Financial Stability Means a Strong Financial Sector and a Strong State
“As institutions of public trust, banks should enter into dialogue with customers and respond to their needs. This builds trust”, said Maciej Brzozowski, Vice-President of the Management Board of PKO Bank Polski, during a debate on financial security at the Krynica Forum 2023.
“The financial system must be seen as a set of interconnected elements. It is extremely important to us that our technological development and our systems should provide the right solutions to our customers and ensure their cybersecurity. The planning stage is important in itself. Even then, we need to think about our systems in such a way that the customers can ultimately feel secure. These factors are extremely important”, explained Maciej Brzozowski, commenting on the issue of technological sovereignty as a condition for financial security.
He also indicated that PKO Bank Polski supports and participates in the implementation of digital solutions developed by public administration. “Customers of PKO Bank Polski can confirm their identity using the mDowód application (mID) when visiting bank branches. The bank introduced this solution a few days before the statutory deadline of 1 September. We are very pleased with this. We want to move in this direction. We believe it is necessary to make our country fully secure and to compete in innovation with other countries. In any case, we have nothing to be ashamed of, because today we are a leader in many areas”, he explained.
During the debate on financial security, Maciej Brzozowski also spoke about the foundations of the financial stability of the state. “If we wonder what financial stability is all about, it is simply a strong state, a strong financial sector, and high confidence of the people. This was evident during the crisis”, he said.
At the same time, the Deputy President of PKO Bank Polski emphasised that banks are institutions of public trust, which entails certain obligations. Customer confidence in the banking sector, on the other hand, is built by partnership, a “fair” approach.
“This is what we do every day. Our employees and their daily interaction with customers at the branches – this is what builds trust. We must not forget it”, he explained.
Maciej Brzozowski also recalled that in December 2022, the bank announced a new strategy for 2023 2025, according to which PKO Bank Polski expects to reach out to young customers. The document assumes an increase, relative to historical performance, in the primary customer base under 35 years of age by 25 percent by 2025. The Vice-President added that the “Safe 2% Loan” programme, which the bank is implementing, fits in very well with the aforementioned strategy. “Such systemic solutions are very important from the perspective of the ordinary customer”, he said.
He also recalled the testing times that banks have faced in recent years.
“When the conflict in Ukraine broke out, and before that a pandemic, there was an immediate need for cash. Banks rose to the challenge. The ATMs were stocked with money, there were no shortages. This is an element of responsibility and an element of dialogue with customers and responding to their needs. This builds trust”, he added.
The level of confidence in the capital market is not without significance for a country’s financial security and economic development. The Warsaw Stock Exchange has the potential to claim the role of a key financial centre in Central and Eastern Europe, as discussed during the debate by Marek Dietl, President of the Warsaw Stock Exchange.
CEO of the WSE also addressed the issue of economic growth.
“Let us note that we have spent the equivalent of almost 4 percent of GDP on aid to Ukraine, and another 4 percent of GDP on armaments. We need to realise that we have, somewhat unconsciously, shifted into war economy mode. Historically, defence spending is on the level of some 2 percent [of GDP – ed.], and now it reached a de facto 8 percent”, he pointed out. He reasoned that the key element of the public debate on the economy should be how not to lose the development momentum in a situation where the economy is on the war track.
“Initially, we need to buy a lot of military equipment, but over time we need to Polonise [production – ed.]”, opined Marek Dietl.
He also pointed out that while Poland has doubled its spending on research and development over the past eight years, now this effort should rather be channelled towards strengthening cybersecurity solutions. CEO of the WSE also highlighted the need for a societal shift, in the sense of popularising all forms of defence and forming civic armies. “These are the three elements that will paradoxically determine our economic development in the future. Specifically, the industrial development, inclusion of innovation element, and the ability to work for defence as a team”, specified Marek Dietl.
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