Electronic banking in Iraq between reality and hope

Abstract

In the present day, the Iraqi banks face challenges at the local and international levels i.e. economic openness, financial liberalization and the entry of foreign banks competing to the Iraqi market. As a result of technological progress in the production of the financial and banking services industry, whereas large number of banks have switched to electronic transactions, and expand the use of electronic commerce and advanced banking services. The tasks and functions of banks no longer revolve around traditional processes, but rather use them to use their innovative methods to meet the desire and the needs of their customers, such as ATMs, smart cards and the use of the Internet to pay and transfer for funds from one country to another. Therefore, this research attempts to identify the reality of electronic banking in Iraq in particular through the volume of electronic services provided by Iraqi banks in light of the determinants of electronic banking and the lack of appropriate technological infrastructure. In order to reach the objective of the research, the research was divided into two sections. The first section dealt with the theoretical basis of the concept of electronic banking, electronic banking operations, the requirements of the electronic banking environment and the risks and legal challenges of electronic banking. The second section dealt with the banking business in Iraq, Electronic banking in Iraq and its development, and then, the research ended with a number of conclusions and recommendations reached by the research.