Banking is rapidly moving beyond its traditional form and modern technologies are revolutionizing this financial industry. We have interviewed someone in this field, Mr. Duman Sahand:
Question: Mr. Duman Sahand, you used to work in the field of investment, what led to your interest in the monetary and banking sector?
Response: Investment is a subset of the monetary system and banking and investment banks carry out specialized activities in many countries. So my former activities were not unrelated to banking. I prefer to work in all financial fields, however, banking is the gemstone of this industry. Besides specialty and experience, working in this field requires legal permits from the central banks of countries or international financial institutions.
Question: Banking has experienced significant developments but you are one of the critics of the current banks around the world?
Response: In my opinion, traditional banking with numerous physical branches, countless personnel, and luxurious towers as their showcase windows, and their managers in their suits and ties are desperately struggling to survive. However, alternative software and young people passionate about changing the restrictive and traditional rules will revolutionize the traditions of this industry. The intelligent banks will replace the traditional banks by the next decade.
Question: What do you mean by intelligent banks?
Response: Using artificial intelligence and the Internet of things instead of personnel, payment platforms instead of ATMs and POS, and banking websites instead of branches is called intelligent banking. Intelligent banking comprises the following subcategories: (1) FinTech, which is seeking to expand Online banking and remove the paperwork using modern technologies, (2) PayTech that has revolutionized the payment industry, (3) WealthTech, which is an alternative for financial advisors and enables online capital management, (4) InsureTech, which is a combination of insurance and technology, and (5) cryptocurrency and Blockchain, which constitute the infrastructure of digital currencies.
Question: What do you think will be the greatest development in future banking?
Response: Elimination of paper-based currencies and the adoption of digital currencies by governments and central banks.
Question: What is your opinion about intelligent banking in Iran?
Response: I think it is too soon to talk about this subject.
Question: Are you looking forward to working in this field with a special idea?
Response: To work in any banking field, the central bank of the respective country should issue a permit and I will not carry out any work that contradicts the world banking and monetary rules.
Please check Duman Sahand’s specialized intelligent banking website for more information.