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The Middle East is rapidly evolving into a global hub for technological innovation, with 2025 set to be a pivotal year in the regions digital landscape. AI and machine learning are poised to drive innovation across multiple sectors, particularly government, healthcare, and finance.
Known for its innovations in the payments sector, Square is now officially a bank. Nearly one year after receiving conditional approval , Square said Monday afternoon that its industrial bank, Square Financial Services, has begun operations. Lewis Goodwin had been tapped to serve as the bank’s CEO, and Brandon Soto its CFO.
AI and Machine Learning will drive innovation across the government, healthcare, and banking/financial services sectors, strongly focusing on generative AI and ethical regulation. Adopting multi-cloud and hybrid cloud solutions will enhance flexibility and compliance, deepening partnerships with global providers.
As regulators demand more tangible evidence of security controls and compliance, organizations must fundamentally transform how they approach risk shifting from reactive gatekeeping to proactive enablement. 2025 Banking Regulatory Outlook, Deloitte The stakes are clear. 2025 Banking Regulatory Outlook, Deloitte The stakes are clear.
Sila announced Monday it raised $13 million in Series A funding for its banking and payment platform that gives software teams tools to build the next generation of financial products and services. CEO Karkal has a long history in the fintech space, co-founding Simple, an app unifying various accounts into one accessible bank card, in 2009.
This creates increased regulatory scrutiny, with the risk of massive fines for non-compliance. The urge to reduce costs imperils continued investment in innovative financial products and services, while at the same time customers have higher expectations than ever for easy, effective, and great experiences. for AML failures.
Banks are striving for digital innovation but regulatory constraints, data security and privacy concerns, integration challenges, and the high costs of enabling change prevent 70% from achieving their transformation goals. Overall, the banks digital channel perception CSAT improved from 63% in 2022 to 80% in 2024.
With AI now incorporated into this trail, automation can ensure compliance, trust and accuracy critical factors in any industry, but especially those working with highly sensitive data. Without the necessary guardrails and governance, AI can be harmful. AI in action The benefits of this approach are clear to see.
However, as more organizations rely on these applications, the need for enterprise application security and compliance measures is becoming increasingly important. Breaches in security or compliance can result in legal liabilities, reputation damage, and financial losses.
But when it comes to cross border payments and international fund transfers generally, banks have had far fewer choices, and to industry veteran Gary Palmer, that spelled opportunity. He founded Payall , a cross-border processor for regulated banks, in 2018. We’ve built the UI and APIs that make it easy.”.
The generative AI revolution has the power to transform how banks operate. Banks are increasingly turning to AI to assist with a wide range of tasks, from customer onboarding to fraud detection and risk regulation. So, as they leap into AI, banks must first ensure that their data is AI-ready. Generative AI, Innovation
Alloy, which has built an identity operating system for banks and fintechs, announced Thursday that it has raised $100 million at a $1.35 Alloy was founded primarily to fix a “broken” onboarding process that has historically involved manual review when people applied for bank accounts online. billion valuation. Will they defraud us?”.
How has banking evolved during the rapid digitisation of recent years? Banks are no longer the key players in the market, with fintech companies, digital-first start-ups, and tech giants delivering their own brand of financial services. One example is Banking-as-a-Service, with the market expected to reach US$3.6
How has banking evolved during the rapid digitisation of recent years? Banks are no longer the key players in the market, with fintech companies, digital-first start-ups, and tech giants delivering their own brand of financial services. One example is Banking-as-a-Service, with the market expected to reach US$3.6
Workflow automation and data analytics are streamlining document management, cross-checking data, assessing for risk, ensuring regulatory compliance, and so on. Banks continue investing in technologies that make the customer experience seamless, including mobile apps and peer-to-peer payments. Security and privacy.
Along with nearly every other industry, banking is facing greater competitive pressure than ever. The need for innovation is growing, along with the ability to deliver more effortless experiences for customers and employees. Technology innovation is making a significant difference here.
As I work with financial services and banking organizations around the world, one thing is clear: AI and generative AI are hot topics of conversation. In the finance and banking industry, however, organizations are seeking extra guidance on the best way forward. Regulatory compliance. In short, yes. But it’s an evolution.
Over 90% of the world’s leading banks are either exploring, experimenting (PoCs), or formulating a strategy for leveraging blockchain technology, says an Accenture survey. Benefits of Blockchain in banking. Source: Banking on Blockchain. The payments market contributes 20% to 25% of the global banking revenue.
The financial services sector is undergoing rapid change as fintechs develop convenient, consumer-focused services that were once the province of traditional banks. A modern bank must have an agile, open, and intelligent systems architecture to deliver the digital services today’s consumers want.
For instance: Regulatory compliance, security and data privacy. With stringent laws like GDPR and PCI DSS, technology leaders must ensure serverless providers support compliance requirements. Maintaining and upgrading outdated systems can be resource-intensive and hinder innovation. Legacy infrastructure. Vendor lock-in.
The relationships between banks and fintechs are multi-faceted. Well, today, an announcement by global payments giant Visa is aimed at helping facilitate banks and fintechs’ ability to work together. So literally over $100 billion is going into fintech, which is more than the combined tech budgets of every bank in the U.S.
The implications of generative AI on business and society are widely documented, but the banking sector faces a set of unique opportunities and challenges when it comes to adoption. If banks are to put their faith in AI, then transparency will be key to building trust. This is a problem banking leaders are increasingly aware of.
