IT needs: Middle East banks spend over Dh5b

By Faisal Masudi

Technology upgrades and new customer trends keep banks under non-stop pressure to innovate or loose out, heard a summit at the first Middle East International Banking, Financial Technology and Services Exhibition and Conference (MEFX) here on Sunday.

Organised by the Dubai World Trade Centre (DWTC) and running till June 3, MEFX is being held at the Dubai International Convention and Exhibition Centre.

Middle East banks already spend around Dh5 billion on their information technology (IT) needs, making them the top investors in the sector, according to MEFX organisers.

Data centres and mobile and internet banking are some areas where the only constant is change.

“Innovative measures such as anti-fraud solutions and mobile banking are revolutionizing the industry and complimenting traditional branch banking methods,” said Helal Al Marri, director general of the DWTC.

Among such measures are automatic currency readers that count along the long edge -- rather than the side -- of a note, where new security features against counterfeiting are increasingly being laid down as well.

Meanwhile, customers stepping into banks here may soon be greeted by the QMS300i, an ATM-like machine that guides the visitor to the right personnel after a series of options on a touch-screen window. The system sends bank executives a report on the client’s needs before he or she arrives at the desk or window.

“Every customer can feel like a VIP,” said Mohammad Javeed from the Visitors Management Solutions department at Jacky’s, the UAE agent of the machine.

The three-day MEFX Summit on Future Proofing Your Bank also talks about the thirst for fresh products in the Islamic finance industry, which is growing by an estimated 20 per cent every year.

“This [Summit] will add value to the event, which is expected to draw 1,500 visitors,” said Aleks Duric, the DWTC’s project manager for MEFX.

Financial services in Dubai currently add an estimated Dh12 billion to the emirate’s GDP, according to Dr. Omar Bin Sulaiman, the governor of the Dubai International Financial Centre, which is presenting MEFX.

Over 70 corporations from 20 countries have signed up for MEFX. More information is available through www.mefxevent.com.