced a technological revolution. In this interval, college graduates who wished to work in a company whose expectation was to enter a corporate job and that could offer the technical potentialities of the interval to the employees, favorred banks. This concerned a qualified workforce in banks, internet banking and banking technology in Turkey, past the examples on the earth began to take off work.
However this changed with the emergence and rapid development of the entrepreneurial ecosystem. A fast development in the area of mobile applications was noticed between 2005 and 2008. As in the internet banking period, the banks attempting to make mobile developments in themselves couldn’t keep up with this change because of the totally different structure of the mobile. They may not see the potential of mobile applications and misplaced time with the flawed technologies. The banks, which could not predict that mobile applied sciences under their radar can be so well-liked, started to work with mobile banking targeted technology firms corresponding to Pozitron at that time. And there was a critical transformation in banking with mobile. Nonetheless, the banks, which saw the potential in mobile afterwards, moved the mobile developments to the in-house and continued to grow their teams, as in internet banking.
New players emerged in the banking sector
Ranging from 2010, startups started to be mentioned along with banks with severe technical breakthrough. In the present day, model new players have grown within the banking sector: Neobanka, Fintechs, big techs (Google, Apple, Amozon, Tencent, Facebook etc.)
While the amount of funding acquired by neobanks in 2017 was round 0.6 billion dollars, this amount reached $ 2.9 billion in 2019. Similarly, there was a severe improve in the quantity of investment obtained by fintechs. The quantity of funding obtained by Fintech reached $ 24.6 billion in 2019.
Seniors attacked from above, startups from below to make profitable transactions (payment systems, money transfer etc.) of the banking business on themselves.
Difference in working rules highlighted startups
When beginning to adchoose entrepreneurial culture in Turkey, banks want certified workers, have changed their preferences and priorities. New graduates have begun to establish more firms, that is, to concentrate on their own startups or to choose promising startups somewhat than corporate structures. A lot in order that in keeping with a analysis; 62% of senior executives working in the banking sector think that the digital expertise supply and demand balance has been opened within the sector. This truss seems to proceed to open against corporate firms.
Entrepreneurs, who can predict that technology is the situation for survival, have succeeded in obtaining well-educated human resources of their own surroundings or outside. With the impact of the problem of the systems, banks turned unable to start up new applied sciences quickly enough.
Such developments in banking sector in Turkey attracted a lot of foeigner investor to Turkey. The reason for such attraction is the fame of Turkish banking sector. To be able to get benefit from the amenities of Turkish banking sector, these traders as a pre situation require to open a bank account in Turkey. However, just like different nations this motion requires some formalities which isn’t straightforward to comply with by a foreigner. With the intention to get a whole guiding please observe the link above.
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