Page 36

vertical focus: Banking and financial institutions

Making it Count Post global recession, the banking and finance sector in the region is investing in technology solutions to manage data flows, encourage mobility and guarantee data security in a bid to regain customer confidence and capitalise on their investments in the sector. Pallavi Sharma reports on changing trends and finds out what role IT plays in keeping this industry going. After growing by an estimated

4.8% in 2010, the GCC economies are expected to see real GDP grow by 6% this year, according to the Samba Financial Group. The report noted that despite the state of uncertainty in 2011, the outlook for the GCC economies remains favourable. According to the study, “Strong oil prices will sustain robust public spending and buoy confidence, while an easing of bank

balance sheet strains, particularly in Saudi Arabia and Qatar, is expected to lead to a faster recycling of the region’s large oil surpluses.” A more recent financial report by the Dubai Chamber Economist published in March this year, points out that the stabilisation of indices of both Dubai Financial Market and Abu Dhabi Securities Exchange suggests that the challenges facing the financial services

“The challenge there exists not only in convincing higher management of the benefits of these expensive solutions, but also in choosing the right vendor from an already select group of vendors in the region, with prices that do not exceed corporate budgets, capabilities to provide necessary services across critical operations and appropriate levels of after sales support.”

36

COMPUTER NEWS MIDDLE EAST

may 2011

sector are now over and the sector is now ready to make a remarkable recovery. The industry is now witnessing a massive shift in focus to retain their existing base of customers while proactively managing risk. As CEOs continue to invest in initiatives to improve existent cost structures and implement better revenue drivers for their organisations, they become more prone to IT involvement in the strategic decision making process when doing so. This is not to say that CIOs no longer have to extensively convince higher management when seeking budget approvals for IT investments. At the same time CIOs today, find themselves in a position of some power. “IT is no longer considered just a support function or cost

www.computernewsme.com

Computer News Middle East  

CNME is the premier technology in business magazine for the discerning C-level readers of the Middle East

Computer News Middle East  

CNME is the premier technology in business magazine for the discerning C-level readers of the Middle East