The banking industry is moving beyond competition and embracing cooperation with fintechs and other industry players, says Abdul Waheed Rathore, group chief compliance officer at Dubai Islamic Bank.
Speaking at the Banking, Innovation, and Technology Conference hosted by Khaleej Times, Rathore emphasized the need for financial institutions to work together on KYC, identification, and customer verification.
“We need to connect with government platforms like Emirates ID and UAE Pass to manage and serve our customers better and acquire new ones through partnerships,” Rathore explained.
By early 2025, banks will need to implement APIs to support open banking, fostering collaboration across the financial ecosystem. “Open banking brings non-banking players into the mix, creating more opportunities for banks to attract and service customers,” he said. “It’s not an era of fierce competition anymore; it’s all about cooperation. Fintechs, telcos, and money service providers are joining forces, and this collaboration will only grow.”
Khaleej Times Editor-in-Chief, Michael Jabri-Pickett, opened the conference, welcoming a large audience from the banking and tech sectors across the UAE.
Traditional Banking Model is Evolving
Rathore highlighted that traditional banking methods are fading as customers no longer rely on brick-and-mortar branches. “Today, customer data is shared across institutions with consent, under data protection laws like GDPR,” he noted. For example, 20 years ago, bank branches lined New York City streets, but now there are fewer, smaller branches as digital banking rises.
Banks must now deliver a seamless, exceptional customer experience, Rathore said. Traditional banks were once self-contained, managing everything from customer acquisition to payments, but today’s landscape requires more flexible, interconnected solutions.
