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Blackout in Ukraine: how ConcordBank overcomes challenges

Ukraine is currently experiencing terror from the Russian Federation - destruction of critical and energy infrastructure. After the massive shelling, the economy suffers due to electricity shortages, interruptions in mobile communications and the Internet. Ukrainians have already experienced the most difficult days of the blackout, which, unfortunately, may not be the last. 

Yurii Zadoia, Chairman of the Management Board of ConcordBank, told about how ConcordBank withstood the blackout and what security in the format of cloud solutions and digital process optimization can guarantee its customers in such conditions.

"The early focus on digital products for customers and the maximum transition to digital business processes within the bank helped ConcordBank to withstand the blackout. Our 5-year strategy already defined such priorities. Therefore, when the war broke out, some of the tasks and decisions that had to be performed and implemented urgently were easier for us. At the beginning of the war, we were already 30% technologically ready, - Yurii Zadoia said. – Even before the war, we were preparing to use cloud solutions, although at that time the NBU was quite restrained about it. However, the events of February 24 forced the National Bank to reconsider this position regarding banks and financial institutions, so after the publication of the relevant decisions of the regulator, we officially started using cloud solutions in Ukraine and abroad».

From the beginning of the war until now, ConcordBank has already duplicated the core of the bank in the cloud storage, and everything possible has been backed up outside Ukraine. 

As for processing, technical capabilities in western Ukraine are also involved.

In addition, last year, to ensure speed, flexibility, and the ability to provide remote operations for customers, ConcordBank created a digital bank NEOBANK

The classic ConcordBank together with digital NEOBANK are units of Concord Fintech Solutions, the first open fintech ecosystem in Ukraine, so it expands the range of benefits for customers and creates additional sustainability of the entire service process

In the summer, it became clear that the hostilities would last longer than we all expected, so ConcordBank began to build a long-term strategy for the development of not only backups in cloud solutions, but also building a business model, even after the hostilities, in the "cloud bank" format.

«That is why, when the blackout happened for all of us in Ukraine on November 23, we were able to keep the business, manage business processes, preserve the customer base, provide all customer service processes - from the call center to the payment process, preservation of all payment data, statements, etc. as easily as possible, - emphasizes the Chairman of the Board of ConcordBank. – However, of course, the blackout also showed those things that still need to be worked on, to make some processes even simpler and less time-consuming. The most important thing we can and must do is to provide quality and financial security to the bank's customers even in conditions when we are all in danger. We are preparing for everything, because it may be more difficult ahead. However, we undoubtedly believe in the Armed Forces of Ukraine ». 

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