Mobile Apps , Analytics, Big Data and Social Media will drive the Banks of the Future
The 9th Financial Technology Summit & Meetings Middle East ( FT Summit) will be held in Dubai from 27th to 28th May, 2013, bringing the technology leaders of the top Arab Banks to discuss "The Bank of the Future" and how technology is reshaping both consumer behavior and the banking business model.According to the most recent research by IDC; Social media, Cloud Computing, Mobility and Analytics will serve as the primary growth drivers of the ICT industry over the next decade. The technology set is estimated to drive 75% of the new growth of worldwide ICT spending from $3.7 Trillion in 2013 to more than $5 Trillion in 2020. Mobile Apps & Social Media are setting new customer expectations - rapidly disrupting software business models, changing them forever.
The FT Summit is an exclusive, by-invitation only summit dedicated to the IT decision makers of the top 100 Arab Banks; a platform to facilitate the dialogue between IT leaders of the Arab banking industry. The FT Summit will highlight the significant role of technology as a key driver for the competitiveness of the Arab Banking industry.
Chris Skinner, Chairman of the Financial Services Club and international authority on the future of banking says, "Over the next five years, there are significant changes that will take place in the way in which people bank. This is not just technology change, but fundamental change in the way your customers and the corporations who deal with them, transact and exchange commerce. These changes, many of which you will have observed already such as social lending, will create a new financial landscape where some banks will be leaders."
Mr. Skinner adds, "over the next decade, a radical shift will take place in the role and function of banking. It's already started and it's all about BIG DATA. But it's more than that. It's to do with the value shift in society from seeing money to seeing virtual money; from seeing technology to seeing social technology; and from seeing government to seeing self-governance. These shifts have been seeded in smartphones, social networks and the global linkage of every person on the planet to wireless media, and this shift will accelerate over the next decade. What this means for banks is that they will become hybrid keepers of money and data, and anything else their customers believe to be of value. Banks need to focus upon two numbers with huge implications for modern banking: One and 2020, as the Bank of 2020 will also be the Bank of One."
Professor Miguel Sousa Lobo, Associate Professor of Decision Sciences , INSEAD said, "The Financial Technology Summit affords IT leaders within the banking sector an opportunity to debate the future of banking systems and promote innovation. Technological innovation is reshaping the financial services sector, including through data analytics and revenue management. Understanding how these changes will transform banks' consumer offerings in the Arab world is indispensable in order to maintain a competitive advantage and gain market share."
Khaled Eid, CEO of The World Development Forum said "IT is becoming the keyword to compete in a global market based on the efficient assimilation and analysis of information and a rapid response to market conditions in order to achieve competitive advantage.
"The bank of the future will focus on customer experiences and offer individual products and services according to the customer needs. IT trends like Mobile apps, Big Data, Analytics, Cyber Security, Cloud Computing & Social Media are changing the role of the game. Banks are looking to these trends as enablers for the Bank of the Future."
The 9th edition of the FT Summit attracts leading industry experts from financial institutions within the GCC region as well as leading technology providers.
INSEAD is the knowledge partner of the FT Summit and sponsors are Union National Bank, Blue Coat, Cognizant, River Bed, GBM, Smart Stream and ManageEngine.
© Press Release 2013
