An Advisory Event in Dubai Unlike Any Other

This is not a typical conference

This is not a typical conference

 

Here we go again.

 

Another day, another city, another GTB Advisory event.
Well, not just any advisory event but the biggest, longest and first publicly advertised client Advisory event!  Held at the stunning Park Hyatt hotel (think typical opulent Dubai, lush, green grass everywhere, golf course…er hang on I thought you said Dubai, as in sand, desert, no water etc?  Ah but no this really is Dubai, not-a-problem Dubai, yes there was a huge sandstorm two days ago, nobody could see ANYTHING, but not today, clear, beautiful blue sky, gentle sun – what I call a glorious warm summer’s day and the locals call ‘cold’ – sand, not a problem, no water, not a problem, desert, not a problem, where there’s a will there’s a Dubai way, as I sit on the terrace overlooking the creek, thousands of $m+ yachts bobbing gently as seaplanes land and take off for my personal entertainment…well for five minutes anyway I can sit there, no more, before back to check the room etc…) – where was I? got a bit carried away there…yes…held at the stunning Park Hyatt hotel (etc etc) and deliberately timed to precede the EMEA Finance Awards dinner where our great friends Mashreq Bank would that evening sweep the Oscars with three trophies.
But I get ahead of myself.

 

So over 60 registrations from ALL the key, top UAE and many regional clients and banks, and in each case the right people, the right contacts, the right level, CEOs, COOs, top product managers, etc.  Fab job to the local team for mobilising the region and a tribute to both them and to our excellent standing in the region. Plus a few select corporations, from foodstuffs to ports to manufacturing etc.  And press, the editor of Cash and Trade magazine a speaker, even the Financial Times’s Gulf correspondent put his head in, and Government, David Kaye from the UK mission.  Plus us.

 

So here’s the thing, and this was my opening address. We meet as equals. We vote.  We discuss. We create output.  This is not a typical conference, with bepedestalled, bigged-up, gracious ‘presenters’ (performers) patronising count-themselves-lucky, lap-it-up, sit-back-and-relax, passive ‘listeners’ (delegates).  Oh no.  You can’t snooze at these events, check your email.  Pay attention!  Here’s another question for you…get out your voting machines. For example, the group decided (50% of them) that ME banks lag significantly in technology!  91% felt some sort of catch up was needed.  So I threw out the pompous ‘top table’, threw out seating ‘the speakers’ (bow now, please) being on a separate table, threw out fanfares for introduction, and instead we had fun making each table choose a name and contribute to the discussion.

 

What’s in a name?  We had ‘the Middle Eastern Wonders’ was one, modest table.  One was ‘the 7 Ds’ (a blatant attempt to upstage our own (now) Andrew England, who presented ‘the 7 Cs’ but only half hearted else they’d have been the ‘8 Ds’ or even the ‘30,000 Zs’ – that would be real ambition), the ‘Almost Arab Table’ and the ‘All Arab Table’ – enough of this nonsense, I named one table, where I was perched, ‘Phil’s Table’ and one ‘Next to Phil’s Table Table’.   Oh and I also showed them how to be rock stars, that is, how to hold a microphone (and why).

 

So Andrew up first.  His pedigree shouts and demands respect (running transaction banking at Lloyds, same for CEE at Unicredit, cash and trade at Deutsche, Citi before that, now holding down Senior Advisor on TB with McKinsey at the same time as our own Strategy Director, see last week’s press release) but what REALLY demanded respect and attention was what he said (and how he said it).  His devastatingly simple but insightful breakdown of the Transaction Bank’s head’s to-do list in terms of seven ‘C’s – made brilliantly memorable by Nancy’s ‘seven seas’ map graphics – all backed up by solid data from McKinsey, BCG etc, hyperlinked into the Powerpoint, drew great praise from the audience.

