The Rise of the Cashless Society and the Transformation of the Financial Ecosystem

GTech Deputy General Manager İbrahim Öztürk shared his insights on the rise of a cashless society and the transformation of the financial ecosystem in Para magazine.

The goal of a cashless society is frequently discussed. What are the key benefits and potential risks of a cashless society? Who benefits more from cashlessness—governments or businesses?

The vision of a cashless society is becoming increasingly important as digital transformation accelerates. Reducing cash usage offers distinct yet complementary advantages for both governments and businesses. Governments can leverage the transparency of cashless payments to curb the informal economy and track tax revenues more effectively.

The reduction of operational costs—such as printing, distributing, and managing cash—also leads to significant public resource savings. For businesses, cashless payment methods lower transaction costs and enhance data analytics capabilities, enabling them to provide more personalized and faster services to customers. Of course, this transformation comes with risks such as cybersecurity threats, data privacy concerns, and digital accessibility challenges. However, when supported by strong regulations, inclusive education policies, and advanced security technologies, the benefits of a cashless society can far outweigh the risks.

Why should we choose a fintech provider or use fintech platforms instead of a conventional bank?

Traditional banks have long been symbols of stability and trust. However, rapid technological advancements and evolving customer expectations have made flexibility and speed essential, necessitating new approaches. As a result, the rigid structure of traditional banking is increasingly being replaced by fintech-driven solutions.

Fintech companies, free from complex institutional layers, can implement innovations much faster. Customers now expect 24/7 access to financial services via the internet or mobile devices, low fees and commissions, and the ability to apply for and receive loan approvals within minutes.

Fintech platforms rapidly adopt cutting-edge technologies such as artificial intelligence, machine learning, and API management to continuously enhance and personalize the user experience. This results in lower costs, faster product development, and significantly improved customer satisfaction. In a recent project with one of our country’s leading e-commerce platforms, we launched a “Buy Now, Pay Later” model within just a few months of preparation. This solution allowed users to instantly check their credit limits while significantly increasing transaction volumes and customer satisfaction.

The core strength of the fintech world lies in its ability to quickly implement customer-centric and personalized experiences. Moreover, compliance with regulations and data security standards is now firmly established, making fintech solutions more appealing with each passing day.

What advantages do you offer?

At GTech, with over 24 years of experience, we develop technologies that enable a modern banking experience. By providing competitive and innovative solutions to our customers across different regions of the world, we help them build a strong foundation for their future. Our Symphony Product Family, specifically designed for the banking sector, offers a wide range of solutions, from core banking to consumer finance, digital banking to open banking, and regulatory reporting. Each technology within this suite is designed to adapt to the rapidly evolving needs of banks while ensuring full compliance with local regulations.

Our core banking system, Symphony Banking, with its service-oriented architecture and parametric structure, accelerates banks’ product development and integration processes. With multi-language support and cloud infrastructure compatibility, it provides a competitive future for institutions across different geographies. For example, in a project with one of our clients, we successfully implemented the entire core banking system within just six months, demonstrating the efficiency and agility of our solution.

At GTech, we focus on building a comprehensive ecosystem rather than just a single technology. From Symphony Lending, which manages consumer finance, to Symphony Labs, which supports digital banking and open banking processes, and our regulatory reporting and data analytics solutions (Magic Reports, Symphony Analytics), all our products are designed to meet the end-to-end needs of financial institutions. Last year, in a project with one of the leading private sector venture banks, we enabled seamless management of call center, IVR, and mobile banking integrations from a single point, showcasing the efficiency of our approach. By developing fast, transparent, and secure solutions that contribute to the “Cashless Society” vision, we continue to support our clients in achieving sustainable success.

This interview was originally published in the February 16-22 2025 issue of Para magazine.