It Attracts Investors And Limits Currency Smuggling.. A Specialist Explains The Importance Of “Digitizing” Iraqi Banks, 18 AUGUST

Economy | Yesterday, 15:00 |  Baghdad today – Baghdad  Today, Friday (August 16, 2024), Nawar Al-Saadi, an expert in financial and economic affairs, revealed the
 
importance of the benefits of “digitizing” the financial transactions of Iraqi banks, while noting that
 
digitization can enhance financial inclusion by attracting users who do not deal with traditional banks remotely. By providing services that are accessible and easy to use.  Al-Saadi told “Baghdad Today” that
 
 “digitizing financial transactions in Iraqi banks can provide great benefits, especially with regard to reducing cases of currency smuggling,” noting that
 
“by adopting digital systems, banks can track all financial transfers with greater accuracy and transparency.”
 
This means that every transaction is automatically recorded and saved in a central database that can be reviewed at any time.
 
This allows the relevant authorities to quickly monitor and detect suspicious financial activities, making it difficult for smugglers to exploit the financial system to smuggle currency.”  He added,
 
"The digitization of the banking system contributes to reducing cases of money laundering, as these operations usually depend on exploiting loopholes in traditional systems,
 
but with the presence of an advanced digital system, these operations become more complex, and
 
digitization allows the use of advanced technologies such as artificial intelligence to analyze patterns." in banking data and identifying any abnormal or suspicious transactions,” stressing that
 
“this helps prevent money laundering by early identifying unusual activities and reporting them to the competent authorities.”  Al-Saadi explained,
 
 “To implement this digital transformation in Iraq, there is a need for investments in technological infrastructure and developing the institutional capabilities of banks,” noting that
 
“this requires providing modern technology, training employees to use it effectively, in addition to developing legislation and laws that protect users and encourage On digital transactions,
 
it is also important to enhance customers’ awareness of the benefits of digital transactions and build their confidence in the new systems.”  He stressed that
 
"digitalization in banks contributes to achieving more transparency and credibility in the financial system, as every transaction can be easily tracked and reviewed.
 
It also works to improve the operational efficiency of banks by completing transactions more quickly and at a lower cost.
 
From a security standpoint, digitization provides higher levels of security." Protection against fraud and theft through advanced encryption technologies.  The expert in financial and economic affairs concluded by saying,
 
 “Digitization can enhance financial inclusion by attracting users who do not deal with traditional banks by providing easy-to-access and easy-to-use services.
 
The digitization of financial transactions in Iraqi banks also carries great potential to enhance economic stability and reduce the risks associated with it.” Money laundering and currency smuggling, leading to a safer and more efficient financial system.” 
 
https://baghdadtoday.news/255745-تجذب-المستثمرين-وتحد-من-تهريب-العملة.-مختص-يبين-أهمية-رقمنة-المصارف-العراقية.html