CASHING IN
DATA MANAGEMENT SHOULD BE AT THE HEART OF THE UAE FINANCIAL SECTOR ’ S DIGITAL TRANSFORMATION
Companies in the financial services and banking sector need to be able to meet the changing expectations of today ’ s customers . Fred Crehan , Area Vice President , Emerging Markets at Confluent , speaks to us about why the UAE needs strong data management for the financial services sector to grow .
The banking and finance sector in UAE is experiencing a significant recovery . In the first half of 2022 , the country ’ s 11 listed national banks registered net profits of US $ 5.69 billion , owing to strong revenues and high liquidity . With clear signs that this momentum has carried through into 2023 , the outlook for the year ahead is promising and continued Digital Transformation in the sector is likely to play a major part in its ongoing growth .
At the same time , the financial services sector is going through a period of major change , with many factors contributing , such as the rise in cybercrime , changing customer expectations and the growth of digital challenger banks . Dealing with this change requires agility and innovation – both of which can be hampered by the necessary high levels of regulation and governance in the industry .
To successfully navigate this period of change , banking and finance organisations in the UAE and across the region must put innovation and tech at the heart of their reinvention . Only then can they boost efficiency , streamline operations
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