DUBAI, United Arab Emirates--()--EFMA, a leading non-profit retail banking association, and consultancy Oliver Wyman have organized senior briefings with banking executives to discuss the opportunities and threats for retail banks in the GCC. Oliver Wyman models see banking revenues in the region quadrupling over the next 20 years, ahead of growth in developed markets. Greg Rung, Partner in Oliver Wyman’s Retail & Business Banking Practice will provide an overview of the revenue growth potential of the region, the institutional requirements for realizing it, and the strategic imperatives for GCC banks, in both their domestic and foreign markets.
Differences in future growth rates mean that the picture of global banking will fundamentally change soon, with emerging markets contributing as much banking revenue as developed markets. Oliver Wyman sees developed markets’ share of global banking revenues falling from 77% in 2010 to 55% by 2030.
The GCC has entered a critical growth phase, and retail banking will be the largest part of revenue growth in the region. As the economy grows, both consumers and small businesses become credit-worthy, and retail lending begins to take off. Some parts of the retail business remain underdeveloped, however, such as mortgages and business banking in Saudi Arabia.
“In order for this growth to happen, there is the need for certain enablers “ explains Greg Rung, author of the research and host of the Dubai and Doha meetings. “A good infrastructure, free competition, efficient legal processes and regulation and political stability are necessary for the retail banking sector to develop with no hiccups.
Michael Pearson, a strategy and corporate development expert and author of the Efma report “Innovation in Retail Banking” will add to the debate by discussing innovations in retail banking worldwide.
As a global not-for-profit organisation, Efma brings together more than 3,300 retail financial services companies from over 130 countries. With a membership base consisting of almost a third of all large retail banks worldwide, Efma has proven to be a valuable resource for the global industry, offering members exclusive access to a multitude of resources, databases, studies, articles, news feeds and publications. Efma also provides numerous networking opportunities through working groups, online communities and international meetings.
For more information: www.efma.com
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in 50+ cities across 25 countries, Oliver Wyman combines deep industry knowledge with specialised expertise in strategy, operations, risk management and organisation transformation. The firm's 3,000 professionals help clients optimise their business, improve their operations and risk profile, and accelerate their organisational performance to seize the most attractive opportunities. Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC). For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.