TNT:
CandyKisses: US ambassador receives ‘fantastic news’: Iraq will see economic growth and a modern financial system
Baghdad – Mil
The US ambassador in Baghdad, Alina Romanowski, on Tuesday expressed her admiration for “great news” from Iraq, expecting economic growth supported by a modern financial system in the country.
“Great news!” Romanowski said in a post on the X platform, “Great news! Iraq officially ratified the electronic payment system on April 29.”
“This step will pave the way for a modern financial system and economic growth,” Romanowski added.
https://miliq.news/political/30778
Tishwash: This was in Iraq’s news
American banks are abandoning their branches and turning to online services.. What is behind this?
The American newspaper, The Wall Street Journal, shed light on the plans of banks in the United States to abandon branches and move towards enhancing online banking services.
The newspaper revealed that major banks in the United States began closing branches in large numbers, as S&P Global indicated that about 2,454 bank branches were closed during the past year.
As of December 2023, the number of bank branches in the United States has shrunk by more than a fifth compared to 2009.
According to the newspaper, about 400 bank branches will be closed in 2024, including branches of Bank of America, JP Morgan Chase, US, Capital One, PNC, Wells Fargo, and TD.
Wells Fargo Bank topped the list of banks with at least 88 branch closures since the beginning of the year, according to the Office of the Comptroller of the Currency, which oversees US national banks.
What’s behind it?
“High interest rates have contributed to a decline in bank profits, which could mean that more Americans may see their nearest bank branch close its doors,” says Nathan Stovall, head of financial institutions research at S&P Global.
He added to the newspaper: “Banks have realized that their physical footprint does not need to be as large today. As revenue pressures continue, banks are likely to continue to reduce branch networks.”
Experts believe, according to the Wall Street Journal, that banks are offering more online services at low fees, as well as improving digital banking applications, which are often faster and easier to conduct most transactions via mobile phone.
“The list of services that can be performed in bank branches is shrinking,” says Jim Perry, a senior strategist at Market Insights.
While online banking offers many benefits, there are people who do not consider getting rid of branches logical, such as some small business owners, according to the newspaper.
That’s why financial consultant Chuck Failla says, “It’s better for a neighborhood restaurant owner to bring his money to the bank at the end of the day than to pay an armored car service to come pick it up.”
He adds that people who frequently need to exchange foreign currencies may also want to retain the option of being physically present at branches. link
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