The Global Transaction Banking market is worth half a trillion dollars – and the Middle Eastern financial sector is poised to take its cut.
Over 60% of attendees at the iGTB Middle East Client Advisory Event, a major conference for the sector’s thought leaders, held in Dubai, felt that revenues in the region would increase by 25%, while over a third felt that it would increase by more than 50%.
All participants agreed that innovative technology adoption would be key to this success, although only half felt that Middle Eastern banks are currently on the right track when it comes to innovation. Nine-tenths of respondents said that Middle Eastern banks should adopt technology at a faster rate to fully take advantage of the opportunity.
“The upbeat sentiment comes as no surprise,” says Manish Maakan, CEO of iGTB’s Intellect Design Arena. “Transaction banks here in the Middle East have an enormous opportunity to leverage the region’s increasing sophistication and strategic position as the gateway to international trade.”
In order to realise this potential, says Maakan, banks need to recognise shortfalls (“particularly with regard to client-facing and internal banking technology”) and make sure that they are responding clearly to the integrated cash and trade needs of today’s corporations.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
The US dollar and debt yields falling on the North Korea missile test, treasury being a top target for cyber criminals and why treasurers aren't into real-time payments all hit the latest headlines in the world of treasury this week. Don't miss our ten top news stories from around the world.
Chicago based Treasury Management System (TMS) vendor GTreasury and Sydney based risk and treasury management vendor Visual Risk have joined forces in a strategic alliance to ... read more
Deutsche Bank plans to partner with fintechs that have complementary business models, rather than buying out tech start-ups and competing in the market, bank executives said at press briefing this week. They also discussed future strategies for the technology, securities and payments spaces.