Cedar-IBSi summit draws industry leaders to Kuwait
KUWAIT: The Cedar-IBSi Digital Banking & AI Summit, held at the prestigious Waldorf Astoria on May 21, successfully concluded, setting a new benchmark for the future of finance in Kuwait and beyond.
Industry leaders, innovators, and policymakers gathered to explore and discuss transformative digital banking technologies and the dynamic role of artificial intelligence in shaping the financial landscape.
The event featured plenary discussions on the critical themes of digital innovation, the integration of AI in banking, and the strategic importance of fostering a technologically advanced banking environment. Prominent speakers from Swift, Boubyan Bank, Warba Bank, and Gulf Bank provided insights into the latest trends and strategies.
Highlights from the summit
Digital Banking and Payments: Shahzad Anjum Chief Information Officer, Gulf Bank discusses how customer service taught the banks to prioritize API-first approach and cloud technologies in today’s fast-paced market.
Next Generation Corporate & Transaction Banking: Deepa Santhanam, Senior Vice President, Digital Transaction Banking, Intellect Design Arena Ltd highlighted the challenges faced while tracking payments but with newer technologies, it has become more manageable & innovative transaction banking solutions are redefining corporate banking standards.
Financial performance through advanced data: Visionaries like Marwa M Ahlat, Director of Operations, Kamco Invest shared the importance of maintaining data, emphasizing the role of emerging technologies in banking.
“The role of banks has shifted towards customer-centricity, focusing on serving their dreams beyond merely meeting their needs. Banks also need to prioritize technology as digital transformation has become a mandate. This shift has been especially aggressive in Kuwait,” said Farida Shaker Anany Executive Manager - Emerging Technologies, at Warba Bank.
The summit also showcased a potential collaboration with local banking associations, which aims to promote continuous innovation and adherence to international standards in the banking sector. “Data is vital. When considering the types of data, preparing for the future is essential, especially as unstructured data, such as social media data becomes more prominent. We are ensuring that we cater to this kind of unstructured data. Protecting data privacy is crucial, and it’s arguably easier to protect oil than data.
We focus on training, standard data protection, and raising awareness about cybersecurity. KYC, profiling, and capital investments are currently the dominant types of data, but more structured data is anticipated in the future.” mentioned Salman Olayan, CFA, CMA - Strategic Planning, Kuwait Financial Centre - Markaz
As the financial sector continues to evolve, the Cedar-IBSi Summit remains a pivotal platform for critical discourse and networking among the top minds in the industry, driving forward the agenda for a robust, secure, and innovative financial future.
