“Bank Melli has so far invested more than 500 billion rials ($10.5 million) in big data, but that is not enough,” Masoud Khatouni also told IBENA.
Even though he concedes that the amount of investment is insufficient, the official believes a part of the problem is rooted in technological limitations.
According to Financial Tribune, he pointed out that due to the specific conditions of the country and as the banking system is battling a credit crunch, “banks have limited [resources] in making investments in this area, but we have been seeking to establish the required infrastructure”.
The official, who also sits on the bank’s board, said BMI has been hard at work to provide the hardware infrastructure while the focus has been on employing local products in terms of software.
Khatouni referred to big data as one of the major platforms of digital banking, but said points of entry must be managed well to reach suitable platforms, something he said BMI Virtual Teller Machines are currently doing.
After managing entry points and preventing the formation of more non-digital data, he said the bank needs to focus on existing data and turning them into digital information.
Khatouni noted that he expects investments in big data and other digital banking areas to cut costs and turn profits in the future.
Melli Show
Last week, BMI unveiled 10 new services as part of an event called Melli Show.
The first was a national coin account that stores gold coins instead of cash and allows cardholders to transfer coins, while the second was a tourist card that offers VISA controls, issues SIM cards and allows POS, ATM and online transactions.
VTM and CRS devices, one-time disposable passwords, Melli Fund –a new crowdfunding scheme to support charities–and Melli Bazaar–a finance chain to support producers and consumers–were among other new products.
In addition to an initiative aimed at children and young adults, and a mobile branch, BMI also released its personalized Bank Officer through the previously launched Bale mobile banking app that offers a wide range of banking services round the clock, including online loan application.