PHOTO
06 October 2016
DOHA: With the introduction of more e-services by governments and their growing focus on smart cities, the spending on Internet of Things (IOT) is set to rise in the Middle East. IOT spending is expected to rise to $3.2bn in 2019 in the region, said Dr. R Seetharaman speaking in a banking conference in Dubai.
“According to the International Data Corporation (IDC), IOT spending in the Middle East (expected) to reach $1.8bn in 2016 and rise to $3.2bn in 2019. The financial sector is at the heart of national innovation strategies and it is considered an innovation-priority sector, as well as an innovation-enabling sector,” said Seetharaman delivering keynote address in The MISYS Connect Forum. “With smart cities becoming a focal point of national strategy centered on development and more and more e-services being introduced or in development by governments across the GCC region, it is expected that IoT-related spending to increase in the years to come,” he added.
Dr. Seetharaman highlighted the state of Fintech industry in GCC. “There has been little investment in the GCC Fintech industry, but this is expected to change in the coming years. GCC governments can play the role of a facilitator in terms of policy and regulation and in providing the right environment for innovation to flourish to enable private sector to come up with solutions,” he said.
“Cash has always reigned supreme in the Middle East, even after the advent of plastic, net banking and other alternative payment systems. But with the increase in Internet and smartphone penetration, digital payment systems are gaining prominence in the region. GCC Banks are allocating resources to adapt their business models to the fintech revolution as they run the risk of losing market shares to technology innovators,” he added.
Dr R Seetharaman gave insight on how banks should approach customers on the digital space.
“Exploring and uncovering multiple channels of communication to customers and other banking partners will be critical for GCC banking industry growth. GCC Banks should invest wisely to understand customer analytics, as this can help derive efficient channels. As digitisation of all industries continues, consumers will expect banking experiences to replicate those in other industries,” he said.
He added that with significantly fewer visits to a local branch office or even a phone call to a customer service representative, conveying a consistent brand experience will be more challenging. Brand equity in the GCC Banking industry will also increasingly flow from partnerships that are established with others in the ecosystem.
DOHA: With the introduction of more e-services by governments and their growing focus on smart cities, the spending on Internet of Things (IOT) is set to rise in the Middle East. IOT spending is expected to rise to $3.2bn in 2019 in the region, said Dr. R Seetharaman speaking in a banking conference in Dubai.
“According to the International Data Corporation (IDC), IOT spending in the Middle East (expected) to reach $1.8bn in 2016 and rise to $3.2bn in 2019. The financial sector is at the heart of national innovation strategies and it is considered an innovation-priority sector, as well as an innovation-enabling sector,” said Seetharaman delivering keynote address in The MISYS Connect Forum. “With smart cities becoming a focal point of national strategy centered on development and more and more e-services being introduced or in development by governments across the GCC region, it is expected that IoT-related spending to increase in the years to come,” he added.
Dr. Seetharaman highlighted the state of Fintech industry in GCC. “There has been little investment in the GCC Fintech industry, but this is expected to change in the coming years. GCC governments can play the role of a facilitator in terms of policy and regulation and in providing the right environment for innovation to flourish to enable private sector to come up with solutions,” he said.
“Cash has always reigned supreme in the Middle East, even after the advent of plastic, net banking and other alternative payment systems. But with the increase in Internet and smartphone penetration, digital payment systems are gaining prominence in the region. GCC Banks are allocating resources to adapt their business models to the fintech revolution as they run the risk of losing market shares to technology innovators,” he added.
Dr R Seetharaman gave insight on how banks should approach customers on the digital space.
“Exploring and uncovering multiple channels of communication to customers and other banking partners will be critical for GCC banking industry growth. GCC Banks should invest wisely to understand customer analytics, as this can help derive efficient channels. As digitisation of all industries continues, consumers will expect banking experiences to replicate those in other industries,” he said.
He added that with significantly fewer visits to a local branch office or even a phone call to a customer service representative, conveying a consistent brand experience will be more challenging. Brand equity in the GCC Banking industry will also increasingly flow from partnerships that are established with others in the ecosystem.
© The Peninsula 2016
