Brad Hariharan, Project Director of Expotrade Middle East, the organizer of the Summit said "Technology is becoming a major differentiator in the banking industry. Technology and innovation will dramatically impact the strategies of banks in the next few years. Banks have started to redirect their focus and reinvent themselves as customer centric organizations. Consumers are used to having technology integrated into aspects of their work and personal lives and banking is no exception. Consumer's expectations have incorporated online and mobile technology into their banking experiences. This year, the Summit will have a strong focus on the importance of robust innovation in the banking and financial industry."
Worldwide bank IT spending continues to grow at a 5.2% compound annual growth rate (CAGR), according to a new report from Framingham. The report found that Latin America and the Middle East are among the fastest growing bank IT spending regions, with IT spending predicted to increase by 10% in these areas. Banks in some of the world’s fastest-growing emerging markets are struggling to keep up with changing customer expectations.
According to a research conducted by Celent, most consumers are prolific online and mobile users yet many of the surveyed banks do not offer a fully integrated multi-channel experience. Only 34% of Southeast Asian banks and 17% of Middle Eastern banks currently have tablet offerings and most mobile banking offerings are still basic. While 63% of banks in Asia are now offering native apps (i.e. built for Android or iPhone) only 25% are doing so in the Middle East. Less than 50% of respondents in the Middle East felt their bank understands their needs well, with just over half agreeing with this statement in Asia. Barely half of consumers perceived their bank to be a technology innovator. 28% of respondents have a 360 degree customer view across products and delivery channels. Customer analytics and relationship pricing are similarly lacking.
The aim of the Middle East Banking Innovation Summit is to provide the information and tools needed to encourage innovation within the banks and financial institutions of the Middle East in order to facilitate financial growth. The Summit is designed to promote the networking, learning and idea sharing that will result in competitive offerings, improved customer engagement and reduced costs.
Some of the key speakers at the Banking Technology & Innovation Summit includes Ashraf Shoukry, CIO Ajman Bank, Sheikh Dr Hussain Hamed Hassan, Chairman Sharia Board, Dubai Islamic Bank Group, Nasar Siddiqui, Head of Electronic Channels, National Bank of Fujairah, Mufaddal Khumri, Head of Islamic Banking, Rakbank along with many other senior banking professionals.
The Summit will address major needs such as Increasing customer centricity, Synergizing IT and Operations, Instilling a culture for innovation, Leveraging innovation and addressing regulatory requirements and understanding on how best to work with them.
Major technology players in the Banking industry have joined the Middle East Banking Innovation Summit this year including Intertech, Capgemini, Trend Micro, Infowatch, Voicetrust, AIMIA as Gold Sponsors, Misys as Knowledge Sponsor, Datacard Group & Vision Solutions as Silver Sponsors, Soft Flow as Name Badge Sponsor. The Summit is being organized in strategic partnership with Dubai Internet City and Dubai Outsource Zone. Other participants include Gemalto, Ramco, Bankers Lab, Infotec Systems, Iycon, Brand Touch, ACT, Ceitcon and Keybs.
For more information, visit http://www.bankinnovation-