Al-Tuwaijri participates in “Seamless Global Conference” in Dubai

Al-Tuwaijri participates in “Seamless Global Conference” in Dubai

Al-Tuwaijri explained that banks attempted to strike a balance between traditional in-branch banking service and digital services, while pouring in more investments into digital offerings, and then increasing the segment of customers using such digital banking propositions.

** Toughest Challenges

Speaking about the toughest challenges facing the business while operating in a decentralized payment system, he stated: “There are many challenges, including the different versions of government-driven, corporate-driven, and retail-driven payment systems. This is causing confusion now until they merge into concrete case studies.”

He went on to add: “Among the most prominent challenges are operating standards; any system that is not interoperable will always be at a micro-scale, and the implementation of this new system will take time. We should also take into account that if innovation is too fast for customers, it would be difficult for them to keep up with it. Moreover, we must ensure customers’ privacy, protect them from volatility, reduce financial crime and fraud, and ensure legal compliance.”

Where are we headed in the future?

Al-Tuwaijri reviewed the outlook for the next five years and what is possible for the bank in the future, as banks may focus on Banking as a Service (BaaS) indirectly, where they leverage their licenses