IBM’s global financial markets experts have signaled strong confidence in the Middle East financial markets as the region becomes competitive on a global scale.

Speaking at the Middle East International Banking, Financial Technology and Services Exhibition and Conference 2008 (MEFX), IBM’s financial markets industry leader highlighted 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 general manager, IBM Middle East, Egypt and Pakistan, Takreem El Tohamy.

“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 percent 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,” said IBM Institute for Business Value’s Suzanne L. Duncan.

Duncan will be making her keynote address; ‘Get global, get specialised or get out’ at tomorrow (June 2) in Shaikh Rashid Hall, Dubai World Trade Centre. Also at the event will be Adam Lawrence, growth markets leader making his keynote address ‘The Customer Centricity Imperative’ on June 3, 2008. – TradeArabia News Service