The banking market of Kazakhstan, after a decade of crisis, has finally begun to change. Several factors contribute to this: the political will of the country’s top leadership, tightening regulation by the National Bank, new rules in IFRS 9 (international financial reporting standards), increased competition in the market, a shortage of qualified personnel, and much more. Numerous challenges faced by banks, divided them into, relatively speaking, the rich and the poor. If the former feel normal, then the latter have to survive, since access to deposits of the quasi-public sector is not so simple, and they have not yet learned how to work under market conditions.
Treasurers of quasi-state companies traditionally prefer not to take risks and place deposits at low interest in virtually one single bank. In turn, bankers also do not take risks and are invested in notes of the National Bank. Thus, it turns out a trivial circulation of public money in the country, the flows from which only in relatively small volumes fall into the real economy. Why risk when there are risk free tools? Obviously, this will not continue forever, the volumes will be reduced and bankers will be one-on-one with the market: you will have to work like banks in the developed world. Some understand this and are preparing to live without state money.
Small and medium businesses do not receive loans due to the lack of collateral and transparency. That is why real lending rates to SMEs, according to bankers, start at 40% per annum. Of course, a business cannot take them at such interest, and bankers cannot offer lower rates because of the high risk share in the loan, which today reaches 30% (that is, it is assumed that every third person who took the loan will not give it back).Banks can find a serious additional income in the retail market, enhancing personal work with the client, but not everyone has enough expertise and willingness on the part of shareholders to invest in new technologies, when there is just enough money. Some bankers understand that there is a future for new technologies, and they are actively working in this direction, achieving tangible results. In the banks, and in government departments, digital and data officers (CDO) began to appear at last.