Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

GCC’S BIGGEST BANKING SUMMIT TO DIRECT MAJOR IT TECHNOLOGY SPEND

Over 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 29th – 30th of September 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.

GCC’S BIGGEST BANKING SUMMIT TO DIRECT MAJOR IT TECHNOLOGY SPEND 1In its 4th 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 US$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.

“In the next three to five years, you are going to see a significant technology rollout among the banks that operation in the region with back office operations moving to the cloud,” said Farhad Irani, Mashreq Bank’s Head of Retail Banking in an interview with The National earlier this year. “It’s a fast-growing market, very high tech market, very amenable to innovation. Banking and payments have a very exciting opportunity in that context in being able to wow customers with solutions.”

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 digitization across the organization, 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 optimization, mobile and social marketing, regulatory compliance and new payment solutions, and will be key focusses at the summit to be held in September.

“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,” says Charlene Corrin, Producer of the Middle East Banking Innovation Summit organized by Expotrade. “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.”

Expotrade is a global conference and event organizer with its head office based in Melbourne, Australia. Expotrade has delivered some of the largest, most successful B2B industry conferences and events in industries including Big Data, banking & finance, solar energy, lighting, smart cities and construction.