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“Specialisation critical to compete in Middle East financial markets” IBM at MEFX 2008

United Arab Emirates: Saturday, May 31 - 2008 @ 15:01

Speaking at the Middle East International Banking, Financial Technology and Services Exhibition and Conference 2008 (MEFX), IBM’s financial markets industry leader highlights how the firm’s financial services practice enables the industry to innovatively adapt to the challenges of the region and compete on a global platform.

“Never have the opportunities in the Middle East financial markets been so exciting and never has the potential for growth been in such abundance. During these exciting times IBM’s unique infrastructure allows it to continue to research ways to bring significant benefits for its clients and partners in terms of cost, agility and customer services. Our participation at MEFX 2008 demonstrates IBM’s commitment to the industry and the region’ said Takreem El Tohamy, General Manager, IBM Middle East, Egypt and Pakistan. ‘Over the years we have formed strong ties with the government and the financial sectors of Dubai and also throughout the Middle East along with independent software vendors (ISV), making the city an increasingly important and strategic location’ he added.

According to IBM research, financial markets firms have enjoyed double digit revenue growth in excess of 11% over the past decade.

However, even with a steady stream of innovative products and services, IBM GBS experts have identified challenges for these firms to grow revenue in these satiated veteran markets where rivals are competing for a shrinking pool of opportunity.

In collaboration with the Economist Intelligence Unit, IBM developed a model that helps financial institutions project with higher precision which examine a longer time horizon and is based on factors that demonstrate the greatest influence over financial markets growth.

This model has been used to trace the effect of globalization across 35 of the world’s largest economies.

“IBM has a vision for a next generation banking platform which recognizes that technology needs to enable banks to become ‘people ready’, commented Suzanne L. Duncan, Financial Markets Industry Leader, IBM Institute for Business Value. “In less than ten years, financial markets firms could be looking at twice the amount of investable assets available in the world today. The question is: will they be looking in the right places And will they be capable of capturing these more globally dispersed opportunities? We believe the future leaders of the industry will be those firms that can successfully specialize around what clients value most and become fluid, adaptable, globally integrated enterprises,” she added.

Suzanne Duncan will be making her keynote address; ‘Get global, get specialised or get out’ at 13:30 on 2nd June 2008 in Sheikh Rashid Hall, Dubai World Trade Center.

Also at the event will be Adam Lawrence, growth markets leader make his keynote address; ‘The Customer Centricity Imperative’ at 10:30am on 3rd June 2008 in Sheikh Rashid Hall, Dubai World Trade Center.

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Saturday, May 31- 2008 @ 15:01 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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