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Dear Member,
Welcome to the October edition of our newsletter for the Middle East.
In this edition, you can read about how the banks in the Middle East are grappling with digital transformation, news from the member community, ATMIA's David Tente talks about the future of cash and much more.
Kind regards,
Andrew
Andrew Dean
Executive Director, Middle East
ATMIA
andrew.dean@atmia.com
C: +27(0)82 577.9921
P: +27(0)21 712.6604
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| News Update: Banks in the Middle East grapple with digital transformation
Banks across the Middle East are investing in refreshing their core banking systems and renewing their customer experience platforms to head off competition from new market entrants and enhance their offering to consumers and businesses. This comes at a time that industry commentators are warning that big tech companies and fintechs are poised to disrupt the market.
At the Central Bank of Kuwait’s Shaping the Future event in September, Governor Al-Hashe said that banks in the region “could find themselves sidelined by big-techs” such as Apple, Amazon, Facebook, AliPay and Wechat. The warning is echoed in the Boston Consulting Group’s recent report, Banks Brace for a New Wave of Digital Disruption.
The report highlights the threat banks in the region face from tech-driven financial solutions such as Alipay or WhatsApp. “The increasingly digitalised landscape of the banking sector and looming threat of the digital giants entering the sector calls for a much more comprehensive digital transformation agenda,” according to Boston.
Against this backdrop, there is a flurry of tech investment underway in the Middle East as banks move from legacy systems to new-age solutions. The Bank of Beirut & the Arab Countries (BBAC) has transformed its core banking infrastructure with the Fusion Equation solution, for example, with the aim of enabling new digital banking services and enhancing compliance.
Abu Dhabi Islamic Bank (ADIB) has launched a new digital cash platform that includes account services, payments, collections and receivables, and liquidity management services into a single interface for small and medium enterprises. Standard Chartered, meanwhile, plans to take digitisation of banking services in the United Arab Emirates to its global standards.
And in Kuwait, Boubyan Bank is partnering with telecom group, Zain, to announce a digital platform for Islamic banking services. Following approval of the Central Bank of Kuwait, the two companies aim to build a digital bank, surrounded by an innovative fintech ecosystem.
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ATMIA's David Tente Talks the Future of Cash
Contributing Editor: Amy Castor, ATMmarketplace.com
Is the use of cash in the decline these days? As the debate continues, the fact remains: cash is still very much with us, whether as a convenient option for small, everyday purchases or as a vital method of payment for everything from groceries to rent.
In this ATM Marketplace podcast, host Suzanne Cluckey talks to David Tente, ATMIA's executive director, U.S.A. and Americas, to get his thoughts on the future of cash and what it means for the ATM industry.
Follow the conversation here.
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Join the Future-Proofing of the ATM Industry
Over 275 companies have joined ATMIA’s Consortium for Next Gen ATMs which is developing a new API App model for future ATMs, including over 55 banks and financial institutions and the top IADs in the world.
It is free to join this global movement – simply email me at mike@atmia.com to become part of this critical exercise to ensure our technologies stay relevant for the next generation.
There is a next gen business case toolkit which identifies 22 cost-saving opportunities through embracing next gen architecture, 14 ways of improving revenue and 8 ways to build brand value. It enables a company to calculate potential Return on Investment depending on which sector of the industry you are in.
Please see the toolkit, a list of participating companies, best practices and so much more at the next gen portal.
Read the Ten Talking Points and join us today!
This project will shape the future in many ways creating a relevant and popular ATM for a new generation of consumers.
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| Latest Articles from the Cash repository
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ATM Industry News and Items of Interest
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| TRADE CLUB ALLIANCE: GLOBAL FINANCIAL LEADERS TO LAUNCH DIGITAL PLATFORM TO TACKLE INTERNATIONAL TRADE BARRIERS AND HELP BUSINESSES GROW
Financial leaders from banks around the world will convene in London today (1 October 2019) to mark the official launch of the Trade Club Alliance.
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| STRONG CAPITEC GROWTH DRIVEN BY DIGITAL ADOPTION AND HIGHER INCOME CREDIT CLIENTS
SA’s leading retail bank has again produced a solid set of interim results.
Their affordable banking solution that is simple to understand, transparent and helps clients improve their financial lives continues to resonate with consumers from all walks of life.
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MASHREQ BECOMES THE FIRST BANK IN THE UAE TO LAUNCH A COMPLETE DIGITAL BANKING PROPOSITION FOR SMES
Catering to the growing banking demand of SMEs, Mashreq, one of the leading financial institutions in the UAE, today announced the launch of NeoBiz, the first digital banking proposition in UAE that will offer customized and specifically tailored digital offerings for SME’s including start-ups and young businesses in the country.
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THE VIABILITY OF CASH: HOW TO KEEP CASH RELEVANT IN AN INCREASINGLY CASHLESS SOCIETY
Following the publication of the Access to Cash Review (AtCR) in March this year, and the ESTA conference in Vienna in May ("A Bright Future for Cash!"), various problems concerning the viability of cash were highlighted, with two key conflicting issues at their heart:
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Send us your News, Comments, and Feedback
Andrew Dean is Executive Director for ATMIA Middle East. He's available to help you and your business navigate all things ATM.
Feel free to reach Andrew by email at andrew.dean@atmia.com or telephone +27 (0) 82 577.9921 Mobile or +27 (0) 21 712.6604 Office.
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Benefits: Member to Member introductions
Connecting with ATMIA members is easy with our member to member introduction service.
Sign into your account on the ATMIA website home page. Then go to the Member Directory and search for new contacts by keyword, company type, country or region. Full contact and other pertinent information is displayed for each ATMIA member.
Simply click the Request Introduction button to email a personalized message with your contact information. Recipients will know that ATMIA sanctioned your outreach.
Try it Now...
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Our members of the month for October are all our Africa and Middle East members.
Thank you for your support and we look forward to working with you all for the duration of 2019!
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ATMIA Academy
E-Learning
ATM Certification:
- Operator
- Balancing Clerk
- Custodian
- Field Controller
- Operations Manager
- Customer Service Rep.
Other Valuable Courses:
- ATM Security
- Value-Added Services
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ATM CASSETTE SECURITY GLOBAL TRENDS
October 24th
8:00 AM CDT Register here.
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ATMMY'S - THE MAKINGS OF AWARD-WINNING MARKETING FOR THE ATM INDUSTRY
November 20th
10:00 AM CDT Register here.
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