Technology has impacted all aspects of human life and is now becoming a salient part of the financial ecosystem. The use of modern technologies is an inherent element in the development of the financial services industry, offering a wide range of opportunities resulting in more innovative, efficient, diverse, and comfortable financial services that improve the quality of customer experience. It is becoming necessary that banks, both conventional and Islamic, must adapt to this era of digital transformations. Financial institutions must be vigilant to the latest trends such as open banking and application programming interfaces (APIs), artificial intelligence (AI) and machine learning (ML), blockchain, and cryptocurrencies, as they not only revolutionize customer experience but are also reshaping the institutions’ core businesses.
This public lecture will look at these recent developments in the financial technology sphere with a focus on international practices and how the Islamic finance industry could benefit from them. It will also shed light on some of the key challenges that need to be addressed by different players in the financial ecosystem to ensure safe and efficient adoption of these technology trends.
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