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Almost 95% of bank customers in Iran are using non-traditional banking services.
Almost 95% of bank customers in Iran are using non-traditional banking services.

Non-TraditionalBanking in Ascending Order

Central Bank of Iran has come up with a roadmap to promote the banking system by using new technologies in accordance with international standards

Non-TraditionalBanking in Ascending Order

Almost 95% of bank customers in Iran are using non-traditional banking services which merit a greater employment of online services and social networks in Iran’s banking sector, according to Ali Divandari, head of Monetary and Banking Institute.
“Currently the total number of banking transactions has surpassed the country’s population and this provides us with a great opportunity to embrace new technologies to lower the need for physical bank branches,” IBENA quoted him as saying during the first Iranian Employers’ Conference on Monday.
According to Central Bank of Iran, Shetab, the domestic interbank communication network, recorded 1.3 billion transactions during the month to June 20. The total worth of the transactions amounts to 1.9 trillion rials during the period.
The total number of transactions in the month ending June 20 marked a year-on-year growth of 19.6%. The total value of transactions also grew by 24.3%, compared with the same period last year.
Data also shows that 54% of transactions were conducted for buying goods or services.
According to CBI data, banks issued 330 million cards in the last Iranian year (ended March 2016), 1.6 million of which were credit cards. The numbers indicate that even those who managed to get credit cards did not use it, since only 2.64% of credit card transactions were recorded.
 Divandari also pointed to the importance of social media marketing for the bankers and called lenders to start making use of social networks as soon as possible.
“Almost 75% of banks [globally] use social media for promoting their new services, expanding their reach and solving customers’ problems,” Divandari said adding that financial institutions allocate 2-10% of their budget for [enhancing their presence on] the social media.”
Social networks provide bankers the opportunity to be more creative, according to Divandari. “It basically increases banks’ revenues, by eliminating third-parties.”
Use of social media among Iranian banks for above-mentioned purposes is scarce. Currently most of the banks’ online presence is limited to a one-sided telegram channel, which they use for reposting their website updates.
One notable exception could be Tejarat Bank, which, among other things, has used its Twitter account to promote the banks’ eco-friendly campaigns in recent months.

 CBI’s 2021 Roadmap
Central Bank of Iran has come up with a roadmap to promote the  banking system by using new technologies in accordance with international standards.
Promoting corporate governance and independence of the central bank, delegating unnecessary tasks to commercial banks, establishing comprehensive and standard financial markets, and developing new platforms for conducting CBI’s key tasks are the bank’s major goals.
The central bank is also seeking to include commercial banks in the policymaking process through the establishment of unions, according to CBI’s press release on Monday.
The road map includes 54 projects for various purposes including stabilizing financial markets and enhancing payment networks.

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