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.
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