Dubai Future District Fund reposted this
#MENA's banking and finance industry has undergone significant transformation over the past few decades. Starting with internet banking in the 2000's, then the emergence of mobile banking apps and other digital channels in the years after. As the industry embraced these changes, it became clear that data generated from customer interactions and transactions held immense untapped value. "Today, we stand on the brink of another seismic shift: the transition towards data-driven finance." In my latest article, we explore how "with every transaction that banks process, they accumulate vast amounts of data. In this new paradigm, this data is not merely a byproduct of transactions, but a crucial asset in its own right that can be leveraged to create new revenue streams, enhance customer experience, and drive profitability." We touch on the challenges and opportunities for MENA banks in embracing #data-driven finance. Leaving you all with the article below. https://lnkd.in/dBM2vzua #MENA #Banking #BFSI #Finance #Technology #TransactionEnrichment #Digitaltransformation #Datadrivenfinance Lune® Inc. Arabia Hub71 Dubai Future District Fund
Nadia E.
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1moData holds immense potential, yet many financial institutions (FIs) are underutilizing it. Often, data is gathered and stored primarily to satisfy audit, compliance, and regulatory requirements, without fully tapping into its transformative power. Only a few FIs are leveraging data to gain deeper insights, enhance decision-making, and drive innovation in their operations. On a global scale, there are many standardized financial products. If countries were able to establish interoperable frameworks and engage in seamless data exchanges, there would be significant opportunities for shared learning and growth. For instance, India’s Unified Payments Interface (UPI) is a prime example of a standardized system that has not only transformed domestic payments but could, if adopted globally, streamline international money transfers and address anti-money laundering (AML) challenges. This is just a glimpse of what’s possible. Let’s catch up next week F2F and discuss in detail