The future of financial services across the Middle East, Türkiye, and Africa (META) region holds significant promise, with expectations of GDP growth at 3.4% for 2024. According to IDC, META-based banks are projected to increase their technology spending by 6% this year, emphasizing priorities such as security, data transformation, big data and analytics, and AI/ML solutions.
This urgency stems from the escalating landscape of institutionalized threat actors leveraging AI-enhanced tools for security risks mitigation. The surge in investments in data transformation suites underscores the evolving value of banking data as a pivotal commodity and revenue driver. Establishing new analytic frameworks and methodologies presents banks with considerable advantages over competitors.
Consider the following data:
• 89% of the top global organizations are either experimenting with GenAI use cases or developing use cases for GenAI. 60% believe that GenAI will be either a significant or a dominant driver of their IT investments.
• Both AI and security investments have consistently been rated as the most immune to budget cuts.
As digitally driven trends gain momentum, BFSI organizations are witnessing transformative innovations reshaping industry operations. From widespread AI adoption to API-based ecosystems, sustainable finance models, and RegTech, the region’s BFSI sector is transitioning toward positive change, accelerated financial innovation, and ethical business practices. These trends are fostering a more interconnected, open, and customer-centric financial environment, redefining trust, resiliency, transparency, sustainability, productivity, and efficiency for digital-first BFSI entities.
The Financial Services Summit 2024 will showcase exclusive insights from senior analysts, financial experts, industry trendsetters, and BFSI thought leaders as they explore the latest trends and technologies driving innovative operating principles at scale. With senior leaders in attendance, the event will drive discussions on the evolution of the financial services industry and the profound positive impact of innovative digital solutions on profitability, growth, and customer/employee experiences.