On the opening day of the Dubai Fintech Summit, Finastra shared insights into how advanced banking technology is reshaping financial services to become more personalised, innovative, and seamless.
Siobhan Byron, Executive Vice President of Universal Banking at Finastra, participated in a panel titled “Era of Frictionless Connectivity: The Rise of Digital Banking,” alongside other industry leaders.
The summit, hosted by the Dubai International Financial Centre (DIFC), is a two-day event bringing together policymakers, thought leaders, and influencers to explore developments in fintech and the broader financial sector.
A key theme that emerged on the first day was the increasing influence of customer expectations on the direction of banking.
Consumers now demand real-time, tailored services that anticipate their needs, and they expect to engage with financial institutions through multiple channels, whether online, via mobile, in-branch, or at the point of sale.
However, nearly three-quarters of banks in the Middle East report that these shifting expectations have exposed shortcomings in their current customer experience strategies.
Institutions are turning to technologies such as artificial intelligence and data analytics to gain deeper insights into customer behaviour and deliver more responsive services.
An integrated omnichannel approach is seen as crucial to providing consistent, seamless experiences across all platforms.
The conversation also turned to how financial services are evolving to become more integrated into people’s daily lives.
Looking ahead, intelligent personal assistants powered by generative AI may offer proactive services at the point of need, without waiting for customer input.
Further developments in agentic AI could enhance decision-making speed and accuracy, while enabling more personalised interactions.
Yet, as services become increasingly embedded and invisible, banks face the risk of losing a direct connection with their customers.
To address this, institutions are encouraged to take deliberate, customer-centric approaches and ensure consistent brand experiences, even when services are delivered through third-party partners.
Another point raised was the role of banks as centres of innovation.
According to Finastra’s Financial Services State of the Nation Survey 2024, banks in Saudi Arabia and the UAE are prioritising the modernisation of their operations, with a focus on cloud computing and API-led infrastructure.
By building technology-driven ecosystems, banks can offer integrated, tailored services that address specific client needs and create a competitive edge.
However, success in this area requires institutions to manage complex partner networks, enable instant product development, and support large-scale customisation.
Finally, the need for core banking transformation remains critical. Legacy systems continue to limit growth and innovation.
Next-generation core banking platforms that combine advanced technology with comprehensive functionality offer the agility, transparency, and real-time insights needed in today’s environment.
A hybrid approach, adopting new solutions alongside existing systems, can allow banks to modernise without significant disruption.
By enhancing their core systems with better data and modular technology, financial institutions can maintain operational efficiency, remain competitive, and build intelligent, customer-focused platforms.
Featured image credit: Finastra
