Angel Mateev: The Digitalization of Commerce Will Open Doors to New Digital Financial Products

 
The pandemic gave a significant boost to online commerce, as well as to technological solutions in the financial sector. What trends can we expect next—new digital solutions for consumers and small merchants?
The past few years, filled with various challenges, undoubtedly acted as a catalyst, accelerating digitalization processes across all areas. Online commerce and banking digitalization advanced at an extraordinary pace. The rapid development of financial and technological innovations focuses entirely on customer satisfaction, ensuring quick, easy, and convenient access to banking services.
One of the latest trends shaping the sector is instant payments—a 24/7 solution that perfectly aligns with consumer expectations of having “everything happens immediately.”
In online commerce, the “click-to-pay” method is expected to become increasingly popular among consumers.
Small merchants will more easily offer cashless payment options to customers, thanks to innovative solutions like software-based POS terminals that transform smartphones into payment devices.
 
To what extent are banks willing to invest in such solutions, given that Bulgaria remains a cash-heavy country?
The banking system is investing substantial sums in digitalization. Digital solutions are a critical part of not just the future but also our present.
At Postbank, we placed innovation and digitalization at the center of our strategy years ago to deliver an outstanding customer experience.
 
What smart banking service do you expect to see significant development in the coming years?
Soon, we anticipate the continued integration of artificial intelligence technologies into daily banking operations. This includes much greater personalization of offers and services for clients, innovations and product diversification in sales channels, enhanced cybersecurity, and process automation.
Banks leveraging new technologies and AI will be much more competitive and develop more successful businesses. The strength of such innovations lies in their ability to combine with human expertise and be applied on an exceptionally large scale.
 
Can we expect traditional banks to actively develop products like simplified instant money transfers between users via mobile devices—such as transfers by phone or through apps like those of fintech companies?
Banks are continuously investing in new payment technologies designed to make life easier for clients and save them time.
Postbank’s ONE wallet digital wallet is one of the solutions we offer to meet customer expectations for quick and easy payments. Statistics show a growing interest in ONE wallet. In 2023, transactions made with digitalized cards in the mobile wallet nearly doubled compared to 2022. This year, Postbank added new and attractive functionalities to this innovative mobile app. One major advantage of ONE wallet is that it can be used by non-bank customers as well.
 
Could we see large retailers in Bulgaria develop their own banking products, as seen in other countries, such as branded banking cards or Buy Now, Pay Later (BNPL) services?
We expect the market to continue its dynamic development.
With the increasing use of AI-driven solutions, major players will be able to offer even better online and offline services that reach customers more quickly and on a larger scale.
The digitalization of commerce will open doors to new digital financial products. The growing volume of online purchases will stimulate demand for flexible payment options.
This is why our goal is to ensure that the crediting process becomes as seamless as making payment.
Clients seek an excellent customer experience provided by trusted partners, and banks undoubtedly fit this role.
I am optimistic about the future of the banking product market in Bulgaria. I expect to see a greater variety of products, more competitive prices, and innovative solutions that will benefit Bulgarian consumers.