Join panelists from Emirates NBD, Zand and Infosys Finacle as we discuss how financial institutions can win the digital battle Image Credit: Nicholas D'souza



  • Miguel Rio Tinto, Group Chief Information Officer, Emirates NBD
  • Olivier Crespin, Co-Founder and CEO of Zand 
  • Sanat Rao, Chief Business Officer and Global Head – Infosys Finacle

The banking industry has faced challenges over the past few years, including increased competition, demanding customers, and frequent changes in regulations. Add to that the Covid-19 pandemic and the financial business has found itself incessantly having to remodel its strategies to keep up. However, the industry is now facing one of its fastest-paced changes yet brought on by the digital age.

“Today’s world is becoming increasingly digitally driven, with technologies gradually reshaping multiple industries, including financial services,” says Miguel Rio Tinto, Group Chief Information Officer at Emirates NBD. “In banking, the speed of this transformation has never been faster, driven by technology, changing customer behaviour, increasing competition from non-traditional players and a constantly evolving regulatory landscape.”

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Sanat Rao, Chief Business Officer and Global Head of Infosys Finacle, agrees. “While engaging customers has always been a key objective for banks, unfolding digital trends have made it the number one priority,” he says. “For example, consider that 20 years ago, 50 per cent of banking transactions occurred inside the branch; today, that figure is barely 5 per cent, since 95 per cent of transactions happen in digital channels. Thus, to retain customers who are increasingly flocking to alternative players, banks must digitally engage them in ways that fulfil their purpose of leading a better financial life.”

Olivier Crespin, Co-founder and CEO of Zand, says that the UAE has always been quick to embrace new opportunities and drive progress. “Digital banking is a natural area for this, as it helps enable that pace of progress while matching the lifestyle of both consumers and business owners alike.

“Banks have always needed to adapt and evolve to stay competitive. The same is true now, but the speed and scale of change has increased. Many existing approaches are still the right ones, focusing on the customer and finding unique solutions to their needs. Delivering these solutions in the digital age needs new tools and capabilities, though: design thinking; data and analytics; modern, flexible systems; and agile methodologies.”

Digitising at speed is paramount if banks wish to survive and ultimately succeed in the coming years. A survey last month said the Covid-19 pandemic has hastened a consumer shift towards digital banking services in the UAE. Eighty-nine per cent of respondents said they are now more likely to opt for digital banking services rather than visit a physical bank branch, the survey by YouGov.

“Banks need to drive transformation across five areas to stay competitive: maximise digital customer engagements to drive growth, digitise and automating ubiquitously to cut costs, and continuously innovating to create new value and stay competitive,” explains Rao. “In addition, banks need to leverage the power of new technologies such as cloud, API, and AI to unlock new possibilities. Finally, building talented teams and purpose-driven culture can unlock true potential.”

According to Miguel, “the bank of the future will be customer centric, hyper-personalized and mobile.” “Processes need to be frictionless and fully end to end automated, leveraging biometrics, advanced data analytics and AI, in order to deliver innovative products and services at the right time and place. Data will be paramount, and banks will further positions themselves as primary custodians of customer data.”

Gulf News will discuss these issues in our latest webinar

Infosys webinar
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The webinar, Winning the Digital-only Battle for Banks, organised in association with Infosys Finacle on August 24, 11am-12 noon, will discuss this and more.

Join Rao and Crespin along with Miguel from Emirates NBD as they discuss:

• How to achieve a holistic approach to customer engagement and experience management.

• How to drive engagement across the customer relationship lifecycle to onboard, engage, service and sell better.

• The key to enhancing innovations with ecosystem propositions

• How banks can deepen customer interactions with an insights-first approach

• How it is possible to build operational excellence through intelligent automation

• How to leverage cloud and emerging technologies to accelerate the speed of business innovation

Register to be part of this exclusive discussion on Tuesday, 24 August at 11am and put your questions forward to these industry leaders:

1. Miguel Rio Tinto, Group Chief Information Officer, Emirates NBD

2. Olivier Crespin, Co-Founder and CEO of Zand Bank

3. Sanat Rao, Chief Business Officer and Global Head – Infosys Finacle

Reserve your place on this exclusive webinar now.