Adopt to Adapt: Enterprise Fintech in the GCC

Adopt to Adapt: Enterprise Fintech in the GCC

05.07.2017 11:08 am

In today’s fast-paced and ever-changing business environment, the keys to success are being agile and innovative to remain competitive and relevant – which applies to all industries.

This holds particularly true for institutions in the banking, financial services and insurance (BFSI) sector. With the explosion of financial technology (FinTech) and the resulting disruption of traditional business models, BFSI firms have no choice but to now adopt new technologies to adapt to the changing market dynamics.

In the GCC, BFSI enterprises bring these technologies on board in two ways. The first is by using traditional IT budgets to procure solutions that will lead to better operational efficiency. Their second option is through buying a stake in technology companies, or initiating ‘proof of concept’ tenders for tech firms that have been created to solve business problems.

Naseba’s latest report, Financial Technology in the GCC: 17/18 demands, analyses the former approach, with two core questions being addressed:

  1.  How much (in $) are financial enterprises budgeting for FinTech solutions?
  2.  Which specific technologies and solutions are they looking to procure?

Our analysts surveyed over 200 IT decision makers from leading BFSI institutions in the region. The designations of those surveyed included Chief Information Officers, Chief Technology Officers and Heads of Digital Transformation, who confirmed that they are responsible for evaluating, procuring and implementing the technologies on behalf of their firm.

ATTITUDES & BUDGETS

By determining how much money these institutions are budgeting for financial technology implementation, we are able to infer how serious these banks are in adopting enterprise FinTech.

The 203 representatives polled represent a combined IT budget of $425.5 million and an average budget of $2 million. There is a wide range of budgets from $750,000 to $25 million across the different institutions.

The banks have larger allocations for IT spend, ranging from $5 million to $25 million, while the insurance and financial services sectors are budgeting an average of $750,000 to $3 million.

SPECIFIC SOLUTIONS

After establishing their IT budgets, we sought to understand the most pressing technology needs of these organisations. 

Our research identified the specific types of solutions these enterprises were looking to invest in. There were over 40 solutions mentioned, but there were nine solutions that recurred most commonly. These were cloud solutions, digital transformation, artificial intelligence, mobility, blockchain, core banking system integration, smart payments, business intelligence tools and cyber security.

FULL REPORT

The full report provides more detail about each solution, the average intended timeframe to procure these solutions and feedback from solution providers about the best approach to meet these demands. Download report here.

These research findings formed the rationale for Naseba’s upcoming 2ND FINTECH SUMMIT on October 30th, 2017. The summit will feature 120 of the BFSI representatives surveyed and introduce them to leading solution providers and industry experts to facilitate high-level networking and pre-scheduled one-to-one business meetings.

To find out more about the summit and register your interest, visit our website at fintech.naseba.com

 

Download report here

Other Reports

Financial IT 2016/2017 Pathfinder Ranking

What is happening in the world of FinTech is one thing. What will happen is another. Read more »

What Happens Next: How to Reverse the Rising Tide of Ad Fraud’

The&Partnership, m/SIX and Adloox have published a report laying out the steps the industry needs to take to reverse the rising tide of advertising fraud – as new figures from Adloox suggest ad Read more »

CEO Monthly FinTech Market Analysis

FT Partners is pleased to present you with the latest installment of our "CEO Monthly FinTech Market Analysis." Read more »

The Future of Financial Infrastructure

Consistent with the World Economic Forum’s mission of applying a multistakeholderapproach to address issues of global impact, creating this report involved extensive outreach and dialogue with the Read more »

InsurTech A Force For Good

Surge in InsurTech start-ups aimed at improving customer service - new PwC and Startupbootcamp InsurTech report. Read more »

Linedata 2016 Global Asset Management & Administration Survey

This is the sixth year of the Linedata Global Asset Management and Administration Survey, and we remain committed to exploring how we, as a vendor, can assist our clients in differentiating themsel Read more »

The Winning Formula

Discover the key challenges, opportunities and industry trends related to equity trading and technology in Europe… Read more »

SLIB GPS: A Global Panorama of Securities - March 2014

EMIR requires CCPs who wish to continue to trade in the European Union to arrange for accreditation based on new regulatory requirements. Read more »

SLIB GPS: A Global Panorama of Securities - February 2014

Just a few words about what will probably be, if not the most complex plan, one of the most visible ones in 2014, the reduction in settlement cycles. The CSD Regulation will set 1s Read more »

SLIB GPS: A Global Panorama of Securities - January 2014

We can truly say that, for European projects, the year 2014 started with a bang, obviously under the pressure of the electoral calendar. Read more »

Pages

Magazine
ALL
Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel