The sphere of Internet services in Turkmenistan is developing at a rapid pace. More and more sectors of the national economy are gradually introducing online services - they open websites, create trading platforms, and promote their own mobile applications. The policy of digitalization of all spheres of the country's economic, social and cultural life is carried out on the initiative of President of Turkmenistan Gurbanguly Berdimuhamedov, who has repeatedly emphasized the importance of mastering advanced IT technologies that make it possible to become part of the modern economic and political space.

The main development trend of modern banks is building interaction with customers using digital technologies and using remote banking services on this basis. This presupposes the development of Internet and mobile banking, electronic means of mutual settlements and other financial instruments.

Implementing the progressive policy of the head of state, exactly a year ago, on December 11, 2019, “Rysgal” JSCB was the first in Turkmenistan to introduce an Internet banking system. The Bank carries out a phased introduction of high-tech, innovative products for clients. A system of innovative services is consistently being formed that would rely on advanced technological solutions and would have the potential for further improvement, the ability to quickly adapt to global development trends.

Benefits of Internet Banking

The functionality of Internet banking of “Rysgal” JSCB is universal and available for both individuals and enterprises and organizations. With the help of this service, huge opportunities for the implementation of commercial and financial activities open up with a number of undeniable advantages in several respects.

If we talk about the advantages of Internet banking, first of all, we should note the convenience. The practice of Internet banking allows you to minimize the need for visits to the bank and long-term presence in it. Internet banking provides an opportunity, without leaving home or from your workplace, to track all the movement of funds on your accounts and bank cards, control all stages of processing all payment documents, receive information about loans, account and card statements, as well as make transfers from one account to another, transfers to other clients both inside the bank and outside it.

The second advantage of Internet banking is saving, first of all, time. All online manipulations with payments take about 3-5 minutes, as opposed to offline procedures, when such actions took two to three hours. In addition, for offline transactions, a commission of 0.2 percent was charged, in online banking, the commission was reduced to 0.1 percent. Also, when working with Internet banking, you no longer need to print out a huge number of documents.

Also, according to the bank's clients who have connected this service, the Internet banking system is more accessible for understanding by those who have never dealt with banking operations before. Thus, the third advantage of

Internet banking is simplicity for the client. The number of documents required for filling is reduced by an order of magnitude.

Often, ministries, the Customs Service and other institutions require copies of payment orders: the client can print a copy of the payment himself and take it to a bank or another department, and representatives of one organization or another can go to the website of “Rysgal Bank” and use a special reference code that is assigned each payment, receive confirmation of its completion.

Also, it is not required to present the basis for the payment (contract, invoice), it is enough to mark it in the payment order (exception: the basis for the payment is necessary for state organizations if the amount of the purchase and sale agreement is 35 thousand or more).

Internet banking allows you to simplify the procedure for submitting payroll records as much as possible - an entrepreneur simply sends lists of employees, and the system processes the data itself.

Working in the Internet banking system, you can also postpone the value date (date of physical delivery of funds) for up to 10 days. This service is convenient if the bank's client plans to leave for a few days and at the same time wants all payments to be made in his absence.

The Internet banking system provides its customers with complete security and safety of data by providing one-time passwords to enter the “personal account” and confirm payment transactions. After connecting to Internet banking, the client receives a computer-generated username and password, which he will have to change in six months. Passwords are sent via SMS and are never repeated.

To connect to the Internet banking system at “Rysgal” JSCB, the client gets acquainted with the “Regulation on remote banking services for legal entities and individual entrepreneurs” in “Rysgal” JSCB published on the bank's website, fills out an application in the established form, after which, having a passport, a printed application and a copy of the agreement from the “Altyn Asyr” company on the availability of a mobile number in the name of an entrepreneur or individual entrepreneur (corporate number) comes to the legal department, where the procedure for connecting the Internet banking service takes place.

Immediately after signing the documents, the client is allocated a “personal account” with a login and password.

Achievements of Rysgal JSCB in the field of Internet banking

At present, “Rysgal” JSCB is the first and only one in Turkmenistan to provide its clients with Internet banking services. In December last year, just introducing this innovation, the bank's management planned to transfer 90% of all payments within the bank to the online format within a year. Summing up the results of the first year, we can say with confidence: the plan has been fulfilled, and 90 percent of all transactions in Turkmenistan are carried out by the bank's clients using Internet banking.

Also, JSCB “Rysgal” for the first time among the banks of Turkmenistan introduced the use of a public offer when concluding an agreement with clients - a proposal to conclude a deal addressed to an indefinite circle of persons, containing all the terms of the agreement with a guarantee of their execution. If a potential client accepts the terms of the offer, he fills out a special application, which is an agreement with the bank's proposal.

To familiarize customers with the principles of Internet banking, the bank administration at first organized training “courses of banking literacy”, but now the training has already passed into the format of video lessons, which can be viewed on the official website of “Rysgal” Bank.

For the remote customer service system of “Rysgal” JSCB, there are prospects for attracting an increasing number of various categories of the population and entrepreneurship with a wide territorial coverage to cooperation with the bank - both in cities and in small settlements, rural areas. In the future, it is planned to additionally attract other categories of customers to services in Internet banking: pensioners, students, agricultural tenants and others.