VIRTUAL AFFAIRS: DIGITAL BANKING AND INSURANCE WITHOUT LIMITS

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Angel Petrov, Virtual Affairs Bulgaria operations manager Angel Petrov, Virtual Affairs Bulgaria operations manager

Virtual Affairs is an international software and services company specialising in transforming digital channels for banks and insurance providers. Angel Petrov, Virtual Affairs Bulgaria operations manager, tells more.

After 17 years in Bulgaria, what are the biggest achievements of Virtual Affairs?

We established a healthy, high-tech business, offering continuity for our employees and clients. We have steadily grown, offering our employees an attractive working environment. We also achieved an important strategic shift in our business focus, by becoming a financial industries expert. We focus on the complex projects and implementations within digital banking and insurance, keeping in mind the high level of complexity, security and performance required. And not only from a technical point of view: our people have the required domain knowledge and understand the business challenges and opportunities our clients face.

How does the digital age transform the banking and insurance business?

Banking & insurance is becoming more digital and more mobile. Partially because of the need for increased efficiency and cost savings but also because of a change in customer behaviour, distribution models and simplification of financial products, enabling a more direct sales & service model. End-users (consumers) are increasingly determining how they want to be serviced and advised, instead of banks and insurers deciding this for them.

How will these changes develop in the future?

The pressure on lower costs and improved efficiency and agility will remain important. New business models, more direct concepts and the need to offer quickly added value and innovative services to clients is becoming crucial for companies who want to become or to remain competitive. That's why many larger, established companies look for ways to speed up innovation, resulting in new greenfield companies and corporate startups, as change and innovation within the current culture and IT architecture is difficult to achieve. I expect the rise of mobile usage to increase further, perhaps even completely replacing web as a primary digital channel. I also see the need for a multi-channel approach, where the human factor remains important. There are still complex financial services that require proper advise and the human touch is very important in building long-term client relationship. Whether this interaction will be physically face-to-face is a different question.

What are the advantages of working with Virtual Affairs?

Virtual Affairs is specialised in transforming digital channels for banks and insurance companies. With over 20 years of experience, we combine our expertise of digital transformation with an in-depth knowledge of trends and developments within the finance sector. Our products InsuranceRight and BankingRight offer highly personalised customer experience, increase loyalty, realise higher conversion rates and a shortened time to market. We have worked in some of the most complex projects and with high-demanding clients. The lessons we learned are very valuable for all (potential) clients.

What makes Virtual Affairs a good career opportunity?

Virtual Affairs now has 60 people in Bulgaria. We are not extremely large (yet) which makes it easier to grow within our company. My own path so far is a good example of the possibilities within Virtual Affairs. I started almost 10 years ago as a junior developer. After a few years I was given the chance to lead projects. I created an opportunity for myself to become a project manager, and then a team leader. Last year I became the manager of our Sofia office. There are no limits in Virtual Affairs. If you work hard, everything is possible.

Sofia, 109-115 Todor Aleksandrov Blvd
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.virtual-affairs.com

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