Kuwait – Al-Bahar: Financial Institutions need to embrace FinTech
Wednesday, 07 10 2019, Category: Banking, Country: Kuwait
Shaikha Al-Bahar, Deputy Group Chief Executive Officer, National Bank of Kuwait said that financial technology is now a cornerstone of modern banking infrastructure and vital in remaining competitive and customer centric, ensuring retention and engagement in the current disruptive environment.
In her speech delivered at the Arab-British Economic Summit held recently in London, attended by governmental, business and economic figures as well as Arab and British business leaders, Al-Bahar emphasized the importance of adopting to a rapidly changing world, and to embrace FinTech as an opportunity to thrive, rather than tools to compete and survive.
Al-Bahar added that the future success of banking lies in the hands of technology. Banks must commit significant investment into building state of the art infrastructure if they wish to keep pace with the sector’s accelerating trajectory, highlighting that some analysts go as far to predict that IT investments should be as much as 10% of annual revenues as is the case of some leading global institutions.
Source: Kuwait Times