ICT insight for UAE banks

Meta Group, Visa and Mastercard to present their views on effective information and communication technology (ICT) strategies at eCompany event.

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By  Sarah Gain Published  February 27, 2005

Internet and e-service providers, eCompany, is announcing that it is hosting a day long free interactive forum on March 6, aimed at giving senior executives in the UAE banking sector a ringside view of emerging technology platforms and a perspective on how ICT could be used to drive profitability in the banking sector. Participants will also get an opportunity to understand the wide applications of eCompany solutions tailor-made for the banking sector and hear from Mastercard and Visa on their initiatives for securing online payment transactions. During the event, participants will get to understand eCompany’s comprehensive strategy aimed at assisting the banking community in meeting its IT objectives. The provider’s approach in helping banks to minimise operational risks will also be a highlight during the event. Finally, there will be an opportunity to hear from eCompany on the OASIS (Online Authentication Service for Issuers) service, an authentication service enabling issuing banks to comply with Verified by Visa and Mastercard Securecode. Verified by Visa and Mastercard Securecode are payment initiatives designed to reduce the risk of unauthorised use of a cardholder account by authenticating the identity of the cardholder attempting to make a purchase online. eCompany is the first and only service provider in the region for this service, which covers cardholder enrolment, registration, and customisation. The service is a cost effective, quick and reliable solution for issuing banks backed by 24/7 bilingual customer service support. According to Ahmad Abdulkarim Julfar, general manager for eCompany, “As the Middle East banking sector becomes more competitive, focused on customer service and more global in nature, there is an urgency to optimise investment to meet growth, customer satisfaction as well as regulatory compliance objectives. eCompany with its comprehensive security solutions, infrastructure solutions and managed services is uniquely equipped to partner with banks to meet their challenges in this sphere." ECompany is confident that the content of the conference will prove to be a useful experience for participants as it will help them to come to terms with the challenges of an increasingly competitive banking environment. “We intend to challenge and enhance participant’s understanding in terms of developing an effective ICT strategy for banks. Attendees can be assured of cutting edge insight as well as industry-leading ideas and technology insights from successful practitioners within the financial world,” Julfar adds. According to Azzam Al Dari, regional director, consulting for META Group Middle East, who will deliver the keynote address, “Competition, rapid pace of change and new international regulations are increasing the pressures on the size and utilisation of a bank's capital. Capital is becoming the most scarce and expensive resource for a bank. CIOs are required to transform their strategies and organisational cultures from up-front capital investment to expense management. ICT asset/service leasing is gaining ground and momentum against the classical acquisition and maintenance operational model. This delivers key business benefits in terms of efficient capital utilisation, optimised cost, increased revenues, lower risk profiles and short time-to-market.” The event would also feature a panel discussion aimed at getting participants and the panel members to interact on various issues pertaining to their experience in terms of an operational and strategic look at an effective ICT strategy.

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