Follow-ups|..
Economic researcher, Ziyad Al-Hashemi, said that the Iraqi banking system may soon receive banks of another type called (digital banks). What are these banks? Will the citizen, the banking system, and the Iraqi economy benefit from it?
Al-Hashemi explained in a blog post on the “X” platform, followed by “ NEWS ”, that “online banks, also known as digital banks or neo-banks, are banking financial institutions that operate completely and exclusively via the Internet, and unlike traditional banks, Digital banks do not usually have physical branches in cities, but rather rely on providing their services on the website and mobile phone applications, and the banking services that the citizen, merchant, and institution need can be provided through phone applications.”
He explained, “The most important advantages of digital banks are the ease of opening an account, accessing and managing the balance, lower fees and costs, diverse and distinct services (such as budget applications, spending plans, and flexible integration) and other advantages. Because of these advantages, digital banks began to spread in many countries in Europe and the Americas.” And Asia, and among these banks - Chase bank - Monzo - Revolut - Starling - Tide and other digital banks.”
He added, “But the issue of the success and expansion of this type of bank is linked to the state of the economic environment and the nature of society, as these banks often rely on non-cash electronic operations that operate in an advanced banking system, and a society that tends to use cards instead of cash in its transactions, and since the Iraqi banking system It is still far behind compared to the banking systems in other countries, and Iraqi society still does not have much confidence in the banking system and tends towards using paper cash and hoarding instead of electronic payment and saving. It is expected that digital banks will face great difficulties in attracting users and obtaining an appropriate share in the banking sector. "The Iraqi."
He continued, “It is also possible that these digital banks will be exposed to a counterattack from other traditional banks to restrict their spread and hinder their operations inside Iraq, which will lead to the failure of this experiment and the exit of these banks from the banking market completely, so the Central Bank of Iraq must wait a little and evaluate all these risks.” “The challenges and the search for new times to launch this type of bank when conditions are favorable and the chances of success are high, instead of rushing and adventurous, is a recipe ready for failure.”
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With Iraq's youth being so prevelant it would not surprise me if Iraq is ready for digitized banking. Digital banking has it's advantages and the youth are likely to embrace it more and more going forward, as are the many countries mentioned above.. imo ~ MM | | | |
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