FinTech Finances apply to any
technology that has a transformative impact on financial institutions and
processes. Contrary to popular belief, financial techniques are not
theoretically owned by startups and cannot be linked only to the emergence of
new models such as participatory economics and techniques Such as Artificial
Intelligence, Block Qin, etc. The giant contributions to financial techniques
stem from a variety of sources, from individual thinkers to large
multinationals, an area that should certainly be monitored because it creates
And for large in the lives of individuals and in the same sectors and methods
pursued by governments, institutions and individuals among themselves
According to a report by Wamda, the
Middle East financing for startups and projects increased by 270 per cent in
2017, and the number of financial technology companies is expected to more than
double from 105 in 2016 to 250 in 2020
We at DEL EMC welcome this and
realize that it is a challenge. We also see that big companies have a great
deal of responsibility for innovation, like emerging systems and more. We also
have the added advantage of innovation on a large scale without worrying. On
financing and operational operations. At the same time, we need to be flexible
and responsive to changing market trends and requirements, to ensure that our
responsibilities continue to be trusted consultants that can be consulted at
any time.
This leads us to the fact that
financial techniques are not only related to what a particular sector can
offer, but also what our customers and clients need. If we look at the banking
sector, the sector has undergone a tremendous transformation in adopting new
technologies, Which has made a major shift in banking methods to include
digital payments, non-cash transactions, smart branches and banks through
social media and virtual banks in full, to name a few
As expected in the UAE, we are not on
the lookout for new trends, but we are always at the forefront of the industry.
The DIFC announced the launch of the region's first financial technology
accelerator Called FinTech Hive, which will serve as a platform for bringing
together financial and technology companies together in an innovative joint
supply chain in an effort to direct and customize technologies to serve local
markets
Impact of revolutionary
transformation
The Dell Digital Transformation
Index's Digital Transformation Index concluded that 52 percent of decision
makers in 16 countries faced a major revolutionary shift in their sectors because
of digital technologies, and nearly half of companies believe they may become
out of date within three to five years, and the banking sector is not excluded
from this revolutionary change
With mobile
phones widely deployed in the region, where a large segment of the population
is composed of technology-savvy young people who consistently demand more
favorable banking relationships and transactions, preferring to work on their
mobile phones, traditional banks and financial institutions have been under
intense pressure to satisfy their customers' A recent survey by Ernst &
Young, "Emerging Markets Banks and the Financial Markets Scene 2017 in the
GCC" and surveyed by bankers, 70 percent cited the welcome of the banking
sector in GCC countries Gulf Cooperation Council (GFH) combined the innovations
of financial technologies to help improve customer experience and facilitate
operations. Sixty percent of respondents said that innovations in financial
technology could help to strengthen customer centricity and reduce costs
Advantage
of lightness and speed
Existing
banking institutions face the challenge of speeding up operations to keep pace
with the pace of business, and the value of technology stems from their ability
to rapidly respond to market conditions and forecast their requirements, enable
better decision-making faster, and quickly improve operational processes
Therefore,
technology has become the driving force for increased participation, improved
customer experience, increased revenue and growth. Without fast, flexible cloud,
solutions, new smart analytical tools, and a mobile phone-based approach and
Internet capabilities, companies may become passive or stand the spectator from
afar waits where fate goes, which is no longer a viable option if the goal is
to stay on the scene
Financial
technology providers, at all levels and in all sizes, are conducting extensive
customer tours to focus on their urgent needs with targeted and rapid
capabilities. Within a short period of time, there will be a steady stream of
customers who have opted to move away from traditional banks that are not fully
available to customers On mobile applications, mobile funds and money
transfers, and through Qin Block techniques, even with new financial models
such as group financing
Approach
to joint innovation
Open
innovation is at the heart of the digital revolution. Safe open banking platforms
can create unprecedented opportunities with innovative third parties while also
providing customers with transparency, financial transactions and fast-moving
transactions. Data security and privacy issues are a major concern. For
clients, education and training must become an integral part of this
development to help promote acceptance within companies and institutions.
Acceptance of
these issues is an opportunity for financial service providers to change their
business model instead of lagging behind, while innovative competitors gain
more customers, and those that recognize the need for innovation in financial
techniques, whether from the financial services sector or elsewhere, Openness
and cooperation are a great starting point for them, where the wider range of
experts and visionaries simply leads to more ideas and innovations
Finally,
financial technologies not only affect the financial services sector, but also
any sector that works with and is affected by the sector. Any sector that has
the capacity and the incentive to participate effectively in this development
becomes part of it
This is
probably the biggest cooperative direction we will see in this area. My team is
fully prepared to be an active participant. This is not something we do for
ourselves. The financial sector depends on its work and its development on each
of us
0 تعليقات