DATA SECURITY BANKING TECHNOLOGY
BANKING TECHNOLOGY INNOVATION ENABLERS
Empowering Digitalization The relationship between banks, vendors and fintechs is no longer about competition but is now about collaboration through adopting cutting-edge technology services to deliver best-in-class services and products
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ore than a year and a half into the pandemic, several executives in the Middle East banking sector have come to believe that digital transformation is more of an enabler – a vehicle that allows institutions to get the desired value from their transformation agenda. In the GCC region, the quest to meet customers’ demands and expectations while maintaining a competitive edge
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in an overcrowded market had already paved way for digitalization well before the pandemic hit. The financial services sector has a rather traditional outlook and takes time to adapt to change and innovation, but coronavirus has created a different narrative. T h e p ro l o n g e d p a n d e m i c i s accelerating a perceptible shift in the financial services sector by necessitating a quick transition from physical to digital. It is at this stage that the fintech industry
Banking and Finance news in the MEA market
has risen to the occasion to arm financial institutions with digitization initiatives into the new normal. The relationship between banks, vendors and fintech firms is no longer about competition but is now about collaboration through adopting cuttingedge technology services to deliver bestin-class services and products. Financial institutions are also leading or participating in several accelerators, incubators and training programs to
