Manama, October 3 (BNA) The General Council of Islamic Banks and Financial Institutions launched a technical workshop on the digital transformation strategy for Islamic financial institutions.
After two years of running events online, CIBAFI is back in physical spaces with this workshop that will run for three days from today.
The spread of digital technologies and the emergence of disruptive forces are transforming business models and operations in all industries, including the financial services industry. The most difficult challenge for most organizations has been finding the best ways to benefit from integrating digital technologies into their operations.
Developing a successful and effective digital transformation strategy is an important step in achieving unique results in response to the ongoing changes in the financial industry.
The purpose of the technical workshop is to explore the approaches of Islamic financial institutions that lead to an effective digital transformation strategy. It also aims to highlight the challenges and risks that can be faced, with a focus on how international financial institutions can accelerate customer acquisition by providing digital products and services.
Zainab Al-Awainati, CIBAFI’s Managing Director and Finance, emphasized the importance of technological developments in increasing market competition and customer expectations.
Simply developing a strategy or expressing a desire to shift will not lead to the change necessary to keep pace with increasing competition; Instead, there should be a strategic implementation approach that articulates and effectively implements the key pillars for a successful and effective transformation.
HF