April 4, 2024


Iran could turn into financial technology hub in region

Published: January 31, 2018 


Prof. Barch a senior German banking expert official has underlined that the Islamic Republic of Iran enjoys high capability to be turned into a financial technology hub in the region.

Barch made the remarks at the 7th Annual Conference on Electronic Banking and Payment Systems and said, “thanks to its scientific capacities, Iran can be a leader in the field of Fintech in the Middle East region.”

Turning to the concept of technical integration, he reiterated, “this concept is related to the longevity of banks, so that banks should be able to meet customers’ demand in the best form possible.”

Also, banks should be able to provide several options for their customers in order to encourage them [customers] using pertinent services optimally, he opined.

Elsewhere in his remarks, the professor added, “the issues on the digitization of channels, mobiles and banking based on data have been taken into serious consideration in today’s banking system.”

Banks always think that all products should have been produced by them but actually banks should focus on expanding and developing production chain, he said, adding, “presently, the number of bank branches are no long determinant, rather, information technology (IT) system and prediction of clients’ behavior are decisive.”

In Europe, banks are moving towards digitization process, so that an account can be opened within eight minutes and in the shortest time possible using an application, he emphasized.

In general, speed and flexibility of digitization will be so sophisticated that other traditional banks will no longer be able to compete with the modern banks, he said, adding, “intermediary banks may disappear in the near future. Under such circumstances, business models should be changed and integrity should be accelerated in the banking system.”

However, Iranian banks should take advantage of fruitful experiences of European banks in line with moviring towards a regional technology hub in the ME region.

In conclusion, Prof. Barch called on responsible officials to create an attractive digital channel with high safety and security for clients in order to offer high-quality banking services to these customers optimally. / Mehr news/