During the Banking, Innovation and Technology (BIT) Summit, high-level industry professionals in banking, finance and fintech shared their insights and challenges with a large audience. Nandan Mer, CEO of Network International, emphasized the importance of scale for companies in the digital payment business. He stated that aiming for scale provides a cost advantage and encourages innovation. Mer highlighted the challenges of scaling, requiring time, focus and dedication and shared that Network International, present in 50 markets, has 200 banks and around 200,000 merchants as its clients.

Addressing the pace and security of digital transactions, Mer stressed the need for technology to provide faster and more secure transactions globally. This is crucial in building and maintaining customer trust in digital payment solutions.

Although the UAE market is advanced in digital payments, Mer believes there is still room for growth, considering that cash transactions still account for 50% of all transactions, which is gradually shifting to digital. He expressed that there is plenty of space for new players to enter and boost the digital payment industry in the region.

In another discussion on digital transformation and customer engagement, Banali Luthra Malhotra, a Marketing and Strategy Adviser at Network International, emphasized the importance of evolving with digital-first mindsets, interpreting data, and integrating digital tools seamlessly into marketing campaigns. She also highlighted the need for leaders who foster a culture of continuous learning and innovation.

Overall, industry experts at the summit underlined the growing importance of digital transformation and the need for continuous innovation to meet evolving customer expectations.