1) According to you, what strategies should adopt to be updated with the changing times, in terms of banking technology?
Technology has not just changed the way we do business today; it has also changed the way we compete. Innovation and technological advancements have created a very competitive business environment. For the banking and payments sector, technology is the driving force behind growth and ambition. Businesses are able to do things that they couldn’t imagine doing before. Collaboration between partners is one way to stay competitive and bring new value to customers.
At Xpress Money, we have extended our cutting edge technology to businesses through our Plug and Play remittance solutions that allows our partners to plug into our platform and access the $600 billion remittance industry. For example, we have partnered with ADCB, one of UAE’s biggest banks. Through this development, ADCB customers can access account credit and international remittance services through Xpress Money straight from their ADCB mobile banking app, which is available for iOS, Android and Blackberry.
2) What disruptive technologies do you feel banks need to look out for in 2017?
Fintech has the power to re-engineer the banking industry. The technological advancements have disrupted the way transactions and payments are made. From a remittance perspective, banks will need to embrace collaborations with traditional and new players to be able to stay competitive and partake in the $600 billion remittance industry. The industry is an ever-growing sphere that offers endless possibilities. With the expertise and vast remittance network of International Money Transfer Organizations (IMTOs); banks, retail chains, fintech startups and telecom operators can tap into these possibilities with ease.
3) How do you see the industry evolving in the next five years?
Fintech has the potential to alter banking and financial services in the GCC region. The revolution is at a nascent stage, however, we have observed two key trends that are creating a significant impact in the sector. First, nimble startups are helping deliver online and mobile services in areas such as remittances, insurance, investment advisory and online trading. They are also helping businesses and individuals access financing through crowdfunding. Simply put, P2P financing uses fintech reaching hundreds or even thousands of potential investors and borrowers. It enables people lending to people on a bigger scale.
Second, conventional financial institutions are creating digital channels to safeguard against the potential disruptive power of fintech. Rather than wait to be challenged, these institutions are trying to create a digital transformation to deliver better and faster services through multiple channels, including mobile and social media.