xpate CEO Mike Shafro to advise Industra Bank

Industra Bank is the 12th largest bank in Latvia. In January this year, the company announced its new focus to support small and medium size enterprises (SMEs). The appointment was driven by this new strategy, which involves developing its ecommerce offering and innovating to provide an enhanced offering to mid-size businesses.

The COVID-19 pandemic provided the perfect time for Industra to take stock of its current systems and transform the way it delivers its banking services by creating a more digital experience.

Over this period, Industra saw that some of its more traditional service offerings which required customers to go into the bank physically were no longer convenient to its consumers, and recent research underlines the extent to which consumers are favouring digital options. According to one study, as many as 40,000 physical branches could close across Europe in the next three years, and up to 65% people may only shop online by 2025. In line with this insight, the bank began the process of updating its services with new online technology to cater to customers wherever is convenient for them.

Mike Shafro, who will be advising Adamovics on this change in strategy, has a wealth of knowledge in the fintech and ecommerce sectors and holds nearly a decade of experience in helping to develop internet acquiring services, advising banks and ecommerce companies, and heading up successful fintech startups.

Mike Shafro, CEO of xpate: “It is a great honour to be welcomed onto the team at Industra Bank as we work to shape its evolved ecommerce strategy. I’m looking forward to using my expertise to support Industra as it serves even better, frictionless online services to its customer base, and to positively shape the future of online banking together.”

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