A New Step Towards Digitizing Banks To Get Rid Of Paper
Banks tend to gradually abandon paper in their correspondence, by obligating the publication of reports and statements of financial institutions, through the digital portal of the Bank of Algeria, instead of paper transactions, which are carried out in parallel to digital procedures compulsorily starting from the beginning of this December.
According to an instruction issued by the General Directorate of the General Inspectorate of the Bank of Algeria, and signed by the Director General of the Inspectorate, Faiza Ayadi, which was reviewed by “Echorouk”, and within the framework of the large project launched by the Bank of Algeria, related to the dematerialization of the operations of banks and financial institutions, by activating the digital portal of the Bank of Algeria, “all banks and financial institutions are informed that starting from the 1st of this December, all transfers of statements and reports directed by the General Secretariat of the Banking Committee, to the General Directorate of General Registration and the General Directorate of Studies, must be done through the exchanges portal, and at the same time by paper, with the paper copy scanned within specified later dates”, confirms the instruction bearing number 1 and issued on November 28.
“This step falls within the framework of the government’s efforts to digitize the banking and finance sector, by increasing the rate of reliance on modern systems, methods and technologies that are based on innovation and artificial intelligence, to achieve banking governance and financial inclusion, attracting the largest number of customers, and establishing a culture of dealing with banks, as digitization is one of the most important challenges of the banking sector in Algeria where banks are seeking to adapt the service for the benefit of the citizen and to succeed in the security challenges posed by the development recorded in this sector.
It is well known that the speed of communications and the development of mobile phones and the Internet in recent years dictate the modernization of financial practices and the adaptation of banking strategies to the needs of economic actors and citizens, as the health crisis resulting from the outbreak of the Coronavirus allowed during the past two years to accelerate digital transformation, at all levels in general and in the banking sector in particular, where digitization plays an important role in enhancing the stability and resilience of the sector to face the shocks that it may face, now or in the future, regardless of their size, especially since this sector is linked to money and the economic aspect.
Algeria hosted the 18th Maghreb Banking Summit last November, in the presence of the Minister of Finance, the Governor of the Bank of Algeria, banks and monetary companies of the member states, during which the digitization file of the banking and banking sector was discussed, where they discussed how artificial intelligence can affect the leadership of financial technology.
The study axes during the meeting focused on technological innovation, financial technology and compliance, the challenges of the banking and financial fabric, data and smart analytics, the new digital frontiers with RBA technology, quantum computing (QC), big data analytics, artificial intelligence (AI), and the financial inclusion program in the digital age is a new challenge that must be raised during the next stage.
