In 2021, Housing Construction Savings Bank plans to issue mortgage online

In January 2020, Housing Construction Savings Bank launched a fundamentally new service — video banking. The client can use it to contact the bank manager via video link and get a consultation remotely. Chair of Housing Construction Savings Bank of Kazakhstan JSC Lyazzat Ibragimova said this in an interview with

As Ibragimova notes, from the beginning of the state of emergency in Kazakhstan, the Bank faced an important task — to continue providing services online.

“We faced the same problems that all the business of Kazakhstan faced. At the end of March, when it was announced that quarantine measures would be taken, and sanitary doctors in some cities banned our branches from working, we transferred part of the functions to online,” she said.

Video banking, launched in January 2020, became one of the demanded services at this difficult time. Along with the launch of the new service, a new profession appeared — video banker.

“When you make a video call from a website, you actually perform the same operations that you do when you come to a branch. A video banker is sitting opposite you. Within a few minutes, while you introduce yourself, talk, the system takes several photos and biometric identification,” said the chair of the Bank’s board.

For reference: Biometric identification is a technology that allows to recognize a person's identity by means of a face image, fingerprint or voice. The system reduces costs, reduces customer service time, protects against fraudsters, optimizes business processes and increases profits. Such technologies are gradually taking over various areas around the world — in the US, Europe, China, Japan, the countries of the Middle East and Latin America. Today, the introduction of biometric technologies is no longer a fashionable trend and "toys" for startups, but a prerequisite for the development of various sectors of the economy.

After the identification of the person, the bank begins to perform operations. At the moment, several services are available through video banking, such as opening a second deposit, changing the contractual amounts, transferring to other accounts in other banks, online assignment of a deposit, and so on.

In August 2020, a number of other services will become available: full termination, pooling of deposits, online insurance. Moreover, according to Ibragimova, even the opening of the first deposit is planned to be transferred to the online format in the future.

“This will be a completely new online service. You can open this deposit online without visiting a bank branch. We see great prospects in this. This is a serious measure to combat the pandemic, when we do not call a person for direct contact, do not create a congestion inside our branches,” she said.

Meanwhile, the bank's branch system will focus on the process of issuing loans. This is due to the fact that there are many restrictions when issuing loans. For example, you need to invite an appraiser, make a notarization of the transaction, etc. But, as Ibragimova notes, in this matter, the bank is also considering the possibility of switching to the online format, and, possibly, an online mortgage will appear in Kazakhstan next year.

“Now we have prepared a small package of legislative initiatives, we are discussing with the Ministry of Industry and Infrastructure Development, the National Bank. We would like to propose to the Government to amend some laws, which will allow Kazakhstan to create a full-fledged online mortgage, when you can take and issue a loan for your home without leaving your home,” Ibragimova informed.

According to her, now this has already been partially implemented. Pre-qualification is available at the bank. This is when the client signs the application using his electronic digital signature, and the bank, in turn, assesses his solvency according to the data from the First Credit Bureau, the pension fund, and at the end issues a certificate indicating the maximum possible amount to be issued.

“We want to continue this online service up to the registration of the pledge agreement, registration of property rights. Make an uninterrupted cycle where you can get a full mortgage without leaving your home. This is a big task. I think that until the end of the year we will still discuss legislative initiatives. At the beginning of next year, when the Otbasy Bank is opened, we will fully implement it,” said Ibragimova.

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