Redefining Financial Services: The New Renaissance in Value Propositions

By Joseph A. Divanna | Go to book overview

CHAPTER 17
Developing a Twenty-first-century
Middle Eastern Financial
Services Agenda

Financial services firms operating in the Middle East face many of the same challenges as their western counterparts. In the quest for globalization, it is frequently the indigenous cultural values that are overlooked when designing financial services product offerings. New market entrants, large global institutions and a highly fragmented marketplace are the canvas of competition in which financial services organizations must paint the picture that differentiates their valued-added service offerings to their customers.

The opportunity for Middle Eastern financial services firms is to transform the traditional banking relationships into a network of Islamic-based eEconomy-driven services that acts as a lynchpin to broker services throughout the Middle East, while acting as a financial hub connecting Eastern Europe, Africa and Southern Asia. Middle Eastern banking concerns are in a unique position to lead the reinvention of financial services because of the collaborative nature of regional long-term relationships at the microeconomic business activity level.

The microeconomic business climate in countries such as the United Arab Emirates is predicated on a time-honoured tradition of building a relationship between parties, based on an implied trust and confidence that delivery expectations are met. This attitude of trust and developing an understanding between partners is the foundation for a collaborative organizational structure and the establishment of a molecular co-opetition marketplace, which operates by leveraging partnerships in a co-operative model.

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