He emphasized that today we should talk about the fifth industrial revolution, whose main characteristics are "human-centricity," "sustainability," and "resilience." In this human-centric revolution, processes and technologies serve humanity; however, a circular economy is also essential for sustainability. Dr. Abbas Memarnejad stressed that smart banking, with its resilience feature, protects businesses against stresses and shocks.
Memarnejad further pointed out two key aspects: "focus on data" and "collaboration among the components of the banking ecosystem." He mentioned that more value creation in the banking and financial industry requires focusing on these two points.
Regarding the role of the banking system in crisis situations, he added, “During the COVID-19 pandemic, transaction rates reached 99%, and banks managed a range of services such as transfer of due dates, liquidity provision, service offerings, and data processing, which would not have been possible without establishing hardware and information infrastructures.”
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