Siraj Patel’s Post

Key takeaways from yesterday's session on AI in banking; 1- GenAI is not hype; we see the potential, but returns are not guaranteed, as with any untried technology. 2- AI is still critical, and banks should continue building deeper capabilities to combine GenAI with other algorithms to magnify impact. 3- Talent is critical, investing in the team is essential, and retention is a big challenge. 4- Partnerships with fintechs are a key to success, especially if banks want to move fast. 5- Try before you buy, which is one of the most valuable advice for banks embarking on the journey. Thank you to all the panelists for the great conversation and the seamless team for all the great work.

Banks Vs Fintechs OR Banks & Fintechs 🤔 Joining me this week on the #couch is the Chief Digital Officer of one of the most progressive banks in the region, Pedro Sousa Cardoso from Emirates NBD ENBD, which is also one of the largest banking groups in the Middle East has many “firsts” when it comes to #innovation including the launch of the Liv Digital Bank in 2017, introducing a blockchain-based #tradefinance #platform in 2019, leveraging #whatsapp as a banking channel for consumers, becoming one of the first banks to launch an #API #Sandbox - for fintechs and developer community and establishing Emirates NBD Future Lab™ - An innovation center established to drive digital transformation. During our tête-à-tête, Pedro and I discussed digital transformation in banking, the dynamics between banks and fintechs, how Emirates NBD scouts for new technologies and fintechs, venture building within banks and more. Tune in to watch and listen to the latest episode of Season 3 tomorrow. This insightful episode will be available as always on YouTube and all podcasting platforms! 🎙️ Stay tuned…. #CouchonomicsWithArjun #DigitalTransformation #FinTech #BankingInnovation #EmiratesNBD #Banking #BaaS #BeyondBanking #CDO #Innovation #digitalassets #payments

💡 Digital banks are redefining the future of finance with their agile, customer-centric approach. What sets these banks apart are key elements like seamless user experience, robust data analytics, and a commitment to innovation. 📊 The pandemic has most definitely acted as an accelerator, with multiple studies showing nearly 40% of consumers in MENA found digital channels to be more useful during the pandemic outbreak. 📈 👉 Curious about what makes a digital bank truly stand out? Swipe through our latest carousel to explore these essential elements and find out what experts like Pedro Sousa Cardoso has to say on this! Emirates NBD Liv Digital Bank alrajhi bank Arab National Bank N26 Revolut

Can an Islamic community bank boom be driven by ‘ethical consumerism’? In the new episode, I’m joined by Christoph Koster, CEO of ruya, a digital-first Islamic community bank in the UAE. Ruya is committed to bringing Islamic banking practices to all communities in the UAE, supporting SMEs, startups, and low-income groups. Christoph and I delved into Islamic finance and banking, the potential for growth and collaboration in Islamic fintech, Ruya’s adoption of new technologies, and more. Here are some other key topics we covered in our chat:  🛋️ Community Bank Concept and Digital-First Approach  🛋️Islamic FinTech  🛋️Beyond Banking  🛋️Serving Small and Medium Enterprises (SMEs)  🛋️Competition and Market Positioning Tune in to this episode to gain a deeper understanding of community banks, Islamic banking, and Ruya’s efforts to reshape banking in the UAE with its ethical approach. Available now on all podcasting platforms and YouTube - link is in the comments 👇 Thank you to our Season 3 sponsors: Mastercard, geidea, M2P Fintech, Thunes, ToYou | تويو and Adyen Couchonomics with Arjun #DigitalBanking #IslamicBanking #Sustainability #CommunityBanking #couchonomics #islamicFinance #OpenBanking #Innovation #Banking #digitalbanks #fintech #islamicfintech

🌟 🚀𝗖𝗲𝗱𝗮𝗿-𝗜𝗕𝗦𝗶 𝗗𝗶𝗴𝗶𝘁𝗮𝗹 𝗕𝗮𝗻𝗸𝗶𝗻𝗴 & 𝗔𝗜 𝗦𝘂𝗺𝗺𝗶𝘁 | 𝗗𝘂𝗯𝗮𝗶 𝟮𝟬𝟮𝟰 💻 PANEL 4: BEYOND 2024: PREDICTING THE NEXT DECADE OF BANKING INNOVATION @Neeraj Gandhi, shares: "When it comes to SME/Corporate banking, there's still a lot to be done. SME banks need to be established. We don’t just work with large corporates; we also serve startups and MSMEs, helping them set up bank accounts—something commercial banks often won’t do. That’s the problem we’re addressing. We harness data in partnership with regulators to provide a personalized experience. A key focus is lending and credit. While we offer our own lending services, we also provide alternative lending options for our SME customers." In conversation with: 🔹Bhanu Narendrakumar, Head Core Transformation, Emirates NBD 🔹Mahendra Dhillon, Chief Technology Officer, National Bank of Fujairah 🔹Neeraj Gandhi, Head of Products, mSME, Emirates Development Bank (EDB) 🔹Chetan Parekh Managing Partner, MENA FinTech Practice, Cedar Management Consulting International as a moderator #Corporatebanking #MSMEs #personalizedexperience #lending #credit #CedarIBSiSummit #Dubaievent #UAE

