Today’s immense competition has forced greater innovation among retail banks and financial institutions. It’s truly become survival of the fittest for both. The increased dependency on technology, as well as the unstable economic situation, has forced both to become more innovative and competitive.
To encourage and celebrate innovation and efficiency CPI Financial, publisher of Banker Middle East magazine, has announced it will be hosting the annual Banker Middle East Product Awards this April 2010 to recognise excellence in product quality and service delivery through a peer vote process.
Nigel Rodrigues, CEO of CPI Financial, says: “The demand for quick, convenient, and efficient banking and financial transactions continues to rise, compelling retail banks and other financial institutions to constantly improve their services and products in order to meet such expectations. Specifically the products of today need to be tailored to customer desires, competitive threats and technological change.”
The phenomenal growth in the banking sector throughout the Middle East over the last decade has created an environment of keen competition among banks from the simplest bank account to the most complex structured investment product.
Robin Amlôt, Managing Editor of CPI Financial, says: “Accepting and adapting to change is vital to the future of a financial institution. Industry experts predict the ability to quickly react to such changes will determine the future success within the banking industry. In the past, adapting to new conditions has been a lengthy process, however; seeing that the world is ever changing and volatile, retail banks and other financial institutions now have to respond much quicker and more efficiently to opportunities and threats in order to survive and succeed.”
The Banker Middle East Product Awards, currently one of the most distinguished awards within the financial industry, will be highlighting banking products and services within the Middle East that are either exceptionally innovative or have generated excellent financial results and/or transference of market share, particularly during times of economic volatility. A total of 27 awards in total will be granted to recognize the impressive products throughout the region. Some of the greatly desired awards being presented include, ‘Best new product,’ ‘Best structured product,’ ‘Best customer service,’ ‘Best Islamic Covered Card’ and ‘Best Credit Card.’
Nigel Rodrigues adds: “Product and service design is an imperative aspect of financial institutions, specifically within the banking industry. Banks providing inventive and intellectual products and services capable of meeting the ever changing demands of the world keeps them highly competitive and prosperous.”
The nomination period for the Banker Middle East Product Awards is currently open. Financial institutions in the GCC and MENA region can now submit their products for the awards shortlists, which will be available at the end of January 2010, once the nomination period ends.
Readers of Banker Middle East or registered users of www.cpifinancial.net will be eligible to vote by the second week of March 2010, once all the submissions have been finalized and posted on the website. After a thorough analysis of the voting results, final winners will be honoured in April 2010 at a gala dinner in Dubai.
