The growing importance of innovation in the Middle East Banking Industry
/EINPresswire.com/ In the face of rising regional and global competition, technological changes and economic uncertainty, institutions in the banking industry are seeing a new era of sustainability taking shape. Banks across the region are working towards generating efficiencies for customers whilst accelerating growth and improving bottom line efficiencies.
There is an increasing belief in the importance of innovation for growth and efficiency. Because of declining margins from traditional banking methods, banks are seeking innovative ways to develop and deliver services that create additional revenue streams and enhance customer experience.
Sanjoy Sen, Managing Director & Head of Consumer Bank, Middle East, Pakistan & North Africa Region, Citibank N.A stressed "The current economic situation has made it even more important for banks to focus on Innovation. It is no longer a luxury but a necessity in order to sustain competitive edge in the market place. The Middle East and Africa markets are seeing increased investments in Banking Innovation.
Innovation in banking has three significant pillars: Product and services innovation, Operations innovation and Business model innovation. Product and service innovation is critical to attract and retain customers through enhanced customer experience. Operational Innovation through process reengineering is important to enhance operational efficiency which results in lower cost and more efficient process. Business Model Innovation will help banks manage their bottom lines and protect them from threats to the industry from new entrants and business models. "
Opportunities created by new technologies such as Web 2.0/3.0, mobile smartphones, broadband and other innovative and smart application channels with fast data access are setting new trends in the industry. This is creating an environment for banks to develop innovative ways to deliver user friendly services that enhance customers mobile lifestyle.
Ashraf Shokry, COO, Ajman Bank highlighted that "We need to understand the difference between innovation and its implementation. With the backdrop of the financial crisis and the future economy predictions, a whole new era of banking has emerged that demands a new approach. With customers becoming more cautious in the current times and evaluating options available, banks need to implement advanced and innovative products to maintain existing clients while attracting new customers. Crisis will not stop us from innovation. It is only pushing us to find cost effective ways to implement it. A perfect example of a cost effective idea was that of QRCode which we implemented at Ajman Bank. There are a lot of such ideas which can be implemented with minimum cost which I will be sharing during my presentation at the Middle East Banking Innovations Summit."
The Middle East Banking Innovation Summit taking place on November 28th and 29th in Dubai will bring together leading financial thought leaders, C level executives, Government dignitaries and senior banking and technology professionals under one roof to discuss the key building blocks for innovation excellence in the rapidly transforming banking industry. The two day agenda is divided in 4 sessions focusing on the four S.T.E.P of Innovation excellence in the Banking sector: Strategy, Technology, Experience and Product/Process management.
For more information on the Summit, visit http://www.bankinnovation-me.com or call Expotrade Middle East on +9714.4542135.
There is an increasing belief in the importance of innovation for growth and efficiency. Because of declining margins from traditional banking methods, banks are seeking innovative ways to develop and deliver services that create additional revenue streams and enhance customer experience.
Sanjoy Sen, Managing Director & Head of Consumer Bank, Middle East, Pakistan & North Africa Region, Citibank N.A stressed "The current economic situation has made it even more important for banks to focus on Innovation. It is no longer a luxury but a necessity in order to sustain competitive edge in the market place. The Middle East and Africa markets are seeing increased investments in Banking Innovation.
Innovation in banking has three significant pillars: Product and services innovation, Operations innovation and Business model innovation. Product and service innovation is critical to attract and retain customers through enhanced customer experience. Operational Innovation through process reengineering is important to enhance operational efficiency which results in lower cost and more efficient process. Business Model Innovation will help banks manage their bottom lines and protect them from threats to the industry from new entrants and business models. "
Opportunities created by new technologies such as Web 2.0/3.0, mobile smartphones, broadband and other innovative and smart application channels with fast data access are setting new trends in the industry. This is creating an environment for banks to develop innovative ways to deliver user friendly services that enhance customers mobile lifestyle.
Ashraf Shokry, COO, Ajman Bank highlighted that "We need to understand the difference between innovation and its implementation. With the backdrop of the financial crisis and the future economy predictions, a whole new era of banking has emerged that demands a new approach. With customers becoming more cautious in the current times and evaluating options available, banks need to implement advanced and innovative products to maintain existing clients while attracting new customers. Crisis will not stop us from innovation. It is only pushing us to find cost effective ways to implement it. A perfect example of a cost effective idea was that of QRCode which we implemented at Ajman Bank. There are a lot of such ideas which can be implemented with minimum cost which I will be sharing during my presentation at the Middle East Banking Innovations Summit."
The Middle East Banking Innovation Summit taking place on November 28th and 29th in Dubai will bring together leading financial thought leaders, C level executives, Government dignitaries and senior banking and technology professionals under one roof to discuss the key building blocks for innovation excellence in the rapidly transforming banking industry. The two day agenda is divided in 4 sessions focusing on the four S.T.E.P of Innovation excellence in the Banking sector: Strategy, Technology, Experience and Product/Process management.
For more information on the Summit, visit http://www.bankinnovation-me.com or call Expotrade Middle East on +9714.4542135.
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