The amount spent on technology by the banking sector in the UAE will reach AED29.2 billion by the end of this year, accounting for more than 40 per cent of the total IT spending in the state, says Simon Paris, president and chief sales officer of Misys.
Experts in the financial and banking technology sector say that UAE banks are able to emulate the success of Emirates airlines, which over the past ten years has become the best airline in the world, by strengthening their technical structure to focus on the same elements that have made Emirates such a success.
Paris says that the banking sector has a high level of sophistication and expertise, serves all nationalities of the world, and, most importantly, is able to increase its focus on the client.
In a statement to the UAE-based Al Bayan, he says: “the financial services sector is the most investing sector in technology,” pointing out that banks and capital markets’ investments across the world amount to almost $350bn annually, accounting for 18 per cent of the total annual expenditure on information and communication technologies (ICT) in the world.
($1 = AED3.67, at the time of publishing)