Electronic Banking Opportunities and Challenges
29/3/2018 12:00 am
[rtl] Dr.. In the name of Brahimi,
it is no secret to anyone that the world is evolving more rapidly than we thought until recently, and catching up with this development is one of the major challenges facing producers and consumers alike. In contrast, modern innovations offer opportunities that can be used to change competition rules The contenders were constantly formed, which made the life cycle of the most finished products very short.
In turn, the financial technology has been subject to the same rules as statistics from the Bank for International Settlements that the amounts invested in startups specialized in financial technology amounted to about 40 billion dollars and a huge growth rate of (1600 percent) during the period (2010-2016), was more than a third of those Companies work in the area of payment and financial adjustments, while about a quarter work in the field of computers and
electronic protection systems .
Some observers believe that the important developments in this area exceeded the subject of financial services provided electronically (online) to operations that will completely change the balance of banking in the next few years, as some companies are offering themselves a substitute for the traditional bank as well as access to the means of communication Social network on the line of competition after the announcement of Facebook that it will offer its subscribers the service of using their pages to raise money for their own projects, and in the same direction (WTSAB) is preparing to launch payment service using
In order to keep pace with these developments, the Central Bank of Iraq has prepared an important program that is now working to implement the modernization of the electronic structure of Iraqi banks. Certainly, the speed of response varies from bank to bank. Banks or customers are still not too excited to enter the world of banking
As for the banks, they are aware of the importance of this transformation, but their reluctance is due to the large amounts needed for this change. As for customers, the frequency of automation comes because of lack of knowledge. In turn, the Central Bank has realized these obstacles and is working to solve them by pressing banks to modernize their systems. As well as the implementation of an educational program for citizens at all levels, and I think the positive results of this
will appear soon.[/rtl]
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