The 70-year-old bank calls it a “phygital” transformation, meaning a complete renewal that embraces the bank’s physical and digital presence, as well as its way of doing business. Mohamed Dabo reports on Akbank’s journey from a small bank for cotton growers to one of Turkey’s most innovative banks.
Akbank launched its transformation initiative in 2018 with the goal of equipping itself “to deliver the banking of the future today”. The programme was billed as offering all technological advances to customers. It was launched to coincide with the bank’s 70th birthday.
Go deeper with GlobalData
Akbank was founded in Adana, southern Turkey, as a privately owned commercial bank on 30 January 1948. Its primary objective was to provide funding to local cotton growers. The bank opened its first branch in Istanbul in 1950. It automated all its banking operations in 1963, and went public in 1990.
Today, Akbank’s core business is banking activities. It deals in corporate and investment banking, commercial banking, consumer banking, and payment systems. It is also involved in treasury transactions, private banking, and international banking services.
In addition to conventional banking activities, the Bank also conducts insurance agency operations through its branches, on behalf of Ak Insurance and Aviva SA Pensions and Life Insurance.
With an extensive domestic distribution network of 780 branches staffed by more than 13 thousand employees, Akbank operates from its headquarters in Istanbul and 21 regional directorates across Turkey.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataIn addition to providing services at branch locations, its traditional delivery channel, Akbank also serves more than 17.4 million customers. It delivers services via the Akbank Internet Branches, Akbank Mobile, the Call Centre, 4,900 ATMs and more than 580 thousand POS terminals as well as other high-tech channels.
“Lean, innovative, people-oriented approach”
The bank describes its way of doing business as “a reliable, dynamic, lean, innovative and people-oriented approach”. Akbank says it has offered all technological advances to its customers, and implemented this new banking model at nearly 230 branch locations.
The bank has grouped its digital banking services, which it pioneered in Turkey, under Akbank Mobile and Internet. it provides solutions to clients’ financial needs and delivers service at what it describes as “the most convenient points”.
Akbank anticipates changes in trends and customer dynamics, and has developed new products and channels for meeting the financial needs of clients. By doing so, the Bank has introduced many innovations to Turkey’s banking industry.
The bank says it has taken steps today to ready itself for tomorrow’s technologies and to integrate these into the Bank’s culture. Akbank Innovation Centre “Akbank LAB” was established in 2016. Its purpose is to develops innovative projects to meet the needs of the Bank’s various business units.
It also works to ensure that globally recognised financial solutions are integrated into the Bank’s business processes to achieve the goal of delivering “a perfect customer experience”. Some of the innovations include Akbank Mobile with face-recognition technology, money transfer and cell phone bill payment with Chatbot, Robotic Process Automation, and international money transfer through collaboration with Ripple and Blockchain infrastructure.
