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|20 March, 2019

Regional banks have to accelerate digital transformation: Director-General of UBF

"The time is now for banks in the UAE to jump on board"

Image used for illustrative purpose.

Image used for illustrative purpose.

Getty Images/ Svetlana Zibnitskaya

DUBAI - From meeting capital requirements to the rise of ecosystem-led business models and the emergence of new devices, channels and technologies, the global banking industry has seen tremendous change in the past decade.

According to Jamal Saleh, Director-General of UAE Banks Federation, UBF, in order to thrive, regional banks have to be extremely responsive in the face of this increased disruption and accelerate their digital transformation.

"Technologies such as Artificial Intelligence and automation have found wide application globally as well as AR and Blockchain are creating new experiences and powering new realities and new customer experience. The time is now for banks in the UAE to jump on board," he said.

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These comments were made as he announced UBF’s support of the upcoming Abundance 360 Summit, A360, in Dubai, a highly-curated C-level programme conceptualised by world-renowned futurist Peter Diamandis for public sector executives, investors, and entrepreneurs committed to transforming their organizations into exponential, abundance-minded enterprises.

"With blockchain adoption into the KYC process high on the regional agenda not to mention initiatives such as Emirates Digital Wallet and TASHARUK platform, the future looks bright and pioneering global initiatives such as A360 that give our community a wonderful opportunity to learn from the best about these transformative financial technologies," he added.

Add to this the advances in global communication networks, according to world-renowned futurist Peter Diamandis, by 2024, nearly all eight billion people on Earth will be online and once connected, these customers will need access to money and financial services to meaningfully participate in the world economy.

By connecting lenders and borrowers around the globe, decentralized lending drives down global interest rates, increases global financial market participation, and enables economic opportunity to the billions of people who are about to come online.

A360 Dubai is expected to become the first mastermind of its type in the Middle East, Africa and South Asia region, offering government and business leaders an unparalleled opportunity for exposure to cutting-edge insights on exponential technologies such as artificial intelligence, augmented reality, virtual reality, blockchain, 3D printing, nanotech, robotics, amongst others, and how they can leverage them to disrupt their own markets and industries.

© Copyright Emirates News Agency (WAM) 2019.