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Expectations of increased reliance on telephones in the management of bank accounts

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Expectations of increased reliance on telephones in the management of bank accounts

23/5/2018 12:00 am
Agencies / follow-up morning

The CACI market research firm predicted that more people will rely on smartphones to manage their bank accounts through smart phone applications than those using computers for this purpose by next year.

Where banks send 16 text messages to their customers per second, indicating a significant increase in the reliance on smart phones in the management of funds more than resort to computers in this regard, figures indicate in a report prepared by the Union of Financial Institutions in Britain, "Uk Finance" to That the banks have sent about 512 million text messages to customers through which they reported that their salaries were deposited in the accounts, or they began to withdraw from the additional balance.

This coincides with the continued difficulty of the British Savings Secretariat (TSB) in the provision of digital services.

Effective tool

In Iraq, the director of payments at the Central Bank of Iraq, said in a press interview: "The interest in the payment system comes as a key nerve in monetary policy and effective tool to lead the shift to electronic payments and access to a community of criticism and helps in the provisions of tools of supervision and control, Through the establishment of an efficient and effective system based on international standards in this field and a legal framework that ensures equality, transparency and justice for all participants and users of the systems through the organization of the work of electronic payment services and supervision and building effective partnerships with the private sector In order to serve the higher interest of economic development and infrastructure development of the financial system."

Revolution applications

The report, prepared by the Yukie Finance: The nearly 5.5 million entries on electronic applications for banks occurred only last year, indicating a 13 percent increase in the use of these applications compared to the figures of the previous year.

The report added that bank applications have become the most widely used, with a 59 percent increase in the age group from 16 to 24, 69 percent in the 25 to 34 age group using smart phones, while only 49 percent Who have smart phones in the age group of 65 years or more use the applications of banks.

Bank applications initially allowed access to account details, balance and recent transactions, but they now enable customers to perform more complex tasks such as controlling transaction settings, transferring money to friends, and other money management tasks through smart phone applications.

Digital Services

A new generation of digital banking is under development that is expected to meet all customer needs without going to bank branches. Banking regulators are targeting more competition among banks through the "open banking" system that allows customers to access services through their old accounts.

Another looming change is the more efficient payment system currently called the "new payment architecture".

The new technology is expected to be operational by 2021 in parallel with existing technological systems for several years.

At the right time, engineering is expected to progress The new payments for instantaneous tracking of accounts on a non-stop clock for all payments, which theoretically means that salaries will be paid on the same day of each month even if the day of the deposit coincides with a holiday, which means the disappearance of "pending transactions" Bank.

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