Financial Sector Technology Trends in MEA 2012
Financial Institutions across Middle East and Africa will adopt latest technologies and communication trends in 2012 to improve customer experience, brace for competition with global players on the region's markets, and to comply with increasingly stringent regulatory requirements. This according to top 10 finance industry predictions published by market research and advisory company IDC. Middle East and Africa saw similar economic growth levels in 2011 as in the previous year, with an average gross domestic product (GDP) of 4.6%. The finance vertical has experienced healthy growth in technology adoption since 2010, and IDC estimates the IT expenditure totaled $7.5 billion across MEA as a whole in 2011, representing 6.0% year-on-year increase. Strong growth rates were seen especially in Saudi Arabia (13.7%), and the United Arab Emirates (8.8%).