March 25, 2015:
Middle East banks are set to increase their share of global transaction banking revenues by at least 25%, according to a survey conducted by iGTB, the world’s first complete transaction banking platform. Why does the segment believe it has a lot to offer the transaction banking service set?
According to a survey conducted by iGTB, the transaction banking platform, of 18 Middle East banks resulted in 93% of the survey’s 48 participants – senior-level bankers from across the region – believe Middle East banks will catch a larger portion of the global transaction banking market (worth $509bn by 2025.
Transaction banking continues as a rising star of the financial services industry, even if reorganising several disparate transaction-based activities into a single commercial business unit is a daunting prospect. “Banks that can give their transaction businesses a more coherent approach, global reach, more intelligent customer segmentation and better external communication will unlock significant value for shareholders. In an extraordinarily difficult time, this is potentially a good news story for the markets and the investor community alike,” says Julian Wakeham, partner at PwC