Finastra spotlights the future of innovative, frictionless banking at Dubai Fintech Summit
Siobhan Byron, EVP, Universal Banking at Finastra, joined industry leaders to explore how banks can meet changing customer expectations in the digital age
On day one of Dubai Fintech Summit, Finastra, a global provider of financial software applications, discussed how advanced banking technology is driving personalized, innovative and seamless financial services. Siobhan Byron, EVP, Universal Banking at Finastra, joined industry leaders for a panel: “Era of Frictionless Connectivity: The Rise of Digital Banking”.
The two-day event, organized by Dubai International Financial Centre (DIFC), brings together industry thought leaders, policymakers and influencers to collaboratively shape the future of fintech and finance.
Key topics discussed on day one of the event include:
Customer expectations are shaping the future of banking: consumers expect seamless, real-time and tailored services that proactively anticipate their needs. However, nearly three-quarters of Middle Eastern banks say that evolving expectations have highlighted weaknesses in their organization’s current customer experience. Technologies like AI and data analytics are helping institutions deliver enhanced solutions based on deep insights into customer behavior. Consumers also expect to interact with banks via their chosen channels, whether online, mobile, in-branch or at the point of sale, whenever they want to. Adopting an integrated omnichannel strategy ensures seamless and consistent experiences across all touchpoints.
As we reimagine banking, financial services become more seamless: In the not-so-distant future, intelligent personal assistants, powered by GenAI, could proactively offer tailored services at the point of need, before a customer requests them. Agentic AI goes one step further by rapidly processing data, increasing decision accuracy, and personalizing customer interactions. However, as financial services become so seamless that they blend into the background, banks risk losing customer connection. Overcoming this challenge requires conscious, considered, customer-centric action and consistent brand experiences, even via services provided by ecosystem partners.
Banks must act as hubs of innovation: Finastra’s Financial Services State of the Nation Survey 2024 found that institutions in Saudi Arabia and UAE are prioritizing modernizing all aspects of their operations, including embracing cloud and API-led technology. By utilizing such technology to create ecosystems, banks can provide comprehensive, integrated financial services catered to specific needs and gain a competitive advantage. Institutions must ensure rapid and seamless integrations to manage instant product creation and mass customization, while orchestrating an often-complex network of partners to ensure smooth transactions from start to finish.
The need for core banking transformation: Legacy systems can inhibit business ambitions. End-to-end core banking platforms that combine sophisticated functionality with advanced technology provide the necessary agility, transparency and real-time insights, while enabling seamless integrations. With a symbiosis approach, banks can swiftly adopt next-generation solutions alongside existing systems without disruption. Additionally, with an augmented core and data, banks can swiftly adopt, integrate, and swap out technologies to maintain competitiveness and operational efficiency, while transforming their systems into intelligent, customer-centric platforms.
