Baku:Kapital Bank has been at the forefront of transforming the microcredit landscape in Azerbaijan by leveraging digitalisation and artificial intelligence (AI) to streamline financial services for microentrepreneurs.
According to Azerbaijan State News Agency, the bank has adapted its lending processes to better align with the fast-paced nature of microentrepreneurs’ business activities. This transformation aims to simplify access to financing, making it faster and more accessible. Kapital Bank now serves over 100,000 microcredit customers, with a loan portfolio of approximately AZN 660 million, reflecting significant changes in their microcredit model.
In recent years, Kapital Bank has introduced an innovative approach by digitising their lending processes. They have implemented digital channels such as the Birbank mobile app, which allows entrepreneurs to apply for loans 24/7. The bank reports that approximately 90% of loan sales occur through these digital channels, with about 95% of credit decisions made automatically. This shift has allowed entrepreneurs to obtain loans more conveniently, without the need for extensive paperwork or branch visits.
Kapital Bank’s AI-powered solutions, including an ‘AI Sales Agent’ and an ‘AI Assistant’ integrated into the Birbank app, are vital in facilitating communication and offering tailored loan solutions to entrepreneurs. The AI Sales Agent proactively presents loan offers, answers queries, and suggests alternative solutions based on customer feedback.
The bank’s commitment to personalisation is evident in their efforts to tailor financial products to meet the specific needs of entrepreneurs across various sectors. This approach goes beyond offering generic loan products, aiming instead to provide solutions that align with each entrepreneur’s unique business requirements.
Looking ahead, Kapital Bank plans to further integrate AI into its operations to enhance decision-making processes and offer more personalised banking experiences. The bank aims to increase its loan portfolio to AZN 1 billion, with the ambition of becoming a trusted partner that supports entrepreneurs’ growth and development.