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The Union of Arab Banks stresses the need to support the digital transformation of banks
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The Union of Arab Banks stresses the need to support the digital transformation of banks
The Union of Arab Banks stresses the need to support the digital transformation of banks
27/09/2019
The Secretary-General of the Union of Arab Banks, Wissam Fattouh, stressed the need to increase the role of Arab central banks in supporting digital transformation and new requirements for supervision and supervision.
Addressing the Forum on 'Digital Transformation in Banks and the Future of Financial Intermediation', which began today in Sharm El Sheikh, Wissam Fattouh explained that it is necessary to discuss the issue of creating the technical infrastructure to implement this transformation, and review the emerging risks arising from it and how we face it.
He pointed out the importance of conceptualizing the banks to identify the most important opportunities and challenges, as well as a road map for the strategy of digital transformation of Arab banks.
Fattouh pointed out that major technology companies are competing with banks and presenting themselves as financial intermediaries to replace conventional banks. This usually promises to pave the way for financial institutions to become a thing of the past by providing alternative infrastructure to banks through technology sites such as Amazon, Google and (Facebook).
For his part, Vice-President of the Union of Arab Banks and Chairman of Banque Misr, Mohamed El-Etribi, in his speech, the need for cooperation to combat digital crime, to be based on the exchange of information and to have a unified regulatory framework for Arab countries, pointing out that a recent study showed World companies will invest $ 2 trillion by 2020 in developing their digital transformation technologies.
http://www.uabonline.org/en/news/arabicnews/15751578158115751583157516041605158915751585160115/68186/1
27/09/2019
The Secretary-General of the Union of Arab Banks, Wissam Fattouh, stressed the need to increase the role of Arab central banks in supporting digital transformation and new requirements for supervision and supervision.
Addressing the Forum on 'Digital Transformation in Banks and the Future of Financial Intermediation', which began today in Sharm El Sheikh, Wissam Fattouh explained that it is necessary to discuss the issue of creating the technical infrastructure to implement this transformation, and review the emerging risks arising from it and how we face it.
He pointed out the importance of conceptualizing the banks to identify the most important opportunities and challenges, as well as a road map for the strategy of digital transformation of Arab banks.
Fattouh pointed out that major technology companies are competing with banks and presenting themselves as financial intermediaries to replace conventional banks. This usually promises to pave the way for financial institutions to become a thing of the past by providing alternative infrastructure to banks through technology sites such as Amazon, Google and (Facebook).
For his part, Vice-President of the Union of Arab Banks and Chairman of Banque Misr, Mohamed El-Etribi, in his speech, the need for cooperation to combat digital crime, to be based on the exchange of information and to have a unified regulatory framework for Arab countries, pointing out that a recent study showed World companies will invest $ 2 trillion by 2020 in developing their digital transformation technologies.
http://www.uabonline.org/en/news/arabicnews/15751578158115751583157516041605158915751585160115/68186/1
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Union of Arab Banks: Digital transformation requires technological infrastructure
Union of Arab Banks: Digital transformation requires technological infrastructure
27/09/2019¸
Wessam Fattouh, Secretary General of the Union of Arab Banks, said that the aim of the Union of Arab Banks of this forum, which discusses the issue of 'digital transformation in banks, and the future of financial intermediation' is to highlight the importance of digital transformation in banks, in light of the growing competition for financial technology companies, The growing role of central banks in supporting digital transformation and the new requirements of supervision and supervision, it became necessary to examine the issue of technological infrastructure to implement this transformation, and review the emerging risks arising from it, and how we will face them through the development of perceptions that allow banks to identify uh Opportunities and challenges and to develop a communication strategy through the digital transformation of the Arab map of our banks'.
Wissam Fattouh, in his speech to the forum, said that 'a lot of innovations have found their way into our wallets, smartphones and financial systems, and we still feel that it is only the beginning, especially with respect to the results of virtual currencies, the increasing demand for new payment services, and the emergence of new models of financial intermediation. In the future, we may keep small balances for payment services in our e-wallets, and the rest can be held in mutual funds, or invested in direct lending platforms between parties, characterized by superior data and intelligence. 'To automatically calculate creditworthiness'.
`` The proportion of jobs requiring AI skills has increased nearly fivefold globally since 2013, '' said Wissam Fattouh, according to HR and IT experts. "Gartner Research, on creating 2.3 million jobs, while eliminating only 1.8 million, and by 2022 one in five employees will mostly rely on artificial intelligence to do his work."
Wissam Fattouh pointed out that the digital money surprises accelerated with the emergence of Facebook International Co. Ltd., and obtained the right to provide basic services such as electronic money transfers, and enabled Facebook users to send money to each other in the application 'Messenger', and added to the money transfers between companies, where Evidence suggests that high-tech companies are competing with banks and presenting themselves as financial intermediaries replacing traditional banks, which promises to transform financial institutions into a thing of the past by providing alternative banking structures through technology sites such as Amazo.
'And'jojl' or 'Facebook', indicating that the time that we were living, when the financial services offered by banks, is about to end, and that companies such as 'Google' and 'Amazon' and 'Facebook'
Wissam Fattouh said, “The share of technology companies is believed to be so huge that most banks are worried about this shift. Financial services are expected to become attractive to technology companies, and they will be able to gradually take over the banking function. This is reminiscent of how PayPal services have evolved gradually. To become an electronic bank ', pointing out that there is another challenge, where the giant Chinese e-commerce giant' Alibaba 'through its financial arm specialized payments online to obtain a license for electronic transactions in Britain, in an effort to expand its financial activity globally Rupa.
