Dubai – More than 70% of banking, financial services, and insurance (BFSI) organizations across the Middle East, Turkey, and Africa (META) region plan to invest in expanding their digital platform experiences in the next 12- 18 months. That’s according to the latest research from International Data Corporation (IDC), which also shows that 62% of organizations in the sector prioritize enabling customer journeys through investments in digital technologies.
Across the region, banks, insurance, and capital market companies are vigorously racing to plug the gaps exposed by the growing credit risk event, taking advantage of opportunities emerging from hyper-transacting and hyper-digital. customers and reshaping their business models to ensure they are agile enough to respond to these challenging times. And as they strive to be digitally resilient, IDC research shows that more than 60% of BFSI organizations in the META region have increased their ICT spending budgets for 2022 in the past year.
These developments will be explored in detail at the IDC Banking & Finance Congress 2022 for the Middle East, hosted today (June 28) at Dubai’s Hilton Al Habtoor City under the theme “The Future of the Fittest: Revamp, Rebuild, and Reinvest “.
“Financial services institutions today see themselves playing a complex game of chess; they must reconfigure their strategies, re-evaluate their priorities, and think about their opponents to win. ”said Ranjit Rajan, IDC’s vice president of research for the Middle East, Turkey, and Africa. “This year represents a turning point for banks and insurers as they strive to stay ahead of the competition and stay connected to an increasingly digital financial service in the world.
“There’s also another more interesting dynamic-the emergence of fintech and insurtech: companies that promise to be more agile and more customer-centered than traditional market incumbents. But both parties need to work together-and in the new During the collaboration, the industry will rely on platforms that are underpinned by technologies such as cloud and open source. These platforms will be the way to generate new value and new revenue for everyone. “
Rajan delivered the keynote of the event, “A Road Map for the Future of Financial Services: Innovation Platforms”, while there was a series of expert-led sessions that explored the following topics:
• Engagement Banking: Join the Revolution!
• Cloud Services: The Future of Digital Banking
• Application Resource Management for Hybrid Cloud Environment
• Beyond the Branch: Anywhere Workspace Solutions for Financial Services
• Lifestyle Banking: The Transition from Traditional Banking Services
• Treasury: Enable Digitalization Around Value, Not Volume
These were augmented by two identical tracks, themed “Run the Bank” and “Change the Bank”, while the agenda also included three engaging panel discussions showcasing first-hand insights from some of the industry’s most influential business leaders as they discuss the following topics:
• Smarter Bank: Smarter Personalization
• Changing Corporate Banking Products and Services: New Realities and Business Pressures
• Workforce, Work Culture, Workplace: Are We Ready to Play in the New Normal?
To learn more about IDC Banking & Finance Congress 2022, please contact Sheila Manek at [email protected] or +971 4 446 3154. You can also join the social media conversation using the hashtag #IDCBFSI.
The IDC Banking & Finance Congress 2022 in Dubai is supported by the following organizations: Trailblazer Partners: Backbase, Turbonomic, Bespin Global, Alpha Data, VMware; Game Changer Partner: Oracle; Gold Partners: Pure Storage, CoreStack, Appian, Mindgate Solutions; Exhibit Partner: ServiceNow; Dinner partner: Red hat; Associate Partners: Dubai Business Women Council (DBWC), UAE Banks Federation (UBF), RAK Chamber of Commerce & Industry; Media Partners: GlobalRisk Community, CIO Coverage, International Business Magazine, Security Middle East.
About IDC
International Data Corporation (IDC) is the leading global provider of market intelligence, advisory services, and events for the information technology, telecommunications, and consumer technology markets. With more than 1,300 analysts worldwide, IDC offers global, regional, and local expertise in technology, IT benchmarking and sourcing, and industry opportunities and trends in more than 110 countries. IDC’s analysis and insights help IT professionals, business executives, and the investment community make fact -based technology decisions and to achieve their core business goals. Founded in 1964, IDC is a wholly owned subsidiary of International Data Group (IDG), the world’s leading tech media, data, and marketing services company. To learn more about IDC, please visit www.idc.com. Follow IDC on Twitter at @IDC and LinkedIn. Subscribe to the IDC Blog for industry news and insights.
IDC in the Middle East, Turkey, and Africa
For the Middle East, Turkey, and Africa region, IDC maintains a coordinated network of offices in Riyadh, Nairobi, Lagos, Johannesburg, Cairo, and Istanbul, with a regional center in Dubai. Our coverage combines local insights with international insights to provide a comprehensive understanding of the markets in these dynamic regions. Our market intelligence services are unparalleled in depth, consistency, scope, and accuracy. IDC Middle East, Africa, and Turkey currently employs more than 130 analysts, consultants, and conference partners across the region. To learn more about IDC MEA, please visit www.idc.com/mea. You can follow IDC MEA on Twitter at @IDCMEA.
Scope
Covered Companies
Rogers Associate Financial Partners Inc., Oracle Corporation, IDC Research Inc, VMTurbo, Inc., ServiceNow, Inc., Mindgate Solutions Pvt Ltd, OROYA MINING LIMITED, VMware, Inc., Appian Corp., AL HABTOOR GROUP (LLC), TENASKA TRAILBLAZER PARTNERS, LLC, Pure Storage, Inc., LinkedIn Corporation, Media Partners, Alpha Data Corporation
Covered Regions
Turkey
Topics Covered
Applications, Hybrid cloud