E-banking to sweep Middle East

Regional experts predict that online transactions will grow rapidly over the next five years

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By  Graham Stacey Published  August 20, 2002

Regional financial institutions without e-banking facilities will be left behind as online transactions grow over the next five years, according to regional experts ahead of Dubai’s IIR eBank 2002 event in September.

As demand for 24-hour banking increases, e-banking is thought to be essential to long-term customer retention.

Patrick Hayati, Hewlett-Packard Middle East’s regional director for financial services said: “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.”

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.”

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