Microsoft recently hosted a leadership roundtable on the potential value returns digital transformation can bring to the financial services industry in partnership with the Bahrain Association of Banks (BAB).

The event gathered leaders from banking and capital-markets to hear how they could accelerate their organisations’ digital-transformation journeys to meet the changing needs of customers, and capture new business opportunities.

Representatives from Microsoft Middle East and Africa and the Microsoft Gulf leadership team were on hand to explain how the power of New IT could be harnessed in the financial sector.

Also present were several Microsoft ISV (independent software-vendor) partners, each with their own specialist solutions designed to overcome current industry challenges, said the event organisers.

Microsoft and its partners shared transformation stories from around the world, of FSI companies that had deployed solutions to empower financial agents with new information-driven paradigms.

These deployments have led to a transformation of products; more effective, multi-channel customer engagement; and an optimisation of the client experience and back-office operations, they stated.

In delivering the roundtable’s keynote address, James Morgan, the director for Financial Services, Microsoft Middle East and Africa, unveiled the results of several surveys on the changing expectations of customers within the financial sectors of various markets.

In one study, only 31 per cent of customers thought their bank knew them, or their needs, sufficiently well. US-based research discovered that 40 per cent of Americans had not visited a brick-and-mortar branch in the previous six months.

And a global report from Capgemini – conducted across 16,000 customers in 32 countries – reported that half of Gen-Y clients were planning to leave their bank within six months, with “ease of use” and “service” cited as the top reasons for doing so.

“The customer is in the driver’s seat more than ever before,” remarked Sherif Tawfik, the general manager, Microsoft Bahrain & Oman.

“Mobile services, multi-channel engagement and platform-based delivery are what customers – especially millennials – expect now from their bank. Digital transformation connects the customer, and their habits and needs, to the bank. It allows you to ask questions your customers have yet to even think of, and find answers ahead of time. Proactive service delivery is a proven driver of customer loyalty,” he noted.

Dr Waheed Al Qassim, the chief executive of BAB, said: "This event highlighted the latest trends in digital transformation around the world, and contributes to strengthen the banks and financial institutions in Bahrain to provide efficient customer services, accelerate entrepreneurship, and boost the financial and banking sector."

"We find the case for FSI digital transformation to be compelling, and it is comforting to know that fintech companies are thinking about the issues we all face. We are honoured to collaborate with Microsoft in this event which is a platform for professionals from the industry to learn about make the best use of the new technologies and build better customer experiences for increased loyalty, generate new revenue while reducing costs, and manage risks better, faster, and cheaper," he added.

Veripark, Miles Software, ODC Business Solutions and NEC Payments, also attended the event as Microsoft ISV partners specialising in FSI solutions. Each had its own solution dedicated to solving a particular problem within the financial services industry.-TradeArabia News Service