UAE, Dubai: Disruption, a new book from leading business publisher LID, explores the future of banking in a market where the rules have fundamentally changed. The authors - Ignacio Garcia Alves, Philippe de Backer and Juan Gonzalez - are leading thinkers from one of the world’s top management consulting firms, Arthur D. Little, and draw on many years of experience and insight to outline the challenges that traditional banks face from new competitors and propose a model for change and survival.
Disruption includes original interviews and stimulating insights from executives and major players from the world of banking, who openly share their views on the future of financial services and the banking sector. The book provides a critical understanding of the trends within the industry, including the impact of the Covid-19 pandemic, and crucially identifies opportunities for universal banks to leverage their unique assets and pre-empt new entrants from dominating the market.
Ignacio Garcia Alves, Global CEO of Arthur D. Little, says, “Disruption details how a new breed of more agile and aggressive players is disrupting the financial services sector, and advises how traditional banks can deal with the serious challenges they face from these disruptors. It’s a ‘thinking tool’ designed to stimulate action that we hope will particularly resonate with those in the sector who already have a strong sense that banking has fundamentally changed, with its legacy model facing an existential threat. On saying that, it’s not our intention to be alarmist. Instead, we want readers to reflect on what these changes mean for the industry in terms of both risks and opportunities.”
Philippe de Backer, Managing Partner and Global Practice Leader of Financial Services at Arthur D. Little, comments: “We can only conclude from our research and analysis that the traditional banking model we’ve all grown up with is no longer fit for purpose. The rules of the game have changed so fundamentally that banks have no option but to adopt a different model, one that’s much better suited to the world as we now know it. However, this requires both significant investment and a major shift in banking culture.”
Juan Gonzalez, Partner at Arthur D. Little, adds: “The arrival of disruptive, technology-empowered players in the financial market should be a wake-up call to banks, because if they’re to survive the threat they need to move quickly. Banks are conservative organizations that tend to move slowly, but we hope that Disruption will help them to understand the changes that are coming and to ultimately adapt more quickly.”
Dr Bernd van Linder, CEO, Commercial Bank of Dubai, said: “I think the future will be one of partnerships, and will be one of a hybrid model, in more than one way. So, we will see a multiple of hybrid models, between digital and physical banking, and between proprietary and partnership banking”
Sandeep Chouan, Group COO, Abu Dhabi Islamic Bank, said: “My view (on the universal banking model) is that we will go through the same revolution that the car industry went through.”
Disruption is a must-read for anyone who wants an in-depth analysis of the current state of the banking market and where it’s heading in the future. It is a book for financial services executives who want to be ahead of the curve and make the right decisions to enable their business to thrive rather than stagnate.
- To purchase a copy of Disruption, please visit: https://tinyurl.com/2p94dyuz
- For more information about Arthur D. Little, please visit adlittle.com
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Media Contact:
Omar Abd Raboo
omar.abdraboo@mslgroup.com
© Press Release 2022
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