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LONDON: Experts gathering at the 24th World Islamic Banking Conference in Bahrain next month will discuss the need for banking and financial institutions to keep pace with changes in the sector as the industry undergoes a digital revolution.
New user experiences are rapidly replacing traditional banking interfaces to suit an increasingly online approach as global financial institutions ramp up their technology systems for a new era of digital customer engagement.
Islamic banks have typically been behind their conventional banking counterparts when it comes to implementing the latest technological innovations, but many in the Gulf and Middle East are taking a more agile approach and re-engineering their business models to retain a competitive edge.
Speaking on behalf of WIBC’s Islamic banking technology partner, Mohammed Kateeb, group chairman and CEO of Path Solutions, said, “The Islamic finance industry is going through drastic changes as a consequence of evolving customer behavior, channel proliferation and the digitization of operations in general.”
“It’s important to recognize the common challenges and opportunities facing the industry at large. The Islamic finance industry has a lot of catching up to do in terms of placing an emphasis on customer and market evolutions and process change requirements,” he added.
WIBC 2017 runs under the theme “Drivers of Economic Growth & Risks: Policymakers & Regulators” and is expected to draw over 1,300 global industry leaders to participate in a program of panel sessions and seminars running from Dec. 4 to 6 at the ART Rotana Hotel in Amwaj Islands, Bahrain.