Fintechs today are becoming an integral part of the banking value change and as a result of the Digitization in the banking industry which is making its way slowly and steadily. Today approximately 70% of the IT budget of banks is spent on the traditional IT services such as maintaining core legacy systems with the remaining 30% spent on the means of digital transformation like data analytics & cloud technologies. Banks are exploring new angles in the industry; Mobile Payments, Open APIs, Blockchain, P2P Lending, Crowdfunding, Big Data, Wealth Management & AI (artificial intelligence).
AI particularly is driving the banking and Financial Services markets of tomorrow and it is predicted that it will be crucial for organizations in their ability to compete in the coming years, with the majority of industry experts believing that this technology is highly important in driving competitiveness. Having said that, there are also challenges that must be addressed. For example, banking and Financial Services experts admitted that managing the security risk of AI systems is of most importance. Other issues like the challenge of developing AI tools that were able to improve decision-making were also reported as potential buffers to the technology’s development.
To discuss the New Age and value chain of Banking and the Financial Sector, Businesslive ME has partnered with some of the leaders in banking, including HSBC, Bank of Sharjah, Commercial Bank of Dubai, Al Mashreq Bank, IG and solution providers like Maverick Systems, Credentek and HPS to host the 9th Edition of the New Age Banking Summit, at the Armani Hotel in Dubai on 30th July 2019. The New Age Banking Series has hosted 8 summits in multiple countries and we have now launched the 09th New Age Banking Summit which will focus on the latest technology trends in Banking, Cybersecurity and Open Banking.
Leaders from the partner banks, HSBC, Bank of Sharjah and Commercial Bank of Dubai, AL Mashreq Bank along with many more industry experts from various other regional banks will come together to discuss the future of banking in the region and the roadmap and strategies to adopt to the transformation and will also discuss the collaboration between FinTechs and the Financial Sector and how to strengthen banking value chain. The summit will host the thought leaders from the digital finance world representing the largest banks, financial institutions, associations and regulators.
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Poonam Chawla | BusinessLiveME
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