Business & Money | Tuesday 7 April, 2015 12:20 am |

Middle East retail banks will need to embrace future trends across technology, customers, competition and macro-economics says expert at the opening of 10th Retail Banking Expo & Forum
Local and regional retail banking industry professionals gathered today (Monday 6 April 2015) at the Ritz Carlton, in Dubai International Financial Centre (DIFC), to attend the opening of the 10th annual Middle East Retail Banking Forum & Expo.
Sanjoy Sen, Managing Director of Retail Banking Asia-Pacific at ANZ, delivered the first presentation, examining the future trends of retail banking and what the Middle East retail banks can learn from Asia’s experiences.
“Retail Banks are facing disruption across four key dimensions. Technology – where digital is reinventing banking; consumer – customers are redefining the rules of the game, competition – every bank must learn to innovate and macro-economic – changes demand agility,” said Sen.
In technological terms, Sen added: “At some stage there will be no cash, no cards, just mobile wallets – everything will be online. Finally digital currencies like Bitcoin, will dominate, at present there are 50,000 transactions a month resulting in billions of dollars of digital currency.”

“Consumers now have social media platforms where they can voice their concerns, complaints, recommendations and they have so many different banks and online banking platforms to choose from. As a result they are more multi-banked and less loyal, on average a person can carry up to six or seven credit cards.

“Banks will need to innovate to remain relevant. There are online platforms that do not need banking licences, new niche players such as UBANK, mobile wallets, crowd sourcing as well as peer-to-peer lending.”

Sen’s presentation was followed by a special address from Suresh Bajpal, Head of Retail Banking at Doha Bank, who focused on the effects that lower oil prices were having on the region’s retail banking sector and how to best shield existing retail portfolios, manage credit risk and downsize losses.
“Crude oil prices have fallen almost 50% since September 2014, creating both winners and losers in the world economy. Consumers benefit from low cost fuel and more cash in hand, while GCC governments, which traditionally obtain 90% of income from oil exports, now have less money to deposit with banks. Some may have to withdraw funds to cover budget deficits, so we need to lend prudently, borrow wisely and use credit smartly,” he said.
Organised by Fleming Gulf Exhibitions running alongside the forum is an exhibition showcasing the latest technological products and services.
According to Alex Heuff, Exhibition Director, Fleming Gulf Exhibitions, many banks have inherited legacy platforms which are inefficient when trying to run mobile solutions.
“Complete upgrades clearly come at a cost, so the event is designed to identify and debate solutions and showcase the latest technology that can complement and or enhance current platforms,” he said.
A total of 30 international exhibitors were showcasing the latest banking solutions such as Misys, Temenos, Infosys Finacle, Backbase, Vasco Data Security, Loxon, Bearing Point, Adobe, Fico, Global Payment Services, Omega Financial Solutions and SunGard Retail Banking.
Technological innovation will also be a major focus on day two of the conference with an exciting round table discussion featuring a line-up of tech gurus including Terry Kane, Head of Auto, Finance, Telco and Travel - MENA region for Facebook Inc., who will share expert insight on the latest developments covering everything from mobile payments, cashless transactions and contactless and prepaid payments to online product innovation.

For more information on the 10th Middle East Retail Banking Forum & Expo, please go to www.retailbanking-expo.com

About Middle East Retail Banking Forum & Expo
Middle East Retail Banking Forum & Expo is organised by Fleming Gulf Exhibitions, who are a leading event organiser providing business intelligence to more than 100,000 professionals annually. Our reach is global with 10 offices world-wide, organising hundreds of international events each year, covering the Middle East, Asia, Africa, Europe and Latin America. Fleming Gulf Exhibitions organises industry specific events covering Security & Defense, Finance, Human Resources, Health, Safety & Environment, Mining, Oil & Gas, Telecom & IT, Transport, Utilities and Logistics. For more information visit www.fleminggulf.com.