Panel discussion in progress at the Middle East Banking Innovation Summit 2016
TUESDAY JUNE 13, 2017
Banking is probably one of the sectors that has undergone the maximum transformation in the shortest time frame. Spurred by advancements in technology and increase in customer expectation, banks have redefined its processes to offer its customers a simplified banking experience. Internet banking, mobile banking, cashless payments, bitcoin and biometric technology are some of the innovations that have drastically changed the face of banking globally in recent times.
With technology becoming more pervasive, banks are modifying its banking processes, revamping its existing services and introducing new offerings. Specialized experts within banks called Chief Information Officer are spearheading this change. The role of a CIO has changed over the past few years; the focus has now shifted to introducing innovative models and redefining customer experiences.
Commenting on the importance of digitalization, Tariq Al-Usaimi, CDO of National Bank of Kuwait, said, “The role of a CIO/CDO is extremely crucial for the survivability of banks today. With the rise of fintech in the GCC and central bank’s support in the form of issuing regulations governing fintech operation, the pressure on the banks is now to either innovate or get in line with the 50% of the S&P 500 companies that cease to exist today due to digitalization.”
Emirates NBD’s social banking product, ADCB’s digital banking centre - uBank, and Commercial Bank’s introduction of biometric to its mobile banking app are some of the recent innovative banking solutions launched in the region. UAE Banks Federation’s Emirates Digital Wallet, Mashreq Bank’s vision for a branchless future and Emirates Islamic introducing blockchain technology into its cheques to prevent fraud will prove to be game changers in the Middle East banking industry.
Banks have not only deployed digital tools to enable seamless transactions, offer enhanced customer-centric services and overall, make banking more efficient, but the focus on digitization has allowed banks to gain insights from a customer’s banking behavior and offer customized products to suit their requirement.
Mr. Brad Hariharan, Regional Director, Expotrade Middle East, organizers of the Middle East Banking Innovation Summit, opined, “CIOs are driving technology-driven innovation within banks. As catalyst of innovative change, CIOs are embracing digital transformation, driving new business processes and reinventing customer engagement models within the organizations to maximize growth.”
At the Middle East Banking Innovation Summit, the role of CIO as an innovation driver will be discussed at length by experts, including Sanjay Khanna, Chief Information Officer, RAKBANK; Lee Mascall, Senior Vice President, Information Technology & Organisation, United Arab Bank; Nitin Bhargava, CTO - Head of Business Technology, Mashreq Bank; Sanjeev Mulay, Chief Information Officer, First Gulf Bank and Tariq Al-Usaimi, CDO/CIO, National Bank of Kuwait.
The summit will be held on 18-19 September 2017 in Dubai. To know more about the 7th Annual Middle East Banking Innovation Summit, please check http://www.bankinnovation-me.com/. Follow the Summit on social media with the hashtag #MEBIS2017.