THE DIGITAL TRANSFORMATION IN ISLAMIC FINANCE CONFERENCE
Digital transformation is a global tendency in business to shift from physical operating models to digital. However, the digital transformation goes beyond its very definition as it makes the business more open that never, it has been before by creating new and highly competitive, client-centricity and decentralized models, breaking all the codes and destroying all the existing entry deterrence strategies.
The impact on the services industry is expected to be much bigger and even the well-established financial services industry is already feeling seriously threatened by this trend. In a very recent survey, Accenture shows that 67% of the financial services executives believe that in the next 5 years, consumers will do most of their saving, borrowing and investing in non-financial platforms like Google and Amazon and 80% expect a headcount shrinkage in their industry sector due to the digital innovation. On the other hand, digital adoption by consumers is also going incredibly fast. Facebook reached 50 million users in four years; WeChat, one year and Pokémon GO took only Nineteen days.
The Islamic finance industry is not left immune to change. The General Council for Islamic Banks and Financial Institutions (CIBAFI) reported in a survey that 70 % of the Islamic financial institutions viewing digital transformation and Fintech as being highly or extremely important in strategic decisions. Respondents also saw investing in new technologies as a necessary strategy as global customers grow accustomed to new advances. With EY recent prediction that Islamic FinTech could help attract 150 million new banking customers in the next three years alone, digital transformation and Fintech are sending shockwaves across the Islamic finance industry. Islamic finance operators should quickly get on board with technology to seize these opportunities by offering viable digital alternative solutions and adopting more agile and digital transformation business models.
Many banks in the Middle East and Africa launched technology departments and formed joint ventures with FinTech firms. Islamic banks in Malaysia in Bahrain launched in a collaborative approach Fintech ventures and strategic initiatives on a consortium basis to create complete strategic, operational and financial independence to innovate sharia compliant financial solutions that are suited for the digital economic ecosystem. Malaysia, UK and Indonesia as well as UAE and Bahrain are leading in terms of the number of Islamic FinTech startups and in terms of setting convenient and stimulating regulatory and business frameworks.
Though “disruption” happens to be the key word in the financial services industry and the digital transformation process being its cornerstone, the Islamic finance industry is still looking to the digital transformation merely as a technology adoption process using only buzzwords of “Fintechs”, “AI”, and “blockchain.” and dealing with CX (Customer experience). Digital transformation goes far beyond that and provides unrivaled opportunities to use technology not as a strategy by itself but as strategy enabler, making new disruptive business models to take place making a real business transformation. To discuss, learn and brainstorm of what the Islamic finance industry would will look like in the next 3 to 5 years and contribute to shape and impact its future, IFX is the place to be.
About IFX 2020
Located in the prestigious hub of the Islamic finance industry and most innovative and vibrant cities in the MENA region, the digital transformation Islamic Finance conference (IFX 2020) is the first event of its kind dedicated to the digital transformation phenomena in the sharia compliant financial industry.
Seen as a strategic initiative, the conference aims at providing the Islamic finance industry with a unique opportunity to explore, apprehend and discuss digital transformation trends, opportunities and challenges and contribute to a successful journey of the industry in the very disruptive and constantly changing digital era.
Strategic talks and debates will take place about “digital mix, digital strategy, digital impact, emerging technologies, digital investments, and the integrated digital experience dealing with employee experience, partner experience that are obviously contributing to a unique CX making happy customers, online brand ambassadors.
IFX 2020 is a unique platform for networking, benchmarking and inspiration taking place during two days of inspiring talks with business leaders spearheading digital initiatives within the Islamic finance industry giving attendees a sneak peek of the next Big Thing in Islamic banking and finance industry.
IFX 2020 is an unprecedented opportunity to meet with financial institutions, supervisory authorities, innovative start-ups, incumbent tech providers and the Islamic finance tech community.
- Identifying key opportunities and challenges associated with digital transformation and promote it as a catalyst for the Islamic finance industry development and growth
- Facilitate professional discourse to promote a successful digital transformation process within the Islamic finance industry.
- Apprehend digital transformation business models, trends and strategies in the Islamic financial services industry
- Promote and disseminate digital transformation good practices and success stories within the Islamic finance industry
- Contribute to the awareness of decision makers, Islamic finance leaders and policy makers with regards to the digital transformation threats and opportunities
- Discuss and learn key and emerging technologies and disruptive business models including, leading and innovative
- Islamic Fintech, Blockchain, AI, Machine Learning, APIs, RPA and Cyber Security
- Deliver a strategic roadmap to promote digital transformation as a driver for the Islamic finance development