Reviewing the Issues and Challenges of Electronic Banking Regime in Iran

Abstract

: Technological advances have transformed the face of the world. Over the past two decades, the banking industry has been investing heavily in using Information Technology (IT). In response to new laws, the growth of global networks and rising incomes, the banking industry employs new technologies called e banking to achieve and maintain strategic benefits. Electronic banking refers to financial activities that are carried out using electronic technology. Electronic banking gives banks the opportunity to respond to the different needs of customers in different locations simultaneously. In recent years, with the growing spread of information technology and the benefit of the Internet, banks and financial institutions are seeking to provide more different and diverse services for their customers. The emergence and development of e-banking is facing serious challenges, which responding to them is inevitable. The challenges that the e-banking system will face include financial, regulative and legal issues, organizational culture and process issues, infrastructures and systems. One of the challenges of developing electronic banking in Iran is the legal challenge. One of the most important legal challenges for the e-banking system seems to be whether the general rules of contracts provide sufficient guarantees for the validity and necessity of electronic contracts. The purpose of this paper is to examine the legal challenges for the advancement of the electronic banking system and provide solutions for solving them.