A featured contribution from Leadership Perspectives, a curated forum for enterprise technology leaders, nominated by our subscribers and vetted by the CIOApplications Editorial Board.

Al Mawarid Bank

The Future Of Banking

I can still remember the days of waiting in long shopping lines while folks pulled out checkbooks and the numerous required forms of ID that went along with them. Today’s transactions rarely need a signature, let alone a valid driver’s license. I can still remember the days where Information Technology asked how long it would take to acquire the hardware and the software, how long it would take for network to be ready and set-up to complete.

Those days are long gone; questions of such nature are no longer asked or cross someone’s mind. The technology platform, Infrastructure, Network, Communication and even Security are expected to be ready, available and scalable.

Digitalization and Cloud are a new era, digitalization in the sense of eliminating manual work and human intervention, cloud in the sense of having the technology accessible and secure. Changes are being implemented fast, impacting our lives, habits and the way we do things; driven by digitalization and mobile applications. One day on my way to work, I forgot my mobile at home, so I had to return to get it. Another day I forgot my wallet, and I decided that my mobile will suffice for anything I would need, on a different day I forgot my car key, so I used Uber application on my mobile to get to work.

Digitalization, Artificial Intelligence (AI), Machine Learning and Internet of Things are the predominant technologies of the future. They are altering and replacing the way we do things for example in the new stores of Amazon Go; there aren’t even any checkout lines. Customers simply walk out the door and wait for AI to perform the dirty work.

Banks are adopting the latest technology notions concerning digitalization, Fin Tech and Block Chain yet at a slow rate comparing to other industries. Banks are seen as traditional, time-consuming and sophisticated services, big contracts to read with small prints, untrustworthy agents with potential trap and many vague and unclear products. In general, a customer tied to one bank or two and a given branch physical address. The public does not have the freedom and simplicity to work with banks unlike other businesses such as hotels, supermarkets, travel agencies, retail stores, etc. where a customer can pick, choose and change easily and frequently.

Digitalization, Artificial Intelligence (AI), Machine Learning and Internet of Things are the predominant technologies of the future


Technology will revolutionize the future of banking to a branchless model, to an even bank less model if I may imagine. Products and Services will disappear, a customer portfolio and data analyzed in real time, and a customized offer with adjustable parameters presented according to the customer requirement and necessity.

Innovation will facilitate customer boarding, making it much easier, agile, faster, automated and more secure. Therefore the existing and rigid relationship today between a bank and a given customer will cease and will be replaced by a malleable multi-relationship with few banks or financial institutions.

Banks with strategy in digital transformation and in inventing the new relationships will make more money, recruit best people, improve productivity, beat the competition and gain a happier customer.

Globalization, Banks and other industries, people and communities should embrace technology not become it. Hence the technology, in essence, is helping in discovering more about human insights and wisdom. The things that cannot be automated such as ethics, relationship, emotions, and love will become more valuable.

The articles from these contributors are based on their personal expertise and viewpoints, and do not necessarily reflect the opinions of their employers or affiliated organizations.