Over 150 senior banking and financial professionals have already confirmed their participation at the 2nd Annual Middle East Banking Technology & Innovation Summit, due to be held at the Emirates Towers in Dubai.
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.