FinTech to boost UAE’s role as global hub for banking and finance innovation; GITEX

IDC reports half of EMEA banks will hire a chief digital officer in the next four years

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FinTech to boost UAE’s role as global hub for banking and finance innovation; GITEX According to analysts at McKinsey, they predict revenue of $2tr from digital payments globally by 2020.
By  Aasha Bodhani Published  July 13, 2016

GITEX Technology Week 2016 will host a range of finance and technology experts to shed light on how FinTech is evolving.

According to analysts at McKinsey, they predict revenue of $2tr from digital payments globally by 2020. Companies, such as PayPal, are becoming the norm for many financial product consumers, to which banks are now beginning to adopt mobile banking solutions to meet the demands of their clients.

James Barrese, PayPal's former chief technology officer and senior vice president of payment services said: "Banks, start-ups and non-banking players are disrupting the global banking and finance industry with mobile apps, immersive technology and non-traditional payments.

"Emerging markets like the Middle East have the drive for innovation and opportunity to build next-gen infrastructure, enabling them to become global leaders in the digital payments revolution while providing a lifeline for billions of under-banked people."

Research by IDC Financial Insights revealed that across Europe, the Middle East, and Africa (EMEA), 96% of banks are deploying end-to-end digital transformation strategies, with cloud computing, Big Data analytics, and mobile apps for enhancing the customer experience. Furthermore, half of EMEA banks report that they will hire a chief digital officer by 2020.

Andres Wolberg-Stok, global head of emerging platforms and services at Citi, said: "Mobile apps have become a game-changer for global banking and finance, as in every other industry. Firstly, they have trained consumers to demand that every service should be simple and pleasant to use. Secondly, they have demolished entry barriers and levelled the playing field, enabling emerging markets to compete on an equal footing for primacy in the next wave of innovation."

Both Barrese and Wolberg-Stok will attend GITEX, as-well-as Deniz Devrim Gegniz, head of digital banking, Turkish Economy Bank (TEB) where he will present on launching debit cards with a built-in keypad, and a Google Glass financial app. Padmanaban TA, assistant vice president for digital banking at IndusInd Bank in India will explain fingerprint or swipe identification instead of PINs.

GITEX Technology Week 2016 will run from 16-20 October 2016 at the Dubai World Trade Centre.

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