FT Summit to discuss top 100 Arab banks competitiveness through technology
It will discuss the role of ICT enhancing competitiveness in the Arab Banking Sector, the summit which is exclusive for the executives of the top 100 Arab banks will discuss this issue in light of the current trends that the region is witnessing as a result of the expansion of the international banks in the region and the impact of mergers & acquisitions.Khaled Eid, Managing Director of the Dubai-based World Development Forum, summit organizers, stated that technology is the password to enhance competitiveness of the Arab Banking Sector.
He added that according to expert forecasts, $1.8bn is to be invested in IT by the Arab banking sector in 2008, with a growth of 15% per annum.
This is one of the highest rates in the world, which indicates how Arab banks endeavour to enhance their competitiveness.
He went on saying that the Arab banking sector has achieved a significant development in providing e-services as 85% of transactions are electronic (internet, telephone Banking, ATM, Mobile). This percentage reached 90% in some specific fields like brokerage. 'The near future requires full application of technology, including the non-financial operation ' he confirmed.
Mr. Eid asserted that technology is currently the most important competitive advantage for banks.
He continued: 'Enhancing competitiveness will not be achieved unless investment in IT is combined with comprehensive strategy, which links technology to the organization's objectives to enable banks to provide customers with modern, secure and profitable services in such a way to maintain their competitive edge; that is the core issue of the FT Summit 2008.'
He explained that this year, the FT Summit will benefit from the attendance of some leading executives and IT decision makers in the Middle East banking sector and technology experts to shed light on the role of technology to meet challenges facing the Arab Banking in terms of customers requirements, compliance and the new landscape of competitiveness that has undergone profound shift due to the modern era changes.
Mr. Eid said 'The summit keeps on discussing the strategies to move towards 'Bank of the Future' concept and its ability to develop financial services in the Arab world, which we started last summit.'
FT Summit held annually since 2005 has succeeded in adopting a qualitative approach enabling the IT vendors to interact directly with the Banking industry leaders and decision-makers to discuss how Technology can turn strategic vision into reality.
The FT Summit has been endorsed and supported by the Ministry of Finance since its inception, Dr. Mohamed Khalfan bin Kharbash, Former State Minister of Finance and Industry, stated that the financial services is a vital sector that cannot be developed in isolation of technology.
He stressed on the importance of coordinated efforts among the Arabs to optimize utilization of modern technology to enhance the performance of the Arab Banking Sector, while benefiting from the economic and social development as well as the abundant liquidity.
The previous rounds of the event attracted major officials and figures, including 70% of the CIOs and senior executives in the top 100 Arab banks.
Delegations from 10 Arab countries representing largest banks and financial institutions in Saudi Arabia, Kuwait, Bahrain, Qatar, Oman, Jordan, Libya, Yemen and the UAE, the hosting country have confirmed their participation.