Economy, Business And Markets

Forging a Real Understanding of New Banking Needs

Forging a Real Understanding of New Banking NeedsForging a Real Understanding of New Banking Needs

Reentering the international banking industry demands that Iranian banks enhance their electronic services, as systematic innovations worldwide have been rewriting the agenda and nature of the top industry, Bank Tejarat’s CEO said.

Speaking at a seminar on “Banking Challenges Post Sanctions”, Muhammad Ibrahim Moqaddam noted that payment systems have gone through a sea change during Iran’s isolation from the global financial system due to the sanctions.

He called for serious measures by the local banks to rise to the occasion and prepare efficiently for global business when the sanctions become history, possibly by early next year, Tejarat’s public relations office reported.

“E-money, like Bitcoin, will transform the international trading system in coming years, Iranian banks should be prepared for such challenges,” he said.

Sustainable development in the payment systems demands bankers, IT experts and the academia to forge a mutual understanding about the sector, he told the conferees. “All sectors, especially banks, need a well-educated and dynamic workforce more than ever before to help enhance the ITC and informatics services.”

He referred to the popularity of banks’ electronic services like POS and debit cards as a success in the sector and stressed the role of public awareness and training in promoting the quality and speed of payments.

Moqaddam said private companies providing e-banking and IT services are banks’ best recourse to meet their growing hard and software needs and be up-to-date in the diverse fields of operations related to international trade, banking and related sectors.