A reimagined vision of the future of digital banking

“Our challenges have changed, but we still share similarities with ancient banking times, when we were all looking for fast-paced abilities to adapt banking delivery to our lifestyle challenges,” said Noelia  Romanillos – Head of Financial Services GTM South Europe & UKI at ServiceNow – at this year’s 2nd  Annual Future Banks Summit MENA which took place last week at Swissotel Al Murooj, Dubai, UAE. 

In a  highly digitalized world, we tend to notice an ongoing trend – every aspect of society is going through a  technological transformation, especially when we’re looking at banking and finance. Today, both individuals and corporations have the ability – round-the-clock – to look into their financial information,  make payments and proposals, and perform a whole host of transactions with the click of a few buttons. 

This month, Verve Management hosted its 2nd Annual Future Banks Summit MENA, where attendees explored the path to fintech transformation within the region, eventually making it a global leader in finance. This has much to do with the region embracing advances in technology to steer the industry toward the direction of delivering efficient products and services to a young demographic to meet the expectations of the digital consumer. Concerning untapped potential, the region is well positioned to become a sizeable territory for effective digital banking innovation, which is what key industry professionals focused on throughout the course of the two-day summit. 

This heightened digitalization can, however, be a double-edged sword. Through the course of his keynote discussion on the era of digitalization, Vilmos Lorincz – Managing Director of Data Products at  Lloyds Banking Group UK – provided the attendees with insight on rethinking business strategies to flourish within the ecosystem. “The compliance level is just the baseline; it’s really important  that you protect the data of people, ethically.” He said, emphasizing the importance of data protection.  The distinguished use of digitalization within the BFSI sector pushes the requirement for substantial regulations to eradicate any negative outcomes on both the workforce and the end consumer. 

Through digitalization, the banking sector is viable for both innovation and a rise in entrepreneurship;  however, some corporations are still wary about going digital due to the high level of risk involved. 

“Security and compliance must become part of the culture of organizations to mitigate risk truly,” said  Kiran Bafna – Managing Director – APAC, India & Japan at Thomson Reuters – on his views surrounding the steps taken to enable cultural change in a truly modern technological ecosystem. “Only if  technological integration is in line with an organization’s vision true integration can take place.” He added.  

Some of the corporations in continual support of the Future Banks Summit MENA this year were our  Gold Sponsors Kissflow, ServiceNow & Enfint; our Silver Sponsor Confirmation.com; our Bronze  Sponsors eMudhra, Keyless Technologies, Creatio + Banza, & Thought Machine; our Networking  Sponsor Trejhara; and our Associate Sponsor System Technologies.  

All in all, Verve Management was honored to be in the presence of some of the most renowned thought leaders – both internationally and regionally – focused on one goal, which was to explore the MENA  region’s financial landscape and the process through which it is driven by innovation and technological advancement. 

Mark Peterson

Mark Peterson has been following the crypto market for the past seven years. As a crypto news journalist, he has recently joined our team. He regularly delivers the most recent happenings of the crypto space. He enjoys writing poems and exploring various crypto trading platforms in his spare time.

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