 

His pedigree shouts and demands respect.
Andrew England: His pedigree shouts and demands respect’

 

Mashreq Bank have done great things, winning three awards just yesterday, but showing a David-and-Goliath story taking on much bigger banks with their mashreqMATRIX – powered of course by iGTB.  Harshit, their product manager who turns out also to be a University Professor, took us through some learnings including how to buy bread, a well-appreciated turn of phrase ‘not growing is riskier than growing’ and reuse of Michael Porter’s ever-relevant warning about trying to be best in more then one of product leadership, customer intimacy and operational excellence (hang on, has he read our ‘key proposition’ slide?  Harshit, I mean, not Porter….though maybe….).

 

After lunch we had two iGTB sessions, from Phil and Henry.  Phil deferentially spent most of his time wagging his finger at the bankers and saying ‘you must do this’ and ‘you must do that’.  Reminded me a bit of KS’s spirited approach to negotiation ;-). But he was talking about regulations so got away with it. Henry gave a laconic and I-don’t-know-if-you’ve-ever-heard-of-lit’l’ol’-Oklahoma sort of talk on payments with a southern drawl explaining how backwards we all were in banking payments.

 

After a provocative talk from the Deputy Chairman of the Kanoo group – which divided the audience – we drew together the themes of the day from the various interactions and votes, courtesy of Hani al Maskati, editor and publisher of Cash and Trade magazine. Some interesting results came up you’ll no doubt read about there.   A veteran of, you’ve guessed it, Citi!  Also transaction banking consultant with the excellently named company Cash Management Matters.

 

Manish closed, emphasising our strength and depth in the region (first time really we talked about us) then Henry knocked their socks off with Onyx.  And all the time we were tweeting, filming, recording, interacting, overacting (in my case, at least) and we announced already the NEXT ME CLIENT ADVISORY EVENT – WEDNESDAY 24 FEBRUARY, 2016.

 

My special memories:

 

– Dinner with Hani, a very interesting man.

 

– The Financial Times interviewing Manish.

 

– Meeting the classical trio we sponsored at the Awards dinner.  (Competition time: Irena plays flute.  The girl from Argentina does not play violin.  The girl from Belarus has a bow.  Clara’s Cello comes from the flute player’s home town in Macedonia. Olga speaks better English than the girl on either side.  The flute needs space on its right hand side.  Work out who plays what, from what country, and in what order they are sitting. And yes they really ARE their names. And instruments and home countries.)

 

Lara, Irene and Olga

Lara, Irene and Olga

 

– Silversmith course and childrens’ cause. To get people used to the voting machines we had a ‘fastest finger’ competition – who could first guess the correct number of companies in the world?  The winner was a banker, Neena, and her prize is a free four hour course with a silversmith making herself some jewellery. This is something we bid on and won at the charity EMEA Awards dinner, and so all the money will also go to the Save The Children Fund.  So two good things at one go.
A marvelous evening.

A marvelous evening.

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Know Your Digital Banking Customer

Know Your Customer

By 2015, digital banking is predicted to overtake branch banking as the preferred channel, according to the report, ‘The New Digital Tipping Point’ by PwC.

In this digitally frenzied environment, majority of the population is immersed in some device or the other, be it laptops, mobiles or tablets. It is important for banks to utilize innovative banking technology and understand the new age digital banking customer.

Digital Banking Customer – Segmentation by Generation 

There are interesting characteristics of each generation from Baby Boomers (Hippies, Yuppies), Generation X (Lacthkey Kids), Generation Y (Millennial Generation), and Generation Z (Digital Natives) to the future of Generation Alpha (Google Kids).

According to the PwC research, ‘The New Digital Tipping Point, Generation Y or the ‘Millennial Generation’ is 20% times more likely to consider using mobile or online banking than Baby Boomers. They are characteristically tech-savvy, brand loyal and consistently choose their primary bank when planning to buy new banking products.

With Generation Y being the segment that embraces technology and digital communication, banks need to focus on this group and build a primary customer relationship with them.

Give What Digital Banking Customers Want

Many banks have been following the trend of “show us your transaction history, and we will tell you who you are.”  This approach of understanding customers no longer truly applies. While it is important to know customer behavior, it is more important to understand why they transact the way they do and how they wish to interact with banks.

