Monetary and Banking Research Institute
Date:1/28/2020 5:29:17 PM   |   Code : 334658   |   View: 18

Digital Transformation with Evolution in the Base Layer

The secretary of the Fintech Association cited the evolution of regulations, economics, and business are the foundations of digital transformation.

According to the Public Relations of MBRI and the news agency of the 9th Annual Conference on E-Banking and Payment Systems, Mehdi Ebadi on Digital Transformation and its impact added: There is a lot of controversy about digital transformation and the question that must be asked at the beginning of the road is that “what is digital transformation? And what's its difference with electronics?”

"The concept of digital transformation is data-driven, and I think every time we incorporate data into our day-to-day decisions and processes, especially in banking, it has led to digital transformation, but the question is whether our governance infrastructure for Digital Transformation is ready or not? I dare say no, because we have many drawbacks, especially in the field of data.

"We do not have specific rules on user privacy, and naturally, we would be in trouble if we were to approach digital transformation. Our data is sometimes mistakenly confidential and this is a huge challenge. For example, data authentication of users is currently considered to be confidential and secured by data governance authorities, but we would not be able to make any changes to the digital services without this information."

Ebadi emphasizes that all data in the business layers are also confidential, including banks’ customers’ transaction data. This information is confidential, but there must be a proper mechanism for it.

Businesses also need to change, he said. If we are to move to the smart economy, we need to use technologies and terms similar to artificial intelligence. We have infrastructure challenges in this area and our knowledge compare to the world is lagging.

"As the regulator expects to digitize and smarten up the economy and businesses, the regulator must also change, and we witness a change in the regulatory layer," said Fintech's Association secretary.

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