Intelligent CIO Middle East Issue 40 - Page 45

One of the main mandates is we have to transform ourselves and become more agile and more adaptive. For example, in Kuwait back in 2013 we only had one FinTech. At the end of 2018 we had 63 FinTech companies operating in Kuwait. So with that influx of FinTechs we need to re-engineer and digitise our processes and make a lot of investment in AI, analytics and Big Data. The need for central banks to be more progressive in their adoption of analytics With this influx of FinTechs, analytics and Big Data have become the foundation for transforming and better regulating and supervising the financial sector. Central banks across the globe are now racing to put in their Big Data and analytics platforms which can supervise financial transactions across their borders. Formulating a strategy to digitise the banks It’s more digitalising the infrastructures that the banks will ride on. At the central bank we don’t have a direct connection to the consumer. We regulate plus we supervise the local banks. The transactions between “ WE NEED TO RE- ENGINEER AND DIGITISE OUR PROCESSES AND MAKE A LOT OF INVESTMENT IN AI, ANALYTICS AND BIG DATA. the banks are supervised and overseen by us because the central bank is a regulator. It’s crucial for us to reinvent ourselves. We are moving towards more and more being a 24/7 central bank. Having an expert in charge of digital strategy This position is starting to become not just ‘nice to have’ but a ‘must’. Having somebody within financial institutions help navigate these changes, and have to adapt technology and increase user acceptance within their organisation, is very crucial. I came from an IT background and now this has become a ‘must’ in this position as a CDO because during your education as a CIO you have been introduced to problem solving skills and techniques. On the business side they are not aware of this – the techniques and principles that we are using. Today with the evolution of agile methodology, digital design thinking and the Innovation Lab principle, these are tools as a CDO that we have in our hands in order to transform an organisation. You need somebody in the organisation that can speak the business language as well as the IT language. Investing in analytics and Big Data This is something that every central bank is moving towards. This has been labelled as a SupTech or Supervising Technology and the foundation for that is analytics. Once you have the right data, and the validity and privacy of that data is checked, then we can deploy multiple tools on it in order to make it meaningful information. INTELLIGENTCIO 45 45