E-banking to Sweep Middle East - Online Transactions Set to Grow Exponentially Over Next 5 Years

Regional financial institutions that do not facilitate electronic banking will increasingly lose mobile customers, as online transactions are set to grow rapidly over the next five years, say regional experts who will speak at IIR's e-Bank 2002 event taking place in Dubai in September.

E-banking is thought to be essential to long-term customer retention and increased profit margins, as demand for 24-hour banking expands across the region. On-line banking, insurance, and even e-loans could be done from the comfort of one's home.

Though a majority of financial institutions view the adoption of e-banking as paramount to success, there are still some companies resistant to change, and it is these financial organisations that could be missing a huge opportunity to lower operational costs and increase customer retention, add regional experts.

Banking Trends
Banking trends demonstrate that customer satisfaction is increasingly tied to technological innovation, with ever increasing demand for better services in the Middle East, as banking is becoming less associated with branch access and more with round-the-clock availability.

"The leaders in the Middle East's banking sector will be those that embrace the Internet now and gain the experience necessary to conduct business at 'Internet speed', and, ultimately, compete with their global competitors," said Patrick Hayati, Hewlett-Packard Middle East's regional director for financial services industry.

International Turnkey Systems (ITS), a regional systems integrator, is doing its part to drive the growth of the e-banking, as the company's banking sector account manager, Khaled Hafez, highlighted: "We hope attendees will learn about how technology can be put to work for their institutions and, more importantly, their customers."

Yet another e-banking solutions provider, System Access, attests to the benefit of participating in e-Bank 2002.

"The event brings together leading banks from around the region to review the latest solutions and discuss trends in the market, such as the need for enhanced access to customer information and delivery of bank products via any channel," concluded Phil Blower, managing director, System Access, Middle East and Africa.

e-Bank 2002 Event
The event will focus on emerging business strategies, and the hottest topics influencing financial services in the Middle East, from secure customer transactions to Web
self-service.

The September gathering is drawing backing from such industry giants as: Docman, ENTRUST, HERMES SoftLab (HSL), Hewlett-Packard, International Turnkey Systems, Internet Facilities Group, Solutions M.E., System Access, and Tarang Software Technologies.

Confirmed speakers represent financial institutions including: Arab Banking Corporation, Emirates Bank International, HSBC and Standard Chartered.

The e-Bank 2002 event, organised by the Institute for International Research (IIR), will take place at the Dubai Crowne Plaza Hotel from 21 to 24 September.




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