International Journal of Management and Commerce Innovations ISSN 2348-7585 (Online) Vol. 7, Issue 2, pp: (705-709), Month: October 2019 - March 2020, Available at: www.researchpublish.com
"Tsunami" technology… between the development of banking and the requirements of customers of banks in the Arabian Gulf countries Wijdan Daham Aftan
Abstract: The first opportunity for the emergence of the financial technology dates back to 2008, following the global financial crisis and subsequent bank bailouts. The traditional banks have begun to back down on the financial technology, with four US and UK banks cutting their workforce by 350,000 over the past seven years. As the financial technology offers solutions and developments in bank-controlled financial instruments such as the remittances, the business credit cards and other operations, creating attractive alternatives and easy-to-use digital destinations. The technology has played a major role in the development of banking operations and improving the performance of the banking services to the customers. The banking sector is at a crossroads. The technology has led to unprecedented transformation, with the mobile devices and the Internet in particular, and has revolutionized the banking landscape like no other. Innovations in the field of the payment have led the way, but in the end the entire banking value chain will be affected. Obstacles to entry into the market and the business have been greatly curtailed by the technology, reducing the ability of conventional banks to counter competitive threats while dealing with the overwhelming burden of regulation. Simply put, many banks are not well equipped for this rapidly changing market Keywords: traditional banks, financial technology, global financial crisis, banking sector.
1. INTRODUCTION The first opportunity for the emergence of the financial technology dates back to 2008, following the global financial crisis and subsequent bank bailouts. The traditional banks have begun to back down on the financial technology, with four US and UK banks cutting their workforce by 350,000 over the past seven years. As the financial technology offers solutions and developments in bank-controlled financial instruments such as the remittances, the business credit cards and other operations, creating attractive alternatives and easy-to-use digital destinations. The technology has played a major role in the development of banking operations and improving the performance of the banking services to the customers. The banking sector is at a crossroads. The technology has led to unprecedented transformation, with the mobile devices and the Internet in particular, and has revolutionized the banking landscape like no other. Innovations in the field of the payment have led the way, but in the end the entire banking value chain will be affected. Obstacles to entry into the market and the business have been greatly curtailed by the technology, reducing the ability of conventional banks to counter competitive threats while dealing with the overwhelming burden of regulation. Simply put, many banks are not well equipped for this rapidly changing market. The banks in the Gulf Arab countries have invested hundreds of millions of dollars over the past years to develop and modernize their services and services to take a leading position in the banking services similar to developed countries. The banking in the Middle East in general has developed rapidly in the recent years, but the systems, despite their development, are still lacking. Fraud is a source of concern, and the banking institutions must deal with this very seriously. Arab Bank's Head of Arab Banking Noor Nohawy said: "The banking in the Middle East has developed very rapidly over the last 20 years." In the 1980s, there were few banks and weak capital, but in the 1990s, the banks had a
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