Finastra Universe Dubai Fuels Discussion Around Innovation-Driven Technologies In Banking Sector

Finastra Universe organized by Finastra – a global Fintech force, brings together global and regional experts at the Ritz Carlton Dubai, to explore the growing impact of technology on the banking sector. Finastra Universe highlights the need for financial institutions such as banks to have a strategic digital agenda that will distinguish them from the rest, while simultaneously adding more value to their interactions with customers. Dubai is the first stop of this global roadshow, which will be followed by London, Frankfurt, Paris, New York and Singapore.

At this flagship event, panellists from the financial services sphere discussed the potential demonstrated by Fintech to drive transformation in the retail banking industry across the Middle East, North Africa & Africa (MENA) region. The advancement and high penetration of third platform technology in the recent decade has drastically altered customer expectations, creating an arena for banks where it either competes or collaborates with new players to construct exceptional customer journeys. Furthermore, data is the new currency and investing in new technology such as Artificial Intelligence helps interpret the insight and value delivered by data and apply it to enhance customer experience.

Notably, the total investment in Fintech companies worldwide in the first half of 2018 hit US$57.9 billion and the MENA market is estimated at US$2 billion and is expected to witness an annual growth of US$125 million until 2022. With a significant amount of capital waiting to be deployed, investment in Fintech is expected to remain strong.

Speaking on the occasion, Wissam Khoury Managing Director Middle East and Africa at Finastra said, “Changing customer preferences have led to accelerated adaption of Fintech across industries, primarily banking, in the GCC region. If we develop collaborative strategies with our partners we will truly advance our digital journey while effectively catering to customer preferences. Finastra is thrilled to bring together industry leaders from across the globe to support and build an innovation-backed economy that embraces emerging technologies such as Fintech in the region.”

This conference hosted prominent keynote speakers such as Alastair Lukies CBE, Founding Partner Origination, Motive Partners, British Prime Minister’s Business Ambassador for Fintech Community and Ambareen Musa, CEO Souqalmal.

Finastra Universe delivered on its promise to be an interactive session for its 400 attendees, who had the opportunity to discuss regional developments and exchange best practices around go-to-market activity and solution engagement.