Bank’s reach is tangible, its relevance is questioned, according to Finnovex expert

The necessity for banking system subsidiarity and an increase in digitalization is urgent, according to experts gathered at Finnovex Middle East 2021 in Dubai. The golden words that the industry must include “reach” and “relevance” in its constitution and follow for the transformation of the banking sector in the Middle East, one of the world’s fastest expanding regions in the banking and capital markets sectors.

The term “digitalization” refers to the use of technology and new tools to increase the efficiency and effectiveness of a process. Digitalization, and by extension, digital transformation, are top of mind in banking boardrooms due to the multifaceted benefits they bring.

Exibex, the organisers of the Finnovex Global Series, the leading summit on financial services innovation and excellence, is hosting Finnovex Middle East 2021. The two-day International Summit will look at how technology is reinventing banking innovation for 2021 and beyond, with the subject “Digging Deeper into Resilient and Agile Transformation Strategies.”

On September 7 and 8, 2021, Finnovex Middle East 2021 will be held in a hybrid format, with in-person sessions at Conrad Dubai and simultaneous virtual streaming online. Over 400 delegates attended the conference, which featured thought leaders from prominent banks and financial institutions from across the region and beyond by online and offline.

Speaking at the event, Mr. Pritesh B. Kotecha, Senior Vice President (Europe, Middle East & Africa), SmartStream Technologies said, “In many cases, the way we look at the problem, is the problem. The Digital Economy, accelerated by Covid, demands Banks & Fintechs approach challenges and opportunities together, in partnership. This is more than selling a product or granting a license. Banks hold the ultimate data, Fintechs are built to innovate. The combination of these is the secret sauce that allows true customer centricity. Today’s event aims to forge such partnerships.”

Mr. Massimo Falcioni, CEO of ECI, said: “In line with His Highness, Sheikh Mohammed bin Rashid Al Maktoum’s vision, the UAE Federal export credit company, Etihad Credit Insurance always adopts innovation and digital transformation; in order to provide utmost support to UAE exporters and re-exporters, we continuously forge strategic partnerships with leading players in this field to provide seamless trade credit insurance procedures. Moreover, we aim to support the UAE’s non-oil diversification goals through our innovative digital products that will boost the competitiveness of UAE businesses and exports.”

Mr. Frederic de Melker, Managing Director of Personal Banking at RAKBANK, said, “We are delighted to be associated with Finnovex ME. Banks and Fintechs will have to co-exist to build a customer-centric financial ecosystem. At RAKBANK, we believe the backbone of this ecosystem will be effective & accelerated digital transformation not only in systems and processes but also in the organizational culture to enhance and provide a seamless customer experience at every touchpoint in the journey.”

“The COVID-19 pandemic is essentially altering the digital usage behavior of bank clients. The IT ecosystems of many conventional organizations are approaching the end of their lifecycle and will have to be replaced in the foreseeable future. There is a growing need to develop digital skills across the sector,” Mr. Ahmed further said.

Ms Banali Malhotra, Director – Marketing, RAKBANK said, “Digital adoption has exponentially grown during the pandemic. We at RAKBANK marketing not only think digital-first but also ensure that we support strategic partnerships to help build a customer-centric ecosystem that facilitates seamless journeys.”

Commenting on the summit, Mr. Shabaz Ahmed, Executive Director at Exibex, said, “We are happy to bring the third edition of the Finnovex Middle East Hybrid Summit to the people of Middle East region. We are grateful to the UAE government, and we would like to extend our gratitude to the rulers of the country for conducting a highly efficient vaccination drive and making it possible for the UAE to get back to normalcy. Dubai is well known as the MICE capital of the region for a reason. Dubai is one of the world’s top-20 business destinations. It has a beneficial location within close flying distance of some of the world’s most dynamic business tourism source markets, and the emirate also remains a popular destination for its neighbors in the gulf and wider region even during the pandemic.”

He added, “This year’s summit is focusing on how technology is reimagining banking innovation for 2021 and beyond. We are extremely happy that the numbers of speakers and the audience for our summit have more than doubled this year, making the summit even more exciting.”

The two-day summit will bring together over 400 plus delegates from top banks and financial institutions like RAKBANK; Zand; Etihad Credit Insurance (ECI); Al Rajhi Bank; Abu Dhabi Islamic Bank; Dubai Islamic Bank; Saudi British Bank (SABB); AXA Gulf; Tasheel Finance; BLOM Bank; Banque Saudi Fransi; Social Development Bank (SDB); National Bank of Oman; Dubai International Financial Center; National Bank of Bahrain; Emirates NBD; National Bank of Fujairah who will discuss how technology is reimagining banking innovation for 2021 and beyond through focused panel discussions and keynote presentations.