The idea of business as usual is no longer sustainable. The past few years have seen financial institutions in the region become more resilient as they adapt and rethink their business and operating models to keep up with rapid changes in behavior.
In line with the global industry trends, financial institutions across the Middle East have found themselves in the midst of a digitally fueled revolution that is reshaping the industry as we know it and ushering in a new ecosystem. From migrating to cloud-based infrastructures to creating hyper-personalized customer experiences, financial institutions are rethinking their operations, infrastructure, security, and work models.
In this increasingly hyper-connected world, customers are accessing more digital financial services, and more information on customer behavior is being generated. We are also seeing the rise of new digital banks and insurers challenging traditional financial institutions. These new digital players are efficiently leveraging data to better serve their customers through the introduction of innovative products and business models.
As such, yesterday’s data and technology platforms are no longer able to meet today’s need for innovation at speed. The exponential increase in data volumes has given rise to complexities in data management platforms, concerns around the safety of IT operations, and challenges around real-time access to data stored across multiple environments. Inadvertently, this is hampering the ability of financial institutions to innovate and deliver new products and services.
This change in organizational culture is in turn redefining trust, resiliency, transparency, sustainability, productivity, and efficiency for the digital-first BFSI organization. More importantly, these organizations understand that once each of these areas is transformed using digital solutions, profitability, growth, and enhanced customer and employee experiences will follow.
