Dotin plans to provide various financial services online to all Iranian people as soon as possible with Wepod
According to the IDEA, Dotin has made a serious entry into the field of financial inclusion since last year. “Wepod” is Trabank Pasargad, which Dotin is in charge of developing. The CEO of this group has emphasized that through this digital bank, they want to provide four different financial services easily and as quickly as possible to all the people of Iran; An issue that, according to Nejad Sedaghat, leads to the financial empowerment of people in the society.
This morning, the press conference “Dotin with technology in the path of developing financial literacy” was held with the presence of the company’s CEO and media members. “Mohammad Nejad Sedaghat”, CEO of Dotin, mentioned the financial inclusion strategy in this meeting and said:
“Pasargad Bank was interested in developing its activity throughout the country through technological solutions, therefore Dotin was chosen as the developer and implementer of the Pasargad Digital Bank project.”
He defined the expansion of Pasargad Bank’s service delivery as follows: every person can receive banking services regardless of whether Pasargad Bank has a branch near his place of residence or not. Nejad Sedaghat believes that they, as people interested in technology and with the support of 12 years of knowledge in the financial field, can design technological financial products for consumers:
“We defined a target community so that we can provide banking services with a focus on credit and facilities to a part of the community that has a bank account and a bank card and is familiar with the bank, but they have not used banking services as they should. »
According to him, in a period of 20 months since the beginning of 2022, two million accounts have been opened through Wepod in 12 thousand cities and villages. Saying that Wepod has provided 14,000 banking facilities to customers in one day, Nejad Sedaghat said that Pasargad Bank has provided 7,000 billion tomans worth of micro-facilities in 20 months in the form of 2.5 million cases. A record that, according to him, is unprecedented in the statistics of the banking system.
“We are looking for financial empowerment of the people of the society”
In another part of his speech, CEO Dotin stated that financial literacy in the literature of the World Bank deals with four areas: “Account, deposit, card and money transfer”, “Credit and facilities”, “Insurance” and “Investment”. He stated that if a person has good, simple and cost-effective access to these four areas, it can be said that economically the situation will progress in a way that will create wealth and reduce poverty:
“We at Wepod are also looking to provide products to cover these four areas of financial inclusion and optimize it. The two million account openings so far have all been through electronic authentication using artificial intelligence. Even in the field of validation, we used artificial intelligence. In the field of insurance, which we have just started, a product will be released on the Wepod so that they can get third-party insurance more easily in an instant completely online.
As mentioned, the target community of Wepod service are customers who did not have access to banking services as they should, so there is no credit history for them. Referring to this issue, Nejad Sedaghat stated that they have created a model for validating people in Wepod: “We tell people to start working with us from a small number, if they are willing and able to repay the facility, we will increase their credit.”
He emphasized that they seek to empower people in the society financially. They also adhere to providing online services and follow the provision of facilities within a maximum of two minutes: “If we want to provide a product whose process takes more than two minutes for the customer, we will remove it from our product list.”
According to him, they have made the facility process smart, automatic and online so that there is no more human resource intervention and they provide credit facilities to people in a fair, regular and accessible way.
“We are not looking to compete with banks”
The services that Dotin has provided for the past 12 years have been at the service of banks. Now, this collection has changed its strategy in the last 20 months and has taken the path of financial inclusion to be directly connected with the user. Doesn’t this route put Dotin in direct competition with its primary customers, namely banks and insurance companies?
Nejad Sedaghat stated that this concern has always existed:
“It should be noted that our target community is people who have never received banking services. This society was not attractive to any bank and therefore it did not provide any service to them. When there is no bank branch in an area, it means that there is no attraction for the bank to spend money there. We also went to the same places that are not attractive to banks, but are attractive to us, because we do it with technology and low cost, and this strategy has made us not seek to compete with banks. Whenever there was a question, we said that we went to someone who was not your client.”
But how do they evaluate the future of financial inclusion? How many users are they looking for in a few years and what kind of change are they going to bring about in the lives of users? In response to this question, the CEO of Dotin said:
“We want to cover the four mentioned areas in the field of financial literacy. According to economic statistics, the bottom four deciles of the country have a monthly income of less than 6 to 7 million tomans. Four tenths also means 30 million people from the society who have an income below 7 million tomans. Therefore, the horizon of the number of customers we have is for these 30 million people.
According to him, if these people have small savings, they can deposit it in Wepod without any worries for the long term and benefit from its profit: “The same is the case with insurance. For example, a person who intends to purchase third-party insurance can either get support or, if his income is low, prepare a monthly insurance policy instead of annual insurance. We have to create a product for all four areas of financial inclusion, and we have planned for it.
Forecast of Dotin’s income of two thousand billion tomans
In this press conference, the CEO of Dotin stated that this year, this group has achieved a revenue of over two thousand billion tomans, which is 4 times compared to the year 1400: “We are now at the beginning of the growth point and we think that more words in the information technology industry to have a country.”
It is not bad to know that despite Dotin’s activity in the field of insurance, the income of this company from the insurance industry and its solutions is less than three percent of Dotin’s income. About the reason for this low share of insurance from Dotin’s revenues, Nejad Sedaghat said: “Insurance companies have not tied their needs and evolutionary path with technology, and a serious and meaningful gap has formed in this field. Over the past years, we tried to create a comprehensive solution for the insurance industry, but the costs and the type of insurance investment prevented us from seriously planning for its future.
According to him, the banks that use Dotin have a 20% share of the network transactions: “One out of every 5 citizens’ transactions with cards or internet services is processed by Dotin. Every year, 20 billion transactions are done through Dotin platforms, which was about 18 billion transactions in 2021.
Another significant statistic that was presented in today’s press conference was the attractiveness and convenience of mobile banking compared to internet banking. Therefore, the banks that use Dotin systems have 14.8 million mobile bank users compared to 8 million internet bank users.
Using artificial intelligence to identify violations
Pointing to the formation of a focused artificial intelligence expert team, Dotin’s CEO stated that with the help of this technology, they have developed products to detect violations and fraud:
“Detecting fraud and violations as well as combating money laundering are two areas that are important for the health of the financial system, but they have received little attention. Our country needs products, software and rules to prevent violations and fight money laundering. Currently, by using artificial intelligence, it is possible to limit the services of abnormal transactions, discover gambling transactions, and separate commercial and personal accounts.”
According to him, in the test conditions, these tools have obtained good results and can accurately identify a gambling or rental account and introduce it to the policy-making body: “This is the path that we expect to follow better and more powerfully in the future. »
In another part of his speech, Dotin’s CEO discussed the company’s human resources: “Dotin’s human capital has reached 1,700 people this year, and over the past 5 years, this number has tripled.” We also tried to have equality in the discussion of recruiting men and women, and this ratio is now 48% to 52%.”
He pointed out their efforts to keep the average age of their colleagues low and said: “Dotin School helps us benefit from the fresh influx and add young people to our portfolio. Dotin School is very important to us; Because the field of technology is a field that needs innovation and new technology comes, and it is important for us that the average age of our colleagues remains at a reasonable level and we need youthful enthusiasm. Currently, the average age of our colleagues is 32 years and we try to keep it around 30 years.
He also mentioned Dotin’s strategy of investing in other companies and said: “We are not looking to attract startups, we are considering companies that have reached early maturity and more stable conditions in order to complete our value chain by partnering with them.”
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