September 20th, 2023 at 8:40 pm UTC · 3 min read
Przemek Henschke – CIO at D360 Bank at this year’s 4th Annual Future Banks Summit & Awards KSA, in Riyadh, Saudi Arabia, said:
“Digital adoption has facilitated more and more payments.”
Over the course of a few years, we’ve witnessed the Middle East make bold moves in order to propel the region’s financial sector toward a future driven by digital transformation. Recognizing the pivotal role that technology has played in the global economy, the Kingdom of Saudi Arabia is set to revolutionize its banking industry, introducing cutting-edge technology and best practices such as Open Banking and Synthetic AI.
Notable insights and discussions emerged through the course of the event, reshaping views on a highly dynamic, transparent economy for instance.
Suresh Ramamurthi – Chairman of CBW Bank, said:
“In a world like the one we’re in today, every transaction takes place in real-time, and risks increase. With this in mind, real-time payment analytics and transaction risk scoring systems are essential for adept functioning.”
Transparency is vital – if not of utmost importance – in maintaining customer loyalty, and trust in an industry maintained by fintech organizations. Ultimately, banks, NBFIs, and regulators work hand-in-hand, to maintain balance while simultaneously providing risk mitigation amongst customers.
Abdullah AlShahrani – Director of Digital Transformation at Tamweel Aloula, said:
“We are not competing with banking institutions, we support them as they support us.”
Overall, this year’s summit was marked by discussions that overarched the realm of success, and the prestigious Future Banks Awards which recognized long-standing achievements within the banking and fintech industry.