Cyrus Daruwala is the Managing Director of IDC Financial Insights Asia/Pacific. He has over 25 years of financial services experience, working with several banks, financial institutions, and Fintech vendors and regulators on various multi-disciplinary initiatives. He is specialized in technology, operations & investment strategies in the retail & consumer banking, as well as the Insurance field.
Exclusive to The Finance World Magazine
Q. What theme will the upcoming IDC Financial Services Congress address and how do you see it being beneficial for the financial sector?
Taking place on June 13, this year’s edition will run under the theme “The Adoption and Utilization of All Things Digital”. The event will present exclusive insights from respected industry thought leaders as they discuss the latest trends and strategies shaping digital transformation in the BFSI space.
The IDC Financial Services Congress 2023 will present a unique opportunity for BFSI organizations to learn, network, and gain insights into the Middle East’s latest digital transformation developments, and attendees can expect to gain insights into proven best practices and strategies for driving future success.
Q. What kind of topics will this year’s agenda focus on?
The agenda will combine keynote speeches, presentations, and panel discussions covering a variety of critical topics, including open banking, cloud management, AI/ML integration and industrialization, digital core systems, and innovation excellence. Cybersecurity risk is also another priority for BFSI organizations and there will be interesting sessions on that topic as well. We will also touch upon frictionless banking, financial well-being, financial inclusion, employee empowerment, digital trust, and customer consent. The agenda also includes panel discussions that feature industry leaders from the region.
Q. What is the biggest challenge facing banks and insurers in the UAE today?
Growth! The issue isn’t technology, because banks and insurers are making all the right investments in that regard. The challenge is how to drive long-term growth and scale. In a finite and over-banked/over-insured market like the UAE, there is only so much net new market share that banks can pick up. With competition among banks and insurers growing ever more intense, it begs the question, how will you grow your customer base by 12, 15, 20% over the next 5 years? The answer could be new and creative products that can enable upsell into your existing base, a larger share of consumers’ total spend, and the creation of data-driven ecosystems that embed transaction and spend into individual lifestyles.
Q. Are new digital banks a threat to traditional banks?
Not necessarily. You hear a lot of consultants and companies using clichés about fintechs threatening the existence of traditional banks. But only one in 80 or 90 (or around 2–3%) of new digital banks survive beyond the third year! Why? Because traditional banks now have equally strong mobile/internet offerings and experiences. Traditional banks are also upping their game when it comes to providing access to capital or loans — and they are doing it in a manner that inspires customer delight. This means that even a fresh new customer does not see a big difference between a new digital bank and a traditional retail/consumer bank.
The 2023 edition of the IDC Financial Services Congress, held on 13th June 2023 at The Ritz-Carlton, DIFC, United Arab Emirates, will run under the theme ‘The Adoption and Utilization of All Things Digital’. The event will explore the latest technologies allowing BFSI organizations to implement and execute innovative operating principles at scale. Industry experts from around the world will explore proven best practices, emerging trends, and upcoming challenges as the region moves toward a new ecosystem.
Registration: IDC Financial Services Congress
