The NextGen Banking Technology Summit is coming to Bahrain

As part of its international tour, the NextGen Banking Technology Summit is coming to Bahrain, with dozens of leaders set to convene in Manama later this month to discuss the latest trends and developments in the digital banking scene.

Organised by Cedar Management Consulting and IBS Intelligence, the summit is an invitation-only event for executives and leaders from across the banking sector.

Key theme of the summit on May 24 is ‘next generation technology’, with topics such as emerging technologies, cloud, artificial intelligence and machine learning, intelligent automation, open banking, payments, fintech and regtech dominating the action-packed agenda.

The event will see seasoned industry experts line-up as speakers for the keynote and panel sessions, with partners from Cedar Management Consulting to shed light on some of the top digital transformation trends in Bahrain’s banking landscape, and industry leaders to walk through some of the main opportunities and best practices they have encountered in the digital domain.

According to a recent benchmark, Bahrain operates at the forefront of digital banking in the Middle East. The penetration of online banking in the country for example currently stands at 36% (up from 28% in 2019) and is expected to reach 51% by 2028.

“The Central Bank of Bahrain has been instrumental in driving the digital transformation of the banking sector launching initiatives such as the regulatory sandbox and Open Banking Framework (OBF), which is encouraging innovation and collaboration,” said Chetan Parekh, a partner at Cedar Management Consulting.

Bahrain is particularly strong in the areas of fintech and Islamic finance. “Bahrain has actively worked towards developing itself as a hub for fintech in the Middle East through a combination of a supportive regulatory environment, a growing startup ecosystem, and a strong focus on digital innovation.”

But with digital threats and opportunities abound, the sector is keen on maintaining its momentum. This is where the summit comes in: “We will help leaders explore the latest developments in digital banking, so they can return to their business with valuable learnings and insights,” said Parekh.

An overview of the workshops and panel discussions:

Digital transformation in Bahrain’s banking landscape
Banking across the GCC is evolving rapidly alongside a wider digital transformation with 80% of consumers preferring digital banking services. Banks are actively pursuing the implementation of next generation solutions with the aim of improving customer experience, operational efficiency, and revenue growth. How can banks in Bahrain leverage global and regional learnings to accelerate their digital journey?

Fostering fintech innovation in the digital ecosystem
For fintech to flourish, it is essential to have a robust ecosystem that encompasses a variety of factors such as regulatory frameworks, availability of funding options, collaboration between fintech startups and incumbent financial institutions, and access to talent and expertise. What are some of the factors that could be improved to establish a strong ecosystem in Bahrain for fintech innovation?

Opportunities in next generation transaction banking
Emerging technologies such as blockchain, artificial intelligence, and cloud computing enable banks to offer real-time, secure, and cost-effective transaction banking solutions to businesses and consumers. Moreover, with the increasing adoption of digital channels, transaction banking can help banks expand their reach and tap into new markets. How can banks capitalize on the opportunities in next generation transaction banking?

Transforming the banking industry via cloud adoption
The use of cloud-based solutions is enabling banks to enhance their scalability, agility, and cost efficiency. Additionally, cloud architecture provides banks with access to on-demand analytical and automation solutions, leading to faster speed-to-market and the ability to respond to rapidly changing customer needs. Supported by a clear and pragmatic regulatory framework, how can banks accelerate their adoption of cloud platforms?

The NextGen Banking Technology Summit in Manama takes place on May 24, 2023, in Sofitel Manama.

With deep experience in the Middle East since 1999, having assisted financial institutions in the lion’s share of countries in the region, Cedar Management Consulting and IBS Intelligence are well-known brands within the financial services landscape. Cedar Management Consulting is one of the sector’s leading consultancies, while IBS Intelligence is a frontrunner in the banking technology and fintech segment.

Later this year, Cedar Management Consulting and IBS Intelligence are organising similar tech-focused summits for financial services leaders in Kuwait, Muscat, and Dubai. Outside of the Middle East, summits are held in India and the United Kingdom, among others.