Latest news with #EraofFrictionlessConnectivity
Mid East Info
13-05-2025
- Business
- Mid East Info
Finastra spotlights the future of innovative, frictionless banking at Dubai Fintech Summit - Middle East Business News and Information
Siobhan Byron, EVP, Universal Banking at Finastra, joined industry leaders to explore how banks can meet changing customer expectations in the digital age Dubai, UAE – May, 2025 – On day one of Dubai Fintech Summit, Finastra, a global provider of financial software applications, discussed how advanced banking technology is driving personalized, innovative and seamless financial services. Siobhan Byron, EVP, Universal Banking at Finastra, joined industry leaders for a panel: 'Era of Frictionless Connectivity: The Rise of Digital Banking'. The two-day event, organized by Dubai International Financial Centre (DIFC), brings together industry thought leaders, policymakers and influencers to collaboratively shape the future of fintech and finance. Key topics discussed on day one of the event include: Customer expectations are shaping the future of banking : consumers expect seamless, real-time and tailored services that proactively anticipate their needs. However, nearly three-quarters of Middle Eastern banks say that evolving expectations have highlighted weaknesses in their organization's current customer experience. Technologies like AI and data analytics are helping institutions deliver enhanced solutions based on deep insights into customer behavior. Consumers also expect to interact with banks via their chosen channels, whether online, mobile, in-branch or at the point of sale, whenever they want to. Adopting an integrated omnichannel strategy ensures seamless and consistent experiences across all touchpoints. : consumers expect seamless, real-time and tailored services that proactively anticipate their needs. However, nearly three-quarters of Middle Eastern banks say that evolving expectations have highlighted weaknesses in their organization's current customer experience. Technologies like AI and data analytics are helping institutions deliver enhanced solutions based on deep insights into customer behavior. Consumers also expect to interact with banks via their chosen channels, whether online, mobile, in-branch or at the point of sale, whenever they want to. Adopting an integrated omnichannel strategy ensures seamless and consistent experiences across all touchpoints. As we reimagine banking, financial services become more seamless : In the not-so-distant future, intelligent personal assistants, powered by GenAI, could proactively offer tailored services at the point of need, before a customer requests them. Agentic AI goes one step further by rapidly processing data, increasing decision accuracy, and personalizing customer interactions. However, as financial services become so seamless that they blend into the background, banks risk losing customer connection. Overcoming this challenge requires conscious, considered, customer-centric action and consistent brand experiences, even via services provided by ecosystem partners. : In the not-so-distant future, intelligent personal assistants, powered by GenAI, could proactively offer tailored services at the point of need, before a customer requests them. Agentic AI goes one step further by rapidly processing data, increasing decision accuracy, and personalizing customer interactions. However, as financial services become so seamless that they blend into the background, banks risk losing customer connection. Overcoming this challenge requires conscious, considered, customer-centric action and consistent brand experiences, even via services provided by ecosystem partners. Banks must act as hubs of innovation : Finastra's Financial Services State of the Nation Survey 2024 found that institutions in Saudi Arabia and UAE are prioritizing modernizing all aspects of their operations, including embracing cloud and API-led technology. By utilizing such technology to create ecosystems, banks can provide comprehensive, integrated financial services catered to specific needs and gain a competitive advantage. Institutions must ensure rapid and seamless integrations to manage instant product creation and mass customization, while orchestrating an often-complex network of partners to ensure smooth transactions from start to finish. Finastra's Financial Services State of the Nation Survey 2024 found that institutions in Saudi Arabia and UAE are prioritizing modernizing all aspects of their operations, including embracing cloud and API-led technology. By utilizing such technology to create ecosystems, banks can provide comprehensive, integrated financial services catered to specific needs and gain a competitive advantage. Institutions must ensure rapid and seamless integrations to manage instant product creation and mass customization, while orchestrating an often-complex network of partners to ensure smooth transactions from start to finish. The need for core banking transformation: Legacy systems can inhibit business ambitions. End-to-end core banking platforms that combine sophisticated functionality with advanced technology provide the necessary agility, transparency and real-time insights, while enabling seamless integrations. With a symbiosis approach, banks can swiftly adopt next-generation solutions alongside existing systems without disruption. Additionally, with an augmented core and data, banks can swiftly adopt, integrate, and swap out technologies to maintain competitiveness and operational efficiency, while transforming their systems into intelligent, customer-centric platforms. About Finastra: Finastra is a global provider of financial services software applications across Lending, Payments, Treasury and Capital Markets, and Universal (retail and digital) Banking. Committed to unlocking the potential of people, businesses and communities everywhere, its vision is to accelerate the future of finance through technology and collaboration, and its pioneering approach is why it is trusted by ~8,100 financial institutions, including 45 of the world's top 50 banks.
Fintech News ME
13-05-2025
- Business
- Fintech News ME
Finastra Highlights Need for Seamless, Customer-Centric Banking at Dubai Fintech Summit
On the opening day of the Dubai Fintech Summit, Finastra shared insights into how advanced banking technology is reshaping financial services to become more personalised, innovative, and seamless. Siobhan Byron, Executive Vice President of Universal Banking at Finastra, participated in a panel titled 'Era of Frictionless Connectivity: The Rise of Digital Banking,' alongside other industry leaders. The summit, hosted by the Dubai International Financial Centre (DIFC), is a two-day event bringing together policymakers, thought leaders, and influencers to explore developments in fintech and the broader financial sector. A key theme that emerged on the first day was the increasing influence of customer expectations on the direction of banking. Consumers now demand real-time, tailored services that anticipate their needs, and they expect to engage with financial institutions through multiple channels, whether online, via mobile, in-branch, or at the point of sale. However, nearly three-quarters of banks in the Middle East report that these shifting expectations have exposed shortcomings in their current customer experience strategies. Institutions are turning to technologies such as artificial intelligence and data analytics to gain deeper insights into customer behaviour and deliver more responsive services. An integrated omnichannel approach is seen as crucial to providing consistent, seamless experiences across all platforms. The conversation also turned to how financial services are evolving to become more integrated into people's daily lives. Looking ahead, intelligent personal assistants powered by generative AI may offer proactive services at the point of need, without waiting for customer input. Further developments in agentic AI could enhance decision-making speed and accuracy, while enabling more personalised interactions. Yet, as services become increasingly embedded and invisible, banks face the risk of losing a direct connection with their customers. To address this, institutions are encouraged to take deliberate, customer-centric approaches and ensure consistent brand experiences, even when services are delivered through third-party partners. Another point raised was the role of banks as centres of innovation. According to Finastra's Financial Services State of the Nation Survey 2024, banks in Saudi Arabia and the UAE are prioritising the modernisation of their operations, with a focus on cloud computing and API-led infrastructure. By building technology-driven ecosystems, banks can offer integrated, tailored services that address specific client needs and create a competitive edge. However, success in this area requires institutions to manage complex partner networks, enable instant product development, and support large-scale customisation. Finally, the need for core banking transformation remains critical. Legacy systems continue to limit growth and innovation. Next-generation core banking platforms that combine advanced technology with comprehensive functionality offer the agility, transparency, and real-time insights needed in today's environment. A hybrid approach, adopting new solutions alongside existing systems, can allow banks to modernise without significant disruption. By enhancing their core systems with better data and modular technology, financial institutions can maintain operational efficiency, remain competitive, and build intelligent, customer-focused platforms.
