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Financial services in Georgia

Georgia successfully endured various shocks, including conflict with Russia, global financial crisis, political changes and regional instability. In recent years the Georgian banking system has shown sustainability, but at the same time, there are different risks and weaknesses that require constant active monitoring and management. These risks include existing weaknesses associated with dollarization (i.e., most of the deposits and loans are denominated in dollars), as well as liquidity and concentration of loans. These factors can weaken the ability of the system to deal with different shocks, but at the moment these risks are minimized.
The National Bank of Georgia successfully reinforces the banking system regulation and supervision system of international standards, namely risks based surveillance mechanism.
Nowadays, the number of financial institutions and banks have increased too much in Georgia. If earlier one or two banks were operating in the market and there was a complete monopoly, today small banks are added to the financial market and the circumstances are changing.
Today, the banking sector in Georgia is represented by 15 commercial banks, including 14 foreign-controlled banks. Number of branches are 135, service centers are 797. The number of microfinance organizations now reaches 63 units. In Georgia there are represented 17 insurance companies. As for the currency exchange point, on the market there is represented 974 points.
In February 2019, compared to the previous month, the total assets of Georgian commercial banks (in current prices) increased by 116.9 million GEL (or by 0.3 percent) and constituted 38.9 billion GEL (exchange rate effect excluded above mentioned indicator decreased by 0.5 percent). The banking sector's own funds (equity capital) equal 5.3 billion GEL, which makes up 13.5 percent of the commercial banks total assets.
Every second person uses banking services in Georgia, whether it is an employed person, a pensioner or just a housewife, commercial banks are involved in everyone’s life. Moreover, even schoolchildren have an opportunity to have their bank account for travel, even for everyday use.
The services offered by financial organizations are being developed every day. The bank distant financial services are developing more and more. For example, almost everybody has their small bank in mobile phones. You can download these applications from any mobile phone operator (iOS, Android, Samsung Playstore, Windows Store). If the developers of the bank have ready the application, it is easy to use and the majority can get banking services through it. People with mobile applications dispose their bank accounts with mobile and do not need to go to the bank physically. 
Within a few seconds it is possible to pay utility payments, fill a mobile account, perform personal and professional transfers, send deposit and savings accounts to the bank, currency exchange, currency adjustment, etc. Remote service opportunities are numerous, but not limited to - some services are related to confidentiality and require access to the bank, but future technology promises decent changes.
Financial institutions have such an extraordinary service that promotes startups, innovative businesses, entrepreneurs with a certain vision and gives chance to develop their business. Such services can be obtained from both banking institutions, as well as micro finance organizations and private financing companies. These financial services are quite favorable and useful for new entrepreneurs when at least some assistance is needed.
Online loans are very popular. For those who are looking for a quick money to pay for the unexpected accident, to cover the accumulated taxes or just need the money at the given moment, it is quite a convenient way to get loans online.  Online loans can be withdrawn from 150 GEL to 4000 GEL within 24 months. Conditions are different according to companies, there is quite a big competition in this area and therefore different companies are trying to attract the users with their methods.
No matter how surprising it is, even in banks you can get online loan. The banking institutions have recently introduced quick loans that you can ask online and wait for an answer, if you receive a positive response, the money is automatically transferred to the user’s account. However, the amount of online loans, as a rule, does not exceed a certain limit. It is unlikely that this type of loan is more than 4000 GEL, which is due to the financial risk associated with certain loans, taking into account average client's solvency, such loans do not exceed the limit.
Remote services mentioned above (such as the Mobile Internet Bank application) have attracted attention from financial organizations. Internet banking, mobile banking applications and SMS banking became quite popular recently. Such service can be obtained from both banking institutions and microfinance organizations and those companies offering online loans. Nowadays your own cash revenue story can be understood from home, remotely and more - even in SMS. Such services are very comfortable for those who are busy and often fail to reach the banking institution's physical building. Internet and mobile bank offers many services and comfortable environment your own private financial institution at home.
Also, users can pay and use their banking services without going to the bank using Pay machines at any time of the day, 24 hours, and carry out the desired banking operation as well as with new generation contactless card, with card and with cash.
You can hold on your Card to Pay machines and simply fill out the mobile balance from your card account, pay utility and for other services; cover credit debt and other loans; check out the Card Account information; put the amount on Card's universal account, on credit card and on deposit;
Receive information on the scores and accumulated amounts received by the accumulation program;
Transfer accumulated points on free travel, mobile balance, utility services, home phone, cable TV and internet balance;
Also, without using the card, with the payment machine you can put the amount on your bank account without visiting bank;  you can cover the loan; you can fill out the mobile phone balance (in some cases even  without paying the commission); pay utility payments; pay the telephone, cable and digital TV fees and other taxes; transfer money for charity; fill the travel card balance and etc.
Also, pay machines offer such services, you can put amount on some companies account, which are presented on the pay machines system and later you can shopping online and buy the products from that companies.