Dubai, June 8, 2015: The widespread adoption of technology has resulted in the introduction and acceptance of a multitude of devices and applications that have significantly transformed the way consumers manage their life. Technology has impacted every aspect of our lives and banking is not an exception; it has played a pivotal role in changing the structure and very nature of banking. Traditional banking practices have modernized and paved the way for new innovative technological advancements that have played a substantial role in enhancing customer experience. Banks across the world are making use of technology to ensure consumers enjoy a hassle-free and convenient experience, through its various touch points like web, email, mobile and in-branch.

Technology-led banking has helped simplify and quicken the personal banking experience; introduction of new delivery channels for banking services - ATMs, phone banking, internet banking and mobile banking – have facilitated better customer experience.

Industry reports indicate that the number of smartphone users worldwide will surpass 2 billion in 2016. Today’s customer is more social and mobile savvy relying heavily on internet banking to conduct their banking activities. Mobile and Internet banking have  undoubtedly emerged as preferred digital touch points for consumers’ banking requirements.

Consumers have become extremely discerning and are demanding products and services to match their needs and convenience, along with a consistent, seamless, multi-channel experience. In a bid to address these consumer needs, banks are leveraging technology to their advantage and establishing a customer-centric infrastructure by implementing multiple core banking platforms to build their online and mobile channel offerings. In this new age of mobility, banks have capitalized on the latest trends in technology, mainly, cloud, big data, mobility, social media, security and internet of things to simplify core operations tasks such as recording of transactions, customer records, passbook maintenance, balance of payments and withdrawals and also offer a variety of personalized services to their customers.

Banks are innovating and introducing applications and features to make banking simpler and faster. The latest trends in customer focused banking innovation will be explored at the Middle East Banking Innovation Summit 2015 that will be held on 14-15 September 2015, at Sofitel Dubai The Palm Resort & Spa.