We’re an IT company that’s very integrated into the business in terms of applications, and we put innovation at the center. SAP S/4HANA in the RISE version has more innovations and features than the on-premise version,” says Paleari. This is a form of advanced convergence achieved by following specific methodologies.
Mohamed Salah Abdel Hamid Abdel Razek, Senior Executive Vice President and Group Head of Tech, Transformation & Information, Mashreq explains how the bank is integrating advanced technologies and expanding its digital footprint. This approach has significantly enhanced the customer banking experience.
Smile Identity , a KYC compliance and ID verification partner for many African fintechs and businesses, has acquired Inclusive Innovations, the parent company of Appruve , a Ghanaian developer of identity verification software.
The Middle East payments industry is rapidly evolving, driven by several key innovations. These innovations are paving the way for a more efficient, secure, and integrated payments ecosystem in the Middle East, with significant implications for businesses and consumers across the region.
Larger companies are more likely to cut back on internal innovation efforts and technology investments that are not core to the business. Neobanks transformed the customer experience of traditional banks by offering better digital products and lower costs. As revenue growth slows down, cost savings and efficiency have become critical.
The emergence of super-apps offers a unique opportunity for leaders in banking and payments to innovate and expand their reach. Financial institutions can tap into new demographics, prioritizing convenience and seamless banking application experiences. The trend is most pronounced in financial services and payments.
CIOs face the daunting challenge of driving innovation while managing costs and ensuring practical implementation in a rapidly advancing digital landscape. This article presents essential strategies for CIOs to strike the optimal balance among innovation, value, cost, and practicality in tech investments.
In a world whereaccording to Gartner over 80% of enterprise data is unstructured, enterprises need a better way to extract meaningful information to fuel innovation. It adheres to enterprise-grade security and compliance standards, enabling you to deploy AI solutions with confidence. billion in 2025 to USD 66.68
True AI-powered innovation such as adaptive financial modeling or real-time fraud prevention remains limited. complex compliance requirements such as the AI Act and crypto taxation policies are demanding startups’ resources. Many companies claim they boast deeply transformative tools but what are they really accomplishing?
“Innovate or die,” Peter Drucker’s 1985 exhortation on the importance of constant reinvention, was great business advice for the last 40 or so years. By collaborating with a CSP, CIOs can gain access to technical and industry knowledge they need to navigate the complexity of bringing their technology stacks fully into compliance.
His leadership, combined with Perficients deep Salesforce expertise, will help banks, credit unions, and wealth management firms elevate customer experiences, improve operational efficiency, and unlock new growth opportunities. Bridging Leadership and Innovation in Financial Services The financial services industry is changing fast.
Digitalization is a double-edged sword for banks, especially when it comes to security. A massive shift to cloud and API-based ways of working has made the sector become more agile and innovative, but it has also opened the floodgates for identity theft. All of this can be done with full PCI compliance.
It’s no secret that banks and fintech companies must meet compliance and regulatory standards that are much stricter than what traditional tech companies are forced to comply with. The question becomes: How do you meet strict regulatory and compliance standards while keeping up with the rapid pace of innovation in technology?
As companies migrate to the cloud, many providers are serving up industry clouds—cloud services that offer data models and workflows that meet the basic needs of companies in particular industries like banking, healthcare, and manufacturing. It’s the preconfigured security and compliance conditions that are already there.
Typically , they would be required to use a bank account or card. From the World Bank’s 2015 figures, there are over 350 million unbanked individuals in sub-Saharan Africa. Various inadequacies are responsible for this stat, but from banks’ perspectives, no incentive drives them to actually bank these people.
The company’s innovative “cloud agnostic” strategy, supported by VMware’s increased capabilities post-acquisition, will promote growth for the clients, no matter if their workloads are on-premise or in a public cloud environment. The IBM and VMware relationship goes back two decades and includes our jointly funded innovation lab.
Lets talk about data governance in banking and financial services, one area I have loved working in and in various areas of it … where data isn’t just data, numbers aren’t just numbers … They’re sacred artifacts that need to be protected, documented, and, of course, regulated within an inch of their lives.
Matt Carbonara, managing director for Citi Ventures We haven’t seen anything this disruptive in all my time in enterprise investing, for the last 20 years, said Matt Carbonara , managing director for Citi Ventures, which is the venture investment arm of banking giant Citigroup. It’s been a very active area.
The banking landscape is constantly changing, and the application of machine learning in banking is arguably still in its early stages. However, banks using AI and ML are quickly going to overtake their competitors. Machine learning solutions are already rooted in the finance and banking industry.
Perficient is looking forward to bringing our unique combination of automation technical know-how along with financial services and payments industry expertise to the Banking Automation Summit in Charlotte, North Carolina on March 2-3. Banks are using AI to analyze large amounts of data, make predictions, and automate complex processes.
Additionally, banking executives cite complexity as the biggest impediment to their cybersecurity operations. Consideration 2: Continuous Compliance Drives Transformation In the second episode, our experts discuss the impact of regulations like DORA, PRA OpRes, and PCI DSS v4 on financial services cybersecurity.
Innovation has a different meaning for every organization. Innovation is about modernization, it’s about optimization,” said Dan Gisolfi, Distinguished Engineer, Head of Innovation and Intellectual Property at Discover Financial Services. With built-in resources that nurture innovation and push the industry forward.
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