Technology: Follow Me!

 As long as you stay the same as you were the previous day and cannot add something to yourself in the next days and in the future, you are doomed to disappear over time. From individuals to society, this is an unchangeable reality. However, this does not mean losing your original self. It means keeping up with the change and following it while preserving your original self. That being the case, this situation, which applies to individuals and societies, undoubtedly applies to economies as well. Which methods, theories, and so-called invariant methods in economies have not changed? 

Financial markets are one of the proofs of how technology is a tool and how it gains acceleration over time. Even though it seems to be very simple now to carry the money from one place to another in money transfers, which is one of the simplest examples looking over the years, the people over a certain age still find this strange. Surely, people over the middle ages, who were aware of how difficult it was before, understand the value of this situation a little more. EFT/transfer transactions in banks, ATM services, online banking services, diversity of investment instruments... Looking back on many services that come to mind, it is hard not to sigh, saying, "who would have thought it would be this way?". 

To what extent do participation banks follow technology, how do they expand their position in the financial markets day by day, how can they maintain their current position to this extent? As we mentioned a few paragraphs ago, if technology is not followed, one gets lost over time. Speed is now becoming a very important concept in every field. For example, it is pretty important how long a transaction takes in the field of banking. Which transaction or transactions, for which you had to go to the bank before, can you perform without going to the bank? Which transactions can you perform via online banking services? Some people think that technology is a bad thing and prefer conventional methods more frequently. Currently, many banks, including participation banks, have adopted a policy called "paperless banking". Access to the internet is now commonplace for all of us. It was definitely not out of the question for the banks to benefit from this situation, which has become the case. Let's consider how many pages the documents are in account openings, loan agreements, instructed transactions, investment contracts, and think about to what extent we damage nature. A minimum of 20 sheets of paper is used for just one account opening. It should be known that 2 tons of trees are required for 1 ton of paper, and for this, 20 trees are cut down and only 200,000 pages, corresponding to 80 boxes of A4 copy paper, can be produced with 20 trees.

In Participation Banks, many transactions are now performed online without even going to the branch. While sitting at your home, you can open an account, contact customer services online via video and perform many transactions in this respect. All Participation Banks open accounts online via video. Along with internet banking transactions, not only participation banks but all other financial markets have managed to save 40% from the papers spent. This figure highlights how important this situation is. By following the technology, of course, it is possible to increase your depth in the sector even more. In fact, the whole case can be summarized through the following hadith of Muhammad, Messenger of Allah (ﷺ): "One whose two days are equal is a loser."

Ahmet Körüklü