To understand digital banking customers, you need to know what they want.

Digital banking innovation has evolved as technology companies are focusing on creating software that is more customer-centric. Currently, there are three areas of focus that banking companies need to consider when understanding the customer:

  • Banking Technology – In order to ‘know your customer’, you need to provide exclusive interactions the way customers want, whether it is through mobile or online channels. New banking software programs should include customized features based on user profiles, preferences, online behavior and value added services.
  • Security – Digital banking should embed robust technology that provides security and protects information and communication. Security systems should protect users’ devices and the IT infrastructure of banks as well.
  • Private Banking – As the next generation of digital customers begin to dominate the market, private banks need to rework their strategies and adopt new technology. Customers extensively use new channels, devices and platforms to transact, find out about other financial products and write reviews. Banks need to keep up and engage customers through various channels and build a strong relationship through customization, personalization and customer-centric products and services.

Digital banking technology and products should be built based on a strong understanding of the digital customer behavior and preferences. In order to create a customer-centric experience, banks need to adopt new and advanced banking technology.

Find out how you can capitalize on the digital banking wave in this year’s annual conference of SIBOS, where iGTB will be showcasing its global transaction banking products, from Corporate Banking Exchange, Customer On-boarding, Payments Services Hub to Liquidity Management and more.

Create a Customer-Centric Experience with Cutting-Edge Banking Technology

Read more about the Top 3 Trends in Digital  Banking

SIBOS

Corporate Banking On The Go. High-Speed Banking for Executives on the move.

It’s a bright sunny day, you’re enjoying a round of golf and you get pinged to approve a $4.3bn transaction. Think it’s possible? Yes, because there is an app for it.

Mobile corporate transaction banking is no longer an exception, it is a necessity. Banking technology has evolved with the changing landscape of customers, from corporate internet banking to corporate mobile banking.

As the corporate treasurers’ role transforms, what corporate banking customers want today is access to information and services, secure transacting and automation of processes to enable efficiency. Recognizing this need for change, banks are primarily focused on integrating and utilizing emerging technologies.

Mobility in Corporate Banking – Not Just Servicing the “Schedule-Stricken Senior Executive”

The benefits of mobility in corporate banking are not limited to authorization processes and engagement of senior executives or treasurers.

  • Streamline work processes – The introduction of mobility in corporate banks and financial institutions can help in streamlining processes that have evolved over time into complex procedural tasks. Complex banking operations can be simplified using new banking technology.
  • Monitor and make decisions in real-time– With a single view of the bank’s cash position, senior executives can monitor and make decisions in real-time, based on the dynamic environment. By using the mobile channel, the financial stability can easily be monitored and it can be secured with quick decision making.

The Skeptical Adoption of Mobility by Corporate Banks

As compared to the widespread adoption of mobility in the retail banking space, corporate bankers are still skeptical about complete adoption. Their main concern- security.

Is confidential data secure?

Are user-authentication procedures concrete enough?

With Bring Your Own Device (BYOD) being the ‘in’ thing, what if a device with sensitive information is misplaced?

While these concerns may be valid, corporate bankers need to take a look at the customizable features of emerging banking technology products. With embedded, robust security systems, high-speed performance, user friendliness, device and channel agnostic characteristics, adoption and integration of innovative banking technology is inevitable.

Technology companies are building new mobile banking systems specifically for corporate customers. They are introducing relevant functions that can be used on the go. Functions such as multi-device operability, workflow and transaction approvals, fund transfers, secure bank messaging and alerting. Corporate banks need to extensively adopt mobile banking technology in order to provide mobility for banking executives on the move.

Get to know how to utilize a high-speed banking platform to provide an advanced highway to run customer payments services, receivables management, cash management, liquidity management, trade finance and supply chain finance in an integrated set, through a single platform. Find out more in this year’s annual conference of Sibos, where iGTB will be showcasing its core comprehensive products.

For Corporate Banking On The Go, Adopt Mobility with Innovative Banking Technology 

SIBOS