STANDPOINT by Atique Naqvi

Tapping the Financial Potential By Atique Naqvi  |  Dubai, UAE  |  Originally published in TRENDS magazine Banks in the GCC turn to technologies to move forward. After reducing losses incurred due to bad loans since late 2008, banks in the Arabian Gulf countries are back on their feet, investing increasingly in technologies that will further enhance productivity and cut operating costs. With the region boasting the world’s highest mobile phone penetration rate, banks are using this thriving telecommunications sector to its advantage. Although mobile banking is quite popular and productive in the developed countries, the technology is still in its initial stages in the region, say industry insiders, adding that growth opportunities are immense for the banking technology companies. Standing in long queues in a bank’s branch office to withdraw cash is a thing of the past, and very soon withdrawing cash from automated teller machines will be a distant memo...