GCC banks are e-ready
In comparison to many banks in Europe and North America, which can have complex and siloed legacy IT systems often dating back more than twenty years, GCC banks have agile IT and can be among the world’s most digitally competitive, according to Jonathan Charley, Head of Financial Services Industry Value Engineering Team – EMEA, SAP
GCC banks are well- positioned to be among the world’s most innovative in driving digital strategies for business transformation and competitiveness. But in the growing Digital Economy, both global and GCC banks face increasing IT pressures from regulators, digital banks and mobile customers, and cybersecurity.
“With business analytics taking on increased importance in the Digital Economy, GCC banks must bring digital to the boardroom. An experienced C-suite member should lead a bank’s digital strategies, products, and services. Deep customer and business insights driven by Big Data analytics will be core for banks in the region to simplify operations, drive digital revenue growth, and support customer-centric innovations for tech-savvy Millennial customers,” added Jonathan Charley.
Demonstrating the strong demand for Big Data analytics, only 44 per cent of finance professionals around the world currently have meaningful business analytics and reporting, while 79pc said they need further analytics to succeed, according to a new survey by CFO Research and enterprise software company SAP.
Meanwhile, up to 90pc of banks’ IT costs are taken up running current legacy systems, stalling innovation, SAP said.
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