Amer Interview
Navigating Digital Evolution: A Dialogue with Mr. Amer on Middle East's Banking Transformation
The Middle East is currently experiencing a remarkable digital revolution, with countries like Saudi Arabia leading the charge in embracing and shaping the global digital wave. To gain insights into this transformative journey, Efigence recently engaged in a strategic interview with Amer Rajkhan Chief executive officer at Jeel. This dialogue explores the evolving digital strategies in the region and how the banking industry is strategically responding to this digital Transformation.
Digital Transformation in the Middle East: A Unique Landscape
According to Amer, Digital transformation in the Middle East, particularly in Saudi Arabia, is marked by a collective commitment to change. Unlike some regions where digital adoption is driven by individual organizations, the Middle East as a whole, across all sectors, is wholeheartedly embracing digital transformation. Amer highlights that the key factors contributing to this momentum include the youth demographic and proactive government initiatives that facilitate a smoother transition. The region's focus on customer-centricity is also notable, with a keen emphasis on understanding customer needs and addressing their challenges through digital solutions. Additionally, the Middle East enjoys the advantage of having a relatively low burden of legacy systems, allowing for a rapid transition to modern technology platforms, thereby fostering innovation and scalability. Traditional Banks and Fintech Startups: A Strategic Collaboration Amer sees the collaboration between traditional banks and fintech startups is not merely a trend but a strategic evolution that is reshaping the financial sector in the Middle East. Fintech startups, known for their agility and niche focus, complement the vast infrastructure and trust associated with traditional banks. This collaboration broadens the reach of financial services, providing customers with streamlined, accessible, and tailored solutions.
Cultivating an Innovative Culture at Jeel: Staying Ahead in Banking Technology
At Jeel, cultivating a culture of innovation is a multifaceted endeavor. They have embraced a 'startup mindset,' treating every new idea as an opportunity to inject agility into their operations. Research and development, along with experimentation and a disciplined approach, are fundamental aspects of their innovation strategy. Mr. Amer also emphasizes the significance of external collaborations and engaging with industry experts to challenge assumptions and broaden horizons. Their approach to innovation is comprehensive, agile, and collaborative, aiming to stay ahead in the technology curve while upholding the trust and reliability their customers expect.
The Future of Finance and Banking: Embracing 'Banking as a Service' (BaaS)
Amer envisions 'Banking as a Service' (BaaS) is poised to be a pivotal trend that will redefine the banking sector in the Middle East and globally. BaaS envisions a world where banking functionalities are seamlessly integrated into various business activities, making financial services accessible and user-centric. While challenges such as collaboration, data security, and regulatory compliance exists, the potential benefits of driving financial inclusion and spurring innovation make pursuing BaaS worthwhile. This transformative concept will reshape the banking sector, creating a dynamic, inclusive, and customer-centric financial ecosystem. Jeel's Commitment to Financial Inclusion: Empowering Communities Financial inclusion is a fundamental mission at Jeel, driving every aspect of their initiatives and strategies. They leverage technology to create tailored solutions for individuals who have traditionally been excluded from the banking ecosystem. Simplified processes, financial literacy
programs, and partnerships with local communities and NGOs are integral to their approach. Jeel's commitment to financial inclusion is unwavering, with a vision of a future where every individual, regardless of their socio-economic background, has access to a full spectrum of financial services.
Striking the Balance: Local Needs and Global Trends in Banking
Amer offers valuable insights into striking a balance between catering to local needs and adapting to global trends. He emphasizes the importance of on-site collaboration, leveraging international skills, reusability, scalability of innovations, local insights, customer observation, and finding the right equilibrium between technology and the human touch. The key lies in thoughtfully blending local and global perspectives, attuning to local needs while adapting global trends to the local market.
Conclusion
Mr. Amer's perspective sheds light on how the Middle East is not only embracing the digital wave but also defining it. The region's collective commitment to digital transformation, collaboration between traditional banks and fintech startups, and a strong focus on innovation and financial inclusion are driving the evolution of banking in the Middle East. Jeel's innovative approach and unwavering commitment to inclusivity serve as a beacon for the region in a rapidly changing global landscape. The Middle East is not just adopting the future; it is shaping it. Follow our media channel to stay up to date with the newest developments.
