MEA FINANCE BANKING TECHNOLOGY SUMMIT 2021
Reframing the future of banking
The wave of digitalization that is evident in the Middle East is expected to equip regional financial institutions with the capabilities they require to survive the new normal
T
hough theoutbreak of theCOVID19 pandemic accelerated digital transformation beyond business models, channels, and touchpoints across the financial services sector in the Middle East, banks had long made considerable progress in digitizing their products and services compared to their peers in the emerging markets. The Middle East banking sector has come a long way and has weathered several storms over recent years including low oil prices in 2014, but despite all these challenges financial services providers always emerged unscathed due to their innovative strategies. Over the years, market segments within the sector have also grown from strength to strength. Meanwhile, the wave
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of digital transformation that is apparent in the Middle East is expected to equip regional financial institutions with the capabilities they require to survive the new normal post-pandemic. On May 26, bankers from different financial institutions servicing the Middle East gathered for MEA Finance Banking Technology Summit & Awards 2021 at Armani Hotel, Burj Khalifa in Dubai to give each other insights into trends that are reframing the future of banking.
Open Banking Open Banking is a connected ecosystem of financial services that allows two or more unaffiliated banks to enrich their digital offerings safely and securely, bringing greater financial transparency
Banking and Finance news in the MEA market
and new and tailored customer services. Haifa Aboufarah, Enterprise Account Manager – FSI, Dell Technologies, who moderated the Open Banking and the New Business Models panel said that banks should not miss out on the importance and the benefits of collaborating with fintechs and regulators. Financial watchdogs in the region are playing a crucial role in the digital transformation of the banking sector, putting in place policies and frameworks for a better collaborative and innovative financial industry, said Aboufarah. Deloitte said that Open Banking is being made possible by advances in technology that provide new functionality for consumers and banking entrants alike.
