Circular No. 62/2024: Assessment of the Levels of Electronic Services and Digital Transformation in Banks

Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Circular No. (62 / 2024)

To all banks operating in Palestine
Date: Tuesday, May 07, 2024

Subject: Assessment of the Levels of Electronic Services and Digital Transformation in Banks

Attached are the results of the assessment of the levels of electronic services and digital transformation in banks, based on the electronic services questionnaire distributed to banks in February 2024 to evaluate service levels up to the end of 2023. All banks are requested, within two months from the date of issuance of this circular, to provide the Palestine Monetary Authority with a timeline for product development and addressing the weak usage of electronic services by customers, taking into account the following:

1. Developing electronic channels and increasing the number, quality, and digitization of electronic services provided to customers through them, in a way that meets customer needs and expectations.
2. Encouraging customers to use electronic channels instead of visiting branches and offices for their banking transactions, including setting incentives for this, especially in governorates and cities with low usage rates.
3. Automating and developing internal operations within the bank to enhance internal digital transformation.
4. Implementing verification and authentication methods such as (OTP, Pin) and notifying customers via SMS for transactions executed through various electronic channels, and re-evaluating the financial limits defined for electronic services under which verification and authentication methods are applied, in a manner commensurate with the risks and operational events in the bank, to reduce fraud operations faced by customers.

Supervision Group
Palestine Monetary Authority

--- www.pma.ps
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Ramallah & Al-Bireh Governorate - Palestine Postal Code: P6160675 | Phone: +970 2 2415251 | Tel: +970 2 2415310 | Fax: info@pma.ps

---