At Fintech Board, Kateeb dives into the technology trends providing inspiration for the digital journey ahead

At Fintech Board, Kateeb dives into the technology trends providing inspiration for the digital journey ahead

The Group Chairman & CEO of Path Solutions, Mohammed Kateeb was live on YouTube on Wednesday 17 November to talk about how tech trends accelerate digital transformation and will impact every business in the coming years. Kateeb said that COVID-19 has forced people to become more adaptable and responsive than they had previously thought possible, driving uncomfortable but necessary growth. The pandemic caused significant changes in the banking industry in terms of customer needs, banking automation and digitalization of banking processes. In particular, it forced banks and financial institutions to adopt new digital technologies and boost the use of digital channels for interacting with employees, their customers, and other stakeholders. “The trends we are seeing suggest the acceleration of digital transformation efforts not only make operations nimbler and more efficient, but allow resilient response to dramatic fluctuations in demand and customer expectation”, he said.

He also marked that banks are facing many challenges to achieve their digital transformation agenda, mainly those who were not well-equipped to offer digital financial services for their customers, and couldn’t cope with an increasingly wide range of banking workflows. Kateeb indicated that Fintech is the future and a force for good, and that banks must collaborate with Fintechs through open banking APIs to grow and evolve. However, culture shift within banks toward a more digital agile mindset is the number one hurdle towards a successful digital transformation, followed by attracting Fintech talent.

Kateeb closed his speech by pointing out that less competition, greater collaboration between banks and Fintechs enables them to create new revenue streams and more contextual services centered around customer expectations. Interested to hear the full discussion of Mohammed Kateeb? Click here https://youtu.be/ZoaSDe-1ScM to watch the recorded session.