In June 2017, I wrote a book on Intelligent Banking includes eight specified chapters on new banking subjects and paradigms:
This chapter describes a branch that is independent in terms of profit, loss, revenue, resource absorption and consumption, and any other parameter that shows the branch’s profitability is following an ascending trend and intelligently reflects the need for continuing, changing, or formulating improvement policies.
Chapter one of this book starts with an introduction to the method of serving customers, and after introducing the reader to branch banking, it is tried to stress the significance of modern banking and knowledge of clients.
When a client visits a bank to make use of a service, If one of the clients preserved by the bank as a part of its major policies depending on the type of the bank’s policy, the client is recognized automatically and is invited by the branch chairman or users to use special services such as investment services.
The second chapter of this book discusses business intelligence.
Basically, every expert or manager in business organizations as well as in monetary and banking organizations needs to prepare reports of the past and present status as well as results of different parametric comparisons.
An intelligent module is expected to allow for a review of the past and present as well as prediction of the future and particularly commercial future of the organization.
Through present and past time assessments it is possible to monitor the organization’s business policies and provide improvement solutions.
The third chapter discusses operational intelligence.
Assessment of information and transactions is significantly important to monetary and financial organizations. Transaction analysis can take place both online and offline, and thus one mode is used depending on the need.
It could be perhaps stated that the most technical yet most difficult part of assessment of banking transactions is analysis of transactions before taking any other measure. In this case, the transaction is analyzed online before taking an action or sending a command.
This pre-action online analysis results in the following three outputs :
1. — The transaction is recognized following a general assessment and the permission for subsequent actions is granted.
2. –The transaction is recognized following a questionable assessment, and depending on the previously used algorithms, either the transaction is stopped or allowed. Afterwards, a ticket is sent to the examination division.
In this case, after transaction analysis it is found that the client or the entity starting the transaction is a special client and therefore value added services and special facilities are provided based on predetermined policies.
Chapter four discusses the intelligent market and competition assessment.
One of the basics of trade is to understand the market and rivals. In this chapter, an intelligent engine compares the information automatically obtained from the rivals and information entered manually.
Assuming a 20% growth rate for a monetary and financial complex, it is necessary to determine whether the growth is lower than the market growth. If yes, the performance is not satisfactory. On the other hand, in economic depression conditions, a growth rate that is higher than that of rivals is promising.
Targeting and surpassing rivals and identifying their weaknesses through micro assessments are among the advantages of smartization.
Chapter five examines smartization of organizational strategy.
Every monetary, financial, and banking needs to step towards enforcement of general policies defined by the board of directors. Analysis of operational approved strategy gaps is one of the duties of this intelligent engine. The organization’s executive instructions can also be followed using this approach.
Chapter six discusses data and information.
This chapter can be considered the basis and requisite for smartification. The first requisite for all modern and reliable services is aggregation of data. How is it possible to lead an organization when its information is scattered or it is impossible to access information online.
Information layout is also important. Creation of different databases is the biggest organizational mistake, but levels of access are equally important.
The required database can be designed as a main database for serving clients, branches, and staff users. Therefore, reporting and other services can be assigned to a secondary database that is a copy of the first database to prevent temporary loads and peaks from disrupting the main database’s function.
Cost control is significantly important in design of electronic banking networks. However, the main (primary) database should be designed such that the possibility of service disruption is almost zero, because serving a client involved in a financial transaction is extremely important. Nevertheless, most organizational services should be connected to the second database.
The last chapter of this book, i.e. chapter seven, is dedicated to knowledge and smartification of knowledge. Knowledge and preservation of knowledge play a major role in monetary and financial organizations and institutes.
Many people are employed as consultants or managers in an organization, but through institutionalization of their knowledge it is possible to utilize their knowledge in their absence.
It should also be stated that transfer of knowledge from the source of knowledge to all organizational layers increases the level of knowledge and improves organizational knowledge.