Discover the rapidly evolving world of Islamic finance this week on Couchonomics with Arjun ! We're diving deep into the realm of #Sharia compliant #banking, a sector that's been quietly establishing itself within the global financial world since its modern #inception in the 1960s. Did you know that Islamic finance assets have grown from just $200 billion in 2003 to an impressive $2.88 trillion by 2019? And the potential for growth in the #GCC region is massive. Join us as we welcome Christoph Koster , CEO of ruya , a digital-first Islamic community bank in the UAE. During our tête-à-tête we covered among other things: 🔅 How Ruya stands out in the UAE's competitive banking landscape 🔅 The bank's unwavering commitment to innovation, sustainability, and ethical practices 🔅 The unique blend of traditional Islamic principles with modern digital banking This isn't just another finance talk – it's a glimpse into a banking #evolution that has the potential to redefine how we think about money, community, and ethics in the #digital age. Don't miss this episode! Tune in this Monday morning on YouTube and all major podcasting platforms. It's time to discover how Islamic digital banking is not just bringing a whole new game to town – it's creating a whole new playbook which might be applicable to conventional banking too! Central Bank of The UAE #islamicbanking #digitalbanking #communitybanking #fintech #bnpl #payments #digitalassets #community

Catch Sreenath Manghat, from BankDhofar, in conversation with Ganesh Premsankar. https://okt.to/ASpTZK "𝗔 𝗴𝗼𝗼𝗱 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿 𝗲𝘅𝗽𝗲𝗿𝗶𝗲𝗻𝗰𝗲 𝗯𝗲𝗴𝗶𝗻𝘀 𝘄𝗶𝘁𝗵 𝘂𝗻𝗱𝗲𝗿𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝗱𝗲𝗲𝗽𝗹𝘆." 💡 Sreenath Manghat, Head of Strategy & Transformation at BankDhofar shares profound insights into Oman’s banking landscape, discussing opportunities, challenges, and the bank’s dual focus on physical and digital growth. 🌟 He also emphasizes the need to redesign organizations around customer value streams for impactful transformation. 🚀 Don't miss this engaging discussion filled with actionable recommendations for driving innovation in banking. #Customerexperience #Innovation #Partnership

Can an Islamic community bank boom be driven by ‘ethical consumerism’? 🏦 We're joined by Christoph Koster, CEO of ruya, a digital-first Islamic community bank in the UAE. Ruya is committed to bringing Islamic banking practices to all communities in the UAE, supporting SMEs, startups, and low-income groups. We delved into Islamic finance and banking, the potential for growth and collaboration in Islamic fintech, Ruya’s adoption of new technologies, and more. Here are some other key topics we covered in our chat:  🛋️ Community Bank Concept and Digital-First Approach  🛋️Islamic FinTech  🛋️Beyond Banking  🛋️Serving Small and Medium Enterprises (SMEs)  🛋️Competition and Market Positioning Tune in to this episode to gain a deeper understanding of community banks, Islamic banking, and Ruya’s efforts to reshape banking in the UAE with its ethical approach. Available now on all podcasting platforms and YouTube 📺 Thank you to our Season 3 sponsors: Mastercard, geidea, M2P Fintech, Thunes, ToYou | تويو and Adyen. #DigitalBanking #IslamicBanking #Sustainability #CommunityBanking #couchonomics #islamicFinance #OpenBanking #Innovation #Banking #digitalbanks #fintech #islamicfintech 

We are grateful for the valuable lessons shared by our esteemed speakers during the FSS Simply Payments event-Dubai. The enlightening session from Dr. Ali Salim Al Shekaili, AGM - Head of Digital & e Channels, National Bank of Oman, provided us with a deeper understanding of how innovative payment solutions are reshaping the financial landscape. Dr. Ali's discussion highlighted critical industry trends and strategic responses: ⦾The undeniable role of COVID-19 as a digital accelerator, pushing the boundaries of how we engage with financial technology. ⦾The recognition of fintech as an indispensable ally for banks, enabling them to meet evolving market demands. ⦾The growing consumer expectation for payment experiences that are not just secure, but also straightforward and user-friendly. ⦾The imperative for banks to be vigilant and proactive in combating fraud to maintain trust and integrity in their operations. These insights are not just reflections but action points for all of us in the financial sector, urging us to innovate, secure, and simplify the payment journey for the customers. #SimplyPaymentsDubai #DigitalTransformation #Fintech #PaymentSecurity #CustomerExperience #FSS 

In an insightful interview with Euromoney, Mashreq's leaders, Ahmed Abdelaal, Group CEO, and Joel Van Dusen, Group Head of Corporate and Investment Banking, shed light on how the bank is transforming client experiences through cutting-edge technology. From the launch of NEOBIZ, a digital platform designed for SMEs, to the innovative use of AI in corporate banking, Mashreq is making strides across the financial sector. They discuss how the bank's digital studio is pioneering new ways to enhance services, not just for consumers but for corporate clients too. Explore how Mashreq is shaping the future of banking in the Middle East: http://ms.spr.ly/6042mDph6 #Mashreq #BankingInnovation #DigitalTransformation #CorporateBanking #RiseEveryDay