GEC NEWS WIRECAAS Research today unveiled its Middle East IT Industry foresight into the banking sector at a webinar.
Jayakumar Mohanachandran, Chief Research Officer at CAAS Research, elaborated on the meticulous planning that underpins their work. “We prioritize qualitative information and data points. By relying on us, you gain comprehensive insights into tech trends, tailored specifically to your business needs.”
Key findings of the survey included:
- A substantial 76.2% of surveyed banks report extensive offerings of digital banking services and mobile apps, indicating a strong commitment to digital transformation. Another 23.8% offer these services to a limited extent, highlighting a unanimous move towards digital adoption with a full 100% participation rate.
- Technical complexities and compliance issues present the most significant challenge, cited by 43.1% of respondents. Adoption and user training (33.6%), skill gaps (18.2%), and cybersecurity threats (noted under “Other”) illustrate the multifaceted challenges in transitioning towards digital-first banking
The webinar featured a panel discussion featuring Gigi Mathew, Group Director—IT and Digital Transformation, Itihad International Investment, and Ahmed Nabil Mahmoud, Head of Cyber Defense and Security Engineering at a leading international bank in the UAE.
Gigi Mathew pointed out the increasing adoption of GenAI by financial services institutions. “We are ready with the data and tech stack, and AI is enabling banks to offer tailor-made offerings to their customers.”
Ahmed spotlighted digital transformation challenges facing banks in the region. “Ever since COVID, most banks have been forced to go on a digital transformation journey, and they face challenges related to legacy systems and infrastructure. Banks might require complete revamping of old and outdated systems, and address data security and privacy concerns.”
Shoeb Mohammad, lead research analyst at CAAS Research, said: “The effective integration of new technologies into existing banking systems is another critical factor for success. This integration involves not just the technical merging of new fintech solutions with legacy systems but also aligning these technologies with the bank’s strategic objectives and customer service goals. Seamless integration ensures that banks can offer uninterrupted and cohesive services to their customers, leveraging the full potential of digital innovations to enhance operational efficiency and service delivery.”
