A Reimagined Vision of The Future of Digital Banking

Dubai, UAE, “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 in order 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 in  order 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 in order to eradicate any negative outcomes on both the workforce and the end consumer. 

Through digitalization, the banking sector is viable to 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.  

Verve Management 

Isha – Marketing Executive (isha@verve-management.com) 

Dubai, UAE

PR Contact 

Prerna Arora

prerna@zexprwire.com