Vendors bank on financial services

Some of the region’s largest IT vendors are trying to boost the financial services sector with the inaugural Financial Services Summit 2003 being held today. Delegates from across the Middle East have been meeting to share IT best practice and discuss business benefits from technology.

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By  Peter Branton Published  June 15, 2003

Some of the region’s largest IT vendors are trying to boost the financial services sector with the inaugural Financial Services Summit 2003 being held today. Delegates from across the Middle East have been meeting to share IT best practice and discuss business benefits from technology.

“Global technological development has created the possibility of direct access to information, any time, any place, and on any device and with this comes the opportunity to deepen customer relationships, grow revenue and cut unwanted costs. Technology is the single most important business driver in this information-based financial industry,” said Mohammed Kateeb, managing director, Microsoft Middle East.

Microsoft teamed up with HP, Intel, Accenture Mindscape, and Financial Objects for the conference, which brought together regional and international financial services specialists, and focused on the challenges faced by financial institutions as they continue to introduce an increasing number of services and products. The biggest issue identified was the need to integrate different systems together while continuing to deliver high customer service levels.

“Successful financial institutions will be the ones with corporate agility – the ability to adapt business strategy and processes throughout the enterprise to new market demands faster than their competitors,” said Kateeb.

In September, Dubai is hosting the Annual Meeting of the Board of Governors of the World Bank Group and the International Monetary Fund. The meeting is anticipated to attract more than 14,000 visitors to the region.

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