Finance and IT Execs to Gather in Dubai for Middle East Banking Innovation Summit
More than 400 C-level executives, IT experts, retail banking specialists and finance heads have confirmed to attend the region's biggest banking technology summit, taking place on September 29-30 2014 at the Jumeirah Emirates Tower in Dubai, UAE.
With heightened competition for tech-savvy customers in the market, banks with outdated systems and products are coming under pressure to invest in core banking technologies, fraud prevention solutions and data analytics software and will be looking to discuss these requirements at the Middle East Banking Innovation Summit 2014.
In its fourth year the event is gathering major local players including Emirates NBD, Dubai Islamic Bank, Arab National Bank, National Bank of Abu Dhabi, Doha Bank, and RAK Bank amongst international leaders HSBC, Barclays, Standard Chartered Bank, Bank of America Merrill Lynch, Deutsche Bank and Citibank to share case-studies, challenges and learn where to target IT spend in the coming year.
The Middle East is projected to reach $243 billion by 2018, which will represent 5.6 percent of worldwide IT spending estimated by Gartner with $211 billion in 2014 alone.
Tech giants Kaspersky, SAP, MasterCard, Nettitude, Temenos and HP will be looking to take advantage of the positive development and will be showcasing innovative solutions as banks prepare to modernize and digitize.
Google reports UAE having the highest usage of smartphones in the world at 75 percent; a trend that will push more business online and to mobile channels to keep up with customer expectations.
As banks prepare for the onset of digitisation across the organisation, new challenges in cyber security and increased regulatory requirements are brought into the limelight. Topics of major consideration for the industry also include Big Data analytics, core banking optimisation, mobile and social marketing, regulatory compliance and new payment solutions, and will be key focusses at the summit to be held in September.
Charlene Corrin, Producer of the Middle East Banking Innovation Summit, said: "The banking sector in the Middle East is one of the world's fastest growing markets, and with increased competition within this region it is no surprise that the Summit is growing in size once again."
"It's a very important platform for the banking industry decision-makers to connect with peers and technology vendors to learn how to apply innovation and focus IT spend where it is most needed."
For more information on the Middle East Banking Innovation Summit 2014 visit www.bankinnovation-me.com
Mambu and the UAE’s digital banking journey
Miljan Stamenkovic enjoys the dynamic and constantly evolving world of fintech banking. In his current role as General Manager for MENA for Mambu, Stamenkovic sees opportunity in abundance.
“When I joined Mambu with my team in 2019, we came with the fintech, entrepreneurial mindset and DNA to build and grow Mambu’s business in the MENA (Middle East and North Africa) region. Before 2019, the region used to remind me of a desert, at least in terms of cloud service providers and cloud adoption. But this past year has been a wave of progress.” In November 2020, Mambu opened a new office in Abu Dhabi Global Market, as the region has quickly become a key market for Mambu.
He explains, “There are data protection laws. There are cybersecurity regulations and most importantly, a variety of major tier one cloud service providers that are available. But what particularly excites me here at Mambu is the opportunity to rethink business models together with our clients and really bring them to life. This is where I saw a great fit with Mambu and its composable philosophy.”
Creating a neobank and challenger bank ecosystem has been his ultimate goal. “In my opinion, this actually creates a unique opportunity to partner with some of the best fintechs in the region and build the region’s first and true challenger and neobanks.”
Stamenkovic credits Mambu’s partnership with Banque Saudi Fransi (BSF) for the success that has driven the bank forward in the region. “When I think about all the challenger and neobanks that have grown massively over the past decade,there is one common denominator for all these new initiatives. I would say they really operate like a tech company rather than a bank. - BSF is leading this approach in Saudi Arabia.”
He continues, “This brings a competitive advantage for tech companies. These platforms are each managed individually but can be swapped in and out. And when put together, they actually form the backbone of a company's technology capability. This is why tech companies and banks like BSF actually can get products to the market a hundred times faster than their more incumbent peers.”
The implementation, he stresses, is an evolving process, where each component is trialled and checked and swapped in and out according to its effectiveness. But it’s down to the dynamism of the team on the project to initiate these changes. “As critical as technology is to digital transformation, the DNA of people working on these initiatives is the key to success. At BSF they have a true startup and entrepreneurial mentality.”
He explains that Mambu is helping BSF deliver an entire new banking experience while providing soft core banking services hosted, in this case in Saudi Arabia. “Mambu sits at the heart of BSF's new challenger bank and its technology stack. So, this actually enables BSF to take an entirely cloud native approach, having Mambu at the centre of its ‘Digital Engine’.”
Stamenkovic points out, “Mambu enables banking like a modern tech company. Banks used to be built to last, but today they need to be built to change. And that's what we're enabling here.”