Financial Technology and Its Role in Iraqi Banking Industry (Analyzing Study for Selected Private Banks of Iraq) ()
ABSTRACT
Purpose: Recently, serious
discussions are argued concerning the qualification of financial technological
techniques in Iraqi banking industry in specific, due to the lack of
requirements and lack of adopting certain technical infrastructures in addition
to the lack of knowledge either for those employees or for clients. Iraqi
baking industry still cannot improve their performance as qualified as
expected. Design-Methodology-Approach: The current paper
tries to investigate the role of adopting financial technology in banking
activities through addressing a descriptive analytical method of relevant
articles, essays, and studies with reference to novel financial techniques. Findings: It is obvious that adopting financial technology has a positive role in
enhancing the banking performance and increasing the population of financial
banking technology usages; especially for those who cannot reach their
branches; and increasing the profitability of financial transactions due to
decreasing the efforts and time of financial processes through traditional
ways. Research Limitation-Implication: Accepting the idea of
automatizing every financial transaction is still not clear enough to most of
Iraqi banks’ clients, further some of clients doubt the abilities of these
financial technologies to serve their needs. Practical Implication: Unfortunately, most of Iraqi private banks follow the traditional
applications of financial transactions rather than using the novel
technologies, due to the lack of awareness towards its importance. So, the
current paper confined to analyze only two Iraqi private banks (Ashur International Bank & National Bank of Iraq). Social Implication: Increasing the awareness of the importance of financial technological
usages and training employers as well as staffs to be familiar with new
technologies related to automatizing financial transactions. In addition to,
supporting clients to use these technologies through holding seminars,
workshops and so on among adults i.e., in universities, schools and even public
governorates to explain the importance role of adopting financial technologies
in their routine financial transactions. Originality-Value: Globally banking industry developed rapidly, and Iraq is a part of this
development in specific due to many obstacles
that stand before especially those that related to financial inclusion, which
leads to knowledge poverty of financial technologies especially in banking industry. So, this paper stands to be a guide path for others to
analyze and explain the positive role of adopting financial technologies in a right
way.
Share and Cite:
Neama, N. , Abbood, R. and Aref, S. (2023) Financial Technology and Its Role in Iraqi Banking Industry (Analyzing Study for Selected Private Banks of Iraq).
Open Journal of Business and Management,
11, 1577-1583. doi:
10.4236/ojbm.2023.114087.