`` There is a lot of reason for banks to be concerned about the success of technology companies.In 2018, a survey in 18 countries showed that one of three global bank and insurance customers is ready to change their bank accounts to Google, Amazon, Facebook, etc. Banks are increasingly worried about the development of legislation that promotes competition under the name 'open banking' by forcing banks to allow third parties such as Amazon or others to access customer data.
Wissam Fattouh pointed out that in the near future, the bank's customers may be able to get answers to their simple queries directly via the chat service with the AI platform. The concept of large banking branches with a large number of employees will disappear to be replaced by mobile branches. They can be called to provide services to employees in a company or in a particular residential community, where these branches allow the performance of banking services through ATMs and others.
As for the customer's journey inside the bank branch, it will start from the AI robot that will receive customers in all branches of the bank, providing them with assistance and information about banking products and services, in addition to being informed about the various innovative banking solutions provided by the bank through a conversation with them in Arabic.
There are many professions in banks that may disappear in the near future, including the profession of teller 'Teller', where it is expected to reduce the number of employees in the banking sector in general, especially branches of the bank will rely on digital services.
http://www.uabonline.org/en/news/arabicnews/15751578158115751583157516041605158915751585160115/68200/0
27/09/2019¸
Wessam Fattouh, Secretary General of the Union of Arab Banks, said that the aim of the Union of Arab Banks of this forum, which discusses the issue of 'digital transformation in banks, and the future of financial intermediation' is to highlight the importance of digital transformation in banks, in light of the growing competition for financial technology companies, The growing role of central banks in supporting digital transformation and the new requirements of supervision and supervision, it became necessary to examine the issue of technological infrastructure to implement this transformation, and review the emerging risks arising from it, and how we will face them through the development of perceptions that allow banks to identify uh Opportunities and challenges and to develop a communication strategy through the digital transformation of the Arab map of our banks'.
Wissam Fattouh, in his speech to the forum, said that 'a lot of innovations have found their way into our wallets, smartphones and financial systems, and we still feel that it is only the beginning, especially with respect to the results of virtual currencies, the increasing demand for new payment services, and the emergence of new models of financial intermediation. In the future, we may keep small balances for payment services in our e-wallets, and the rest can be held in mutual funds, or invested in direct lending platforms between parties, characterized by superior data and intelligence. 'To automatically calculate creditworthiness'.
`` The proportion of jobs requiring AI skills has increased nearly fivefold globally since 2013, '' said Wissam Fattouh, according to HR and IT experts. "Gartner Research, on creating 2.3 million jobs, while eliminating only 1.8 million, and by 2022 one in five employees will mostly rely on artificial intelligence to do his work."
Wissam Fattouh pointed out that the digital money surprises accelerated with the emergence of Facebook International Co. Ltd., and obtained the right to provide basic services such as electronic money transfers, and enabled Facebook users to send money to each other in the application 'Messenger', and added to the money transfers between companies, where Evidence suggests that high-tech companies are competing with banks and presenting themselves as financial intermediaries replacing traditional banks, which promises to transform financial institutions into a thing of the past by providing alternative banking structures through technology sites such as Amazo.
'And'jojl' or 'Facebook', indicating that the time that we were living, when the financial services offered by banks, is about to end, and that companies such as 'Google' and 'Amazon' and 'Facebook'
Wissam Fattouh said, “The share of technology companies is believed to be so huge that most banks are worried about this shift. Financial services are expected to become attractive to technology companies, and they will be able to gradually take over the banking function. This is reminiscent of how PayPal services have evolved gradually. To become an electronic bank ', pointing out that there is another challenge, where the giant Chinese e-commerce giant' Alibaba 'through its financial arm specialized payments online to obtain a license for electronic transactions in Britain, in an effort to expand its financial activity globally Rupa.
`` There is a lot of reason for banks to be concerned about the success of technology companies.In 2018, a survey in 18 countries showed that one of three global bank and insurance customers is ready to change their bank accounts to Google, Amazon, Facebook, etc. Banks are increasingly worried about the development of legislation that promotes competition under the name 'open banking' by forcing banks to allow third parties such as Amazon or others to access customer data.
Wissam Fattouh pointed out that in the near future, the bank's customers may be able to get answers to their simple queries directly via the chat service with the AI platform. The concept of large banking branches with a large number of employees will disappear to be replaced by mobile branches. They can be called to provide services to employees in a company or in a particular residential community, where these branches allow the performance of banking services through ATMs and others.
As for the customer's journey inside the bank branch, it will start from the AI robot that will receive customers in all branches of the bank, providing them with assistance and information about banking products and services, in addition to being informed about the various innovative banking solutions provided by the bank through a conversation with them in Arabic.
There are many professions in banks that may disappear in the near future, including the profession of teller 'Teller', where it is expected to reduce the number of employees in the banking sector in general, especially branches of the bank will rely on digital services.
http://www.uabonline.org/en/news/arabicnews/15751578158115751583157516041605158915751585160115/68200/0
claud39- Elite Member
- Posts : 18423
Join date : 2018-11-04
Re: The Union of Arab Banks stresses the need to support the digital transformation of banks
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claud39- Elite Member
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Join date : 2018-11-04
Dinar Daily :: DINAR/IRAQ -- NEWS -- GURUS and DISCUSSIONS :: IRAQ and DINAR -- ARTICLE BASED INFORMATION and DISCUSSIONS
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