Customers are increasingly interacting with their bank using different technology platforms, including tablets, mobile phones and laptops. And while customers are enthusiastically embracing new technologies, the more traditional bank branches are also being given a new lease of life.
The Islamic finance industry's growth has continued to defy global economic malaise in 2012. And, with more government interest, increasingly complex products and a large untapped customer base, future forecasts are no longer concerned with the industry's ability to continue growing but instead are focusing on the more complex issue of how it will evolve.
Islamic finance is increasingly being viewed as a credible alternative to conventional finance, but Hussain Al-Qemzi, group chief executive of Dubai-based Noor Investment Group and chief executive of Noor Islamic Bank, recognises that Islamic institutions must work together if they are to compete with conventional banks.
The steady growth of sharia-compliant assets suggests banks believe in the future of the sector, but the dismantling of the largest cross-border Islamic window raises questions about whether global banking groups can make a success of the business.
Despite holding core values of social and economic development, questions remain about how beneficial Islamic finance has been for the majority of the Arab world. Could the emergence of crowd-funding platforms help to generate a more equitable distribution of wealth?
The push for transparency, real-time information and improved risk management in financial services has led to the adoption of new computing infrastructure, which means that running a Google search to check credit risk exposure might be around the corner.
Ongoing economic and regulatory uncertainty is playing to the advantage of established international financial centres, particularly London, which, despite the recent Libor scandal, has been named the most attractive financial centre in The Banker’s 2012 global asset management survey.
Both Santiago and São Paulo are making significant strides towards becoming Latin America's foremost asset management hub. The Chilean capital has extensive experience, while the Brazilian metropolis already boasts the sixth largest asset management industry in the world. However, both are seeing their progress stunted by regulatory and taxation issues.
A decade-old political vision to create a harmonised payments scheme across Europe is finally nearing its deadline. But the prospect of a Single European Payments Area never seemed so threatened by economic volatility or so opaque in regulatory direction.