Elmira Mamleeva: Transforming Digital Banking and Finance

Published On : 07/19/2024

Elmira Mamleeva

July 19, 2024

By Maria Williams

The banking sector has gone through a dynamic change over the last two decades due to globalization and sophistication in technology. More often than not, conventional approaches to banking have been rendered obsolete by modern banking systems, which are perceived to offer greater convenience, efficiency, and accessibility.

According to statistics, the number of digital banking users is projected to reach 3.6 billion globally by 2024, while in the U.S. alone, there will be about 216.8 million people banking digitally in 2025.

To maintain a competitive advantage as digital banking and finance evolve rapidly, driving innovation and strategic transformation are essential. Within this dynamic field is Elmira Mamleeva, one of the leading experts on digital banking globally. During her professional life spanning over two decades, she has held key positions at some of the largest financial institutions in Russia, CIS countries, and Asia, shaping their futures throughout these transformations.

A look at her career highlights gives a deep insight into how strategic vision, innovation, and an unwavering commitment to excellence are shaping the future of banking and finance.

The banking sector was still young and was waiting for the tipping point of going digital in the early 2000s. Banks and other financial institutions were showing interest in integrating new technologies, aiming to improve their services, but few had strategic goals and directions to achieve these changes. Elmira entered the scene during this period and began her professional career in consulting at one of the “Big Four” firms. Having worked early in her career in consulting, she gained strong ground in strategic planning and problem-solving, which would help her understand the various issues in the banking system and how to address them given the dynamics of the system.

“I had the opportunity to witness the dawn of digital technology and immediately understood its prospects for the banking industry,” she says. “I am always committed to the development of those technologies and the delivery of innovative products and services that bring value to banking clients.”

When Elmira started to work for VTB24, one of Russia’s biggest retail banks, the company was facing the problem of how to remain relevant in a field where digital technologies were actively developing at the time. As the vice president and head of strategy at the bank, she headed a major strategic revamp of its services, which entailed implementing customer-oriented measures designed to enhance the overall satisfaction of its clients. Her strategic thinking was very helpful in improving the position of the bank in the market and also helped to establish the foundation for constant improvements and sustainable growth.

“At VTB24, the main goal in retail banking was customer focus,” she explains. “In SME business transformation, it was moving from a pure credit servicing model to a holistic customer approach.”

Since Elmira joined Otkritie Bank as Senior Vice President, technology has already advanced to a great extent in digital banking. Traditional players in the financial sector faced major challenges and had to integrate innovative digital strategies in order to survive. Once again, her leadership was the key factor in guiding the bank through this stage of evolving and developing into a larger institution. With the bank’s strategy and new business development under her responsibility, she initiated programs that led to significant growth in retail and SME segments. Retail clients grew up to 2 million active customers, while those in SMEs reached half a million active customers (together with Tochka Bank). These figures were much more than mere numbers but represented active, engaged clients, helping the bank achieve about one billion rubles in profit within the second year of implementing this strategy.

“When I started working at Otkritie Bank, the idea was to do a profound overhaul of the organization,” she recalls. “During my time, the major goals were set to address both the retail and SME segments. Through a combination of efforts to ensure sustainable growth, Otkritie Bank achieved all of its stated goals, which was a result of our dedicated teamwork.”

The shift towards digital banking was not confined to Russia. With the current generation being more tech-savvy and governments across Asia supporting the concept of digital banking, the demand for digital banking solutions on the continent is increasing at a very fast rate. Therefore, digital banking became the new focus for Elmira at Oliver Wyman, and she had to relocate to Singapore for the job.

As an associate partner, she spearheaded the development and launch of a digital banking strategy for small and medium-sized enterprises (SMEs) in Singapore. This project demonstrated her expertise in digital transformation and SME banking, where she applied her knowledge in modern banking solutions that enabled small-scale entrepreneurs to access seamless financial services. She focused on a strategy that aimed at addressing the specific needs of small business enterprises, providing them with tools and services that improved their financial management.

“Joining Oliver Wyman in Singapore meant a lot in my professional life because it gave me an opportunity to apply what I have learned from the markets in other countries into this current one while trying out fresh approaches towards SMEs,” Elmira remembers. “Our digital banking platform in Singapore became a model for how technology can enhance banking services.”

However, Elmira’s work did not stop there. It was also at Oliver Wyman that she was involved in the transformation of the banking sector in Thailand and Indonesia. In Thailand, she saw through the transformation of the SME business of one of the country’s largest banks by putting customer engagement and operational efficiency into consideration while implementing strategies.

As for Indonesia, Elmira designed a Banking as a Service (BaaS) concept for one of the leading banks. This involved the creation of an integrated platform where third-party businesses can integrate banking services into their own offerings, thus increasing the reach of the bank and opening up new revenue streams. The success behind this project illustrated her ability to leverage technological innovation and strategic partnerships to drive growth and innovation.

Elmira’s vision for the future is expansive. With plans to penetrate the American market too, she wants to expand her influence beyond Russia and Asia. It is her intention to create new banking products that address evolving global needs. However, her track record hardly leaves any doubt that she will have a major transformative effect on digital banking and finance worldwide.

“I am looking forward to growing globally, especially in America, where I intend to take my work next,” she notes. “The idea here is to develop banking products that are both innovative and flexible enough for global customers.”

In conclusion, Elmira Mamleeva’s career speaks volumes about strategic vision, innovation, and relentless pursuit of excellence. These contributions have driven the success of major financial institutions and set new standards in the industry. As she looks to the future, her impact on global banking and finance will continue to gain momentum while bringing forth completely novel thinking within the industry’s purview.

Jessica Weisman-Pitts

Jesse Pitts has been with the Global Banking & Finance Review since 2016, serving in various capacities, including Graphic Designer, Content Publisher, and Editorial Assistant. As the sole graphic designer for the company, Jesse plays a crucial role in shaping the visual identity of Global Banking & Finance Review. Additionally, Jesse manages the publishing of content across multiple platforms, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune.