{"id":63167,"date":"2024-03-24T09:44:23","date_gmt":"2024-03-24T09:44:23","guid":{"rendered":"https:\/\/gulftech-news.com\/en\/?p=63167"},"modified":"2025-04-21T11:35:15","modified_gmt":"2025-04-21T09:35:15","slug":"finastra-event-series-highlights-the-importance-of-modernization-sustainability-and-ai-for-the-future-of-corporate-banking","status":"publish","type":"post","link":"https:\/\/gulftech-news.com\/en\/2024\/03\/24\/finastra-event-series-highlights-the-importance-of-modernization-sustainability-and-ai-for-the-future-of-corporate-banking\/","title":{"rendered":"Finastra event series highlights the importance of modernization, sustainability and AI for the future of corporate banking"},"content":{"rendered":"\n<p><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">Industry experts emphasize why change, collaboration and a modern technology stack are key for banks to tackle economic challenges and pursue long-term growth<\/mark><\/strong><\/p>\n\n\n\n<p>Finastra, a global provider of financial software applications and marketplaces, brought together leaders from banks, financial institutions and technology companies for its corporate banking event series hosted in Dubai and London. The series included a range of talks and panels to discuss the trends, challenges, and opportunities facing financial institutions, with a focus on digitalization and automation, the current landscape of environmental, social and governance (ESG), and the impact of artificial intelligence (AI) for the future of finance.<\/p>\n\n\n\n<p>The speakers included leaders from Finastra\u2019s Lending business unit, such as Lekshmi Nair, CRO and Steven Moe, CTO, as well as from institutions such as Microsoft, IBM, Neudesic, an IBM company, and Qatar International Islamic Bank. The events were sponsored by Genpact, Veripark and Tesselate.<\/p>\n\n\n\n<p>Key takeaways from the series include:<\/p>\n\n\n\n<p>\u2022 Cultural change needed for technology adoption: In a challenging inflationary and interest rate environment, corporate lenders must focus on straight-through processing (STP), bringing settlement times down and making the market more effective and liquid, while meeting increased demand for commercial banking to reflect retail experiences. When it comes to trade finance, the hurdles are almost the same as they\u2019ve always been: compliance, digitization and enhancing user experiences. The technology to solve these industry challenges already exists. However, appetite to effectively utilize that technology requires a behavioral change in many traditional institutions.<\/p>\n\n\n\n<p><br>\u2022 Modernization is crucial for growth: As transaction volumes rise \u2013 particularly with syndicated loans \u2013 lenders must modernize their technology architecture. This paves the way for digital transformation and growth, moving away from legacy systems and towards a reduced yet flexible technology stack. Through modernization, institutions can, for example, benefit from accurate and tailored pricing and product updates, automated underwriting and credit reports, and automated compliance with local requirements, such as Sharia Law. Third-party integrations and multi-cloud hosting are helping to drive this forward with speed and scalability.<\/p>\n\n\n\n<p><br>\u2022 AI is not about technology, it\u2019s about humans understanding how to use it: Banks must think about the real-world use cases for AI. For example, AI and machine learning (ML) can automate compliance checking, extract data from documents and utilize diverse datasets \u2013 such as climate data \u2013 to enhance lending processes and products without introducing new instruments. This facilitates real-time decision making and action during client interactions. Generative AI\u2019s value lies in creativity and analytical work, and it can play a big role in boosting productivity by empowering employees while driving revenue growth, cost reduction and risk mitigation.<\/p>\n\n\n\n<p><br>\u2022 The need for common standards in sustainable finance: Sustainable finance remains a global focus, and the MEA region has seen significant growth in the issuance of green bonds in particular. However, with multiple sources of data globally, understanding and reporting on ESG risks \u2013 including in complex supply chains \u2013 and setting targets is challenging. Regulators, banks and industry bodies must work together to implement global standards and best practices, which will also help to tackle the growing fears of greenwashing.<\/p>\n\n\n\n<p><br>\u2022 Collective action required to tackle the SME finance gap: Despite market volatility, growth in SME lending and sophisticated lending solutions in the MEA region persists, contributing to economic growth. However, globally, SMEs still face barriers to accessing credit. Collective action from banks, fintechs and technology providers is needed to drive interoperability between platforms and proprietary systems, and to simplify, digitize and enhance lending processes for greater inclusion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Industry experts emphasize why change, collaboration and a modern technology stack are key for banks to tackle economic challenges and pursue long-term growth Finastra, a global provider of financial software applications and marketplaces, brought together leaders from banks, financial institutions and technology companies for its corporate banking event series hosted in Dubai and London. The &hellip;<\/p>\n","protected":false},"author":2,"featured_media":63168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[644],"tags":[],"class_list":["post-63167","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-communications-technology"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Finastra event series highlights the importance of modernization, sustainability and AI for the future of corporate banking - Gulf Tech News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gulftech-news.com\/en\/2024\/03\/24\/finastra-event-series-highlights-the-importance-of-modernization-sustainability-and-ai-for-the-future-of-corporate-banking\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Finastra event series highlights the importance of modernization, sustainability and AI for the future of corporate banking - Gulf Tech News\" \/>\n<meta property=\"og:description\" content=\"Industry experts emphasize why change, collaboration and a modern technology stack are key for banks to tackle economic challenges and pursue long-term growth Finastra, a global provider of financial software applications and marketplaces, brought together leaders from banks, financial institutions and technology companies for its corporate banking event series hosted in Dubai and London. The &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gulftech-news.com\/en\/2024\/03\/24\/finastra-event-series-highlights-the-importance-of-modernization-sustainability-and-ai-for-the-future-of-corporate-banking\/\" \/>\n<meta property=\"og:site_name\" content=\"Gulf Tech News\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-24T09:44:23+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-21T09:35:15+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/gulftech-news.com\/en\/wp-content\/uploads\/2024\/03\/\u0641\u064a\u0646\u0627\u0633\u062a\u0631\u0627-.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"821\" \/>\n\t<meta property=\"og:image:height\" content=\"403\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"bessan helmi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"bessan helmi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gulftech-news.com\/en\/2024\/03\/24\/finastra-event-series-highlights-the-importance-of-modernization-sustainability-and-ai-for-the-future-of-corporate-banking\/\",\"url\":\"https:\/\/gulftech-news.com\/en\/2024\/03\/24\/finastra-event-series-highlights-the-importance-of-modernization-sustainability-and-ai-for-the-future-of-corporate-banking\/\",\"name\":\"Finastra event series highlights the importance of modernization, sustainability and AI for the future of corporate banking - 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