Cedar-IBSi Digital Banking, Payments & Lending Summit

The global payments and lending industry is witnessing a rapid transformation. Customers seek smooth experience and real-time payment services as the banking sector goes digital and new technology advances become more frequent.

Cedar-IBSi Digital Banking, Payments & Lending Summit has engaging discussions with industry experts (FIs, FinTechs, Regulators) on the changing landscape and emerging regulations that will impact the future of digital payments and lending ecosystems.

Participate in engaging discussions with our analysts & industry experts (FIs, FinTechs, Regulators) on the changing landscape and emerging regulations that will impact the future of digital payments and lending ecosystems.

Leveraging Alternative Data: Unlocking New Market Frontiers in Retail and Corporate Lending

Priti Gaikwad
August 14, 2023

The emergence of alternative data has been driven by technological advancements, the proliferation of digital platforms, and the increasing interconnectedness of individuals and businesses in the digital realm. Retail and corporate lending lenders now leverage alternative data to supplement traditional credit assessment methods. By analyzing alternative data sources, lenders can gain insights into an applicant's financial behavior, spending habits, repayment patterns, and potential risk factors. This information aids in making more informed lending decisions, enabling lenders to better assess the creditworthiness of individuals and businesses that might have previously been underserved or overlooked by traditional credit evaluation methods.

How AI-Assisted Payments Will Transform Banking in the GCC

Priti Gaikwad
August 11, 2023

As AI continues gaining momentum, its integration into payment systems has the power to reshape how people bank and transact across the GCC. While the potential benefits of AI-assisted payments are substantial, challenges remain. Regulatory limitations and data storage restrictions can slow down the adoption of AI in the financial sector. However, the GCC banking sector stands on the brink of a transformative era. The region’s tech-savvy population, coupled with governments’ drive to promote innovation, provides a fertile ground for AI adoption.

Emerging trends that are shaping the future of banking in the GCC

Priti Gaikwad
August 4, 2023

The banking landscape in the Gulf Cooperation Council (GCC) region is undergoing a seismic shift. With digitalization taking center stage, NextGen Banking is redefining the financial sector and paving the way for a new era of banking. From mobile banking to digital wallets, and AI-based customer service, the GCC region is embracing change and setting a benchmark for the rest of the world.

NextGen Banking: Transforming Customer Engagement in the GCC

Priti Gaikwad
August 25, 2023

Emerging technologies such as Blockchain, AI, and metaverse are causing a vast paradigm shift, reshaping the way banks operate. When combined with a keen grasp of customer needs, this technology transformation can push banks to the forefront of digitally advanced financial services, delivering excellence in customer service.

Digital Transformation Reshaping
GCC’s Financial Landscape

Countries across the GCC are witnessing a profound transformation in their financial landscape, driven by a wave of digitalization. Theadvent of advanced technologies, such as Artificial Intelligence (AI), cloud, blockchain, and data analytics is revolutionizing the wayfinancial services are delivered and consumed in the region.

Digitalization has become the primary arrowhead reshaping the banking sector in the GCC. With increasing digitization initiatives,financial institutions are embracing innovative solutions to enhance operational efficiency, improve customer experiences, and drivefinancial inclusion.

AI has emerged as a game-changer, empowering banks to streamline processes, automate manual tasks, and deliver personalizedservices. At the same time, cloud has unlocked new possibilities for scalability, agility, and cost-efficiency in the financial industry.

Customer expectations are rapidly evolving, with 89% of GCC consumers preferring to conduct their banking online than visiting abranch and 77% accessing digital services at least once a week and 88% willing to open an account in a digital-only bank.

A similar trend is seen in the payments space where instant digital payments are picking up pace, driven by customer preferences,progressive regulations, and a thriving FinTech ecosystem. The transition to a cashless society is creating opportunities in the formof mobile wallets, alternative currencies, cross-border remittances, and BNPL, among others. In fact, the UAE is likely to become acompletely cashless economy by 2030.

Banks have the opportunity to reimagine the credit ecosystem with alternative data, which can revolutionize traditional lending practices and improve financial inclusion. By incorporating nontraditional data sources such as social media, transaction history, and behavioural patterns, lenders can gain deeper insights into borrowers’ creditworthiness, enabling more accurate risk assessment and expanding access to credit for underservedpopulations.

Banks are also fostering partnerships with FinTechs, which is helping them drive innovation in the financial industry. By combining the established infrastructure and regulatory expertise of banks with the agility and technological advancements of FinTechs companies, these partnerships are driving the development of innovative products, services, and customer experiences, ultimately reshaping the future of banking. This is reflected in the significant uptick in funding for FinTechs in the Middle East in recent years.

The Cedar-IBSi Digital Banking, Payments & Lending Summit explores this rapid digitization, with perspectives drawn from industry experts across global banks and technology players sharing their views on a wide range of topics, reflecting emerging technology trends and their implications on the industry.