Features
The Role of Technology in Elevating Quality and Sustainability
By: Gautam Aggarwal, Managing Director of Gautam Rice
In today’s fast-evolving food and beverage (F&B) sector, the role of technology has moved beyond convenience to become a cornerstone for quality assurance, sustainability and operational efficiency.
Gautam Rice, the UAE’s most-consumed brand of basmati rice and the country’s largest importer of basmati rice – as well as a leading rice distributor across key regional markets – exemplifies how leveraging advanced technologies can elevate traditional practices and meet the shifting demands of modern consumers.
At the heart of our commitment to premium quality is the integration of cutting-edge technology in our rice milling and quality control processes.
One of the pivotal innovations is the use of SORTEX machines. Considered the gold standard in rice milling, SORTEX machines are equipped with advanced cameras and AI-driven systems to meticulously sort and remove impurities, discoloured grains and other unwanted particles.
This is achieved by using precise “air bullets” – ensuring each batch meets stringent quality standards. Additional quality control equipment such as moisture metres, whiteness testers and length graders help guarantee the consistency and integrity of each and every grain.
Quality isn’t just a standard – it’s a promise made possible through the smart integration of technology. This precision-driven approach ensures consumers receive the finest quality rice in every bag, reinforcing our commitment to excellence.
Sustainability through technological integration
Sustainability in the F&B sector is not just about green initiatives; it’s about embracing innovative solutions to reduce environmental footprints.
We’ve embedded sustainability into our core by incorporating solar power in our production facilities in India, significantly cutting down on carbon emissions.
Beyond energy, we’ve reimagined packaging processes with a focus on recyclability. By using recyclable materials and implementing a circular recycling programme, we’re able to collect and repurpose used rice bags for multiple industries, minimising waste and promoting eco-friendly practices.
This commitment to sustainability is a strategic initiative where technology plays a crucial role. With growing global concerns about the environment, we aim to set an example of how technology-driven sustainability can align with operational goals.
For many F&B companies, the challenge lies in finding the right balance between traditional practices and technological advancements. At Gautam Rice, we strike this balance. A key traditional practice we uphold is ageing rice for two years, for example. This ageing process, entirely natural and technology-free, enhances the aroma, flavour and texture of the rice, resulting in a premium product, perfected through time-honoured techniques.
While the ageing process remains deeply rooted in tradition, we also leverage data analytics and advanced sorting technologies to maintain consistency, quality and efficiency in other areas. This dual focus on tradition and technology enables us to preserve our legacy while innovating for the future.
Data analytics drive efficiency
The modern supply chain is a complex network, and in the competitive landscape of the F&B industry, having a robust system for demand forecasting and procurement planning is crucial. We’ve embraced data analytics to gain valuable insights into market trends and consumer behaviour. This data-driven approach enables us to optimise our distribution network and plan procurement in advance, reducing waste and ensuring product availability across markets like the UAE, Oman and KSA.
In a region characterised by dynamic market demands, proactive use of analytics not only drives efficiency but also fosters agility in meeting consumer needs.
Packaging is a vital component in maintaining product integrity, especially during long-distance shipments. We’ve made significant strides in packaging by adopting multi-layer food-grade solutions that provide superior protection against moisture and contamination. All packaging materials are food-controlled and certified for safety.
As with many other business areas, the global F&B sector is clearly undergoing a digital transformation to keep pace with changing consumer expectations and supply chain complexities. Our approach to digital transformation is comprehensive. By using data analytics, remote work setups and digital tools, we maintain seamless communication and operational efficiency. In an industry where adaptability is key, our investment in digital solutions enables us to stay agile and responsive to market dynamics.
The importance of technology in the F&B sector cannot be overstated. For companies like ours, leveraging technology is not just about staying competitive; it’s about elevating quality, ensuring sustainability and meeting the evolving expectations of consumers. By combining traditional practices with advanced technology, Gautam Rice has set a high standard in the industry – highlighting how technology can be harnessed to create a better, more sustainable future for all.
Features
Tailoring Strategies for the Modern Client Through Collaborative Wealth Management
By Akshay Sardana, VP of Strategy & International Development, Continental Group
Wealth management has undergone a transformative shift. It is no longer confined to the realms of mere asset accumulation and now embraces a holistic approach that addresses the diverse and evolving needs of clients at every financial stage. With the growing recognition that each client’s financial journey is unique – shaped by their life goals, aspirations, and challenges – wealth management isn’t just about managing money anymore; it’s about creating a tailored financial blueprint that adapts to the client’s changing needs over time. Today’s wealth management landscape offers a compelling opportunity for financial institutions to reimagine their role.
Meeting clients where they are
At the heart of modern wealth management lies the principle of personalization. Clients today expect more than cookie-cutter solutions. They are looking for strategies that truly align with their personal goals and circumstances. Whether they’re focused on growing their wealth, preparing for retirement, or managing complex tax situations, the emphasis is now on creating financial plans that are as unique as the individuals themselves.
This tailored approach begins with a deep understanding of the client’s financial situation. It’s not just about crunching numbers – it’s about having meaningful conversations to uncover what matters most to them. This depth of insight allows wealth managers to create financial plans that are both solid and adaptable, ready to evolve as life changes.
Take, for instance, a client whose primary objective is ensuring their family’s financial safety. For them, insurance becomes more than a product – it’s a cornerstone of their financial strategy. It offers peace of mind, acting as a safety net against unforeseen events. Integrating such protection isn’t always straightforward, but with the right expertise, it can seamlessly complement their broader wealth plan, reinforcing their sense of security.
Insurance often gets sidelined in wealth management discussions, yet it’s a quiet powerhouse in protecting and preserving wealth. Beyond offering peace of mind, it acts as a crucial safety net against life’s unexpected turns. Navigating its intricacies, however, isn’t always straightforward. This is where having the right expertise – especially through well-aligned partnerships – can transform a complex task into a seamless part of a client’s financial strategy.
Navigating complexity with trust and expertise
Incorporating these varied financial elements isn’t just about ticking boxes – it’s about delivering a seamless experience where every aspect of a client’s wealth is interconnected. Whether it’s guiding a client through turbulent markets or helping them plan a legacy that spans generations, the goal remains the same: creating strategies that are both resilient and deeply personal.
Take multi-generational wealth transfer as an example. It’s not just about passing down wealth; it’s about doing so in a way that respects family dynamics, minimizes tax burdens, and ensures long-term sustainability. Such intricate planning requires more than just surface-level expertise. It calls for a collaborative approach where wealth managers, legal experts, and tax specialists work in harmony, each bringing their unique insights to the table. This kind of collaboration ensures that clients receive well-rounded, informed advice tailored to their specific needs.
But expertise alone isn’t enough. Today’s clients are savvy. They want transparency. They need to know that every decision made on their behalf is clear, ethical, and in their best interest. This is why trust is everything. It’s built through open, honest conversations where clients feel fully informed about their options. When clients trust that their advisors are not only skilled but also acting with integrity, that’s when true long-term partnerships are forged. In wealth management, this trust is what sets apart good service from exceptional, ensuring clients feel secure and confident in every step of their financial journey.
The role of education and adaptability
A critical part of building this trust is education. Clients today are more informed than ever, and they expect clarity in every aspect of their financial journey. When we demystify complex concepts – be it investment strategies, tax implications, or insurance options – we empower clients to make decisions with confidence. Transparency in this process isn’t just about ticking regulatory boxes; it’s about fostering a genuine, lasting partnership where clients feel truly understood.
But trust doesn’t stop at education – it extends to how we handle change. The financial world moves quickly, and so do our clients’ lives. Whether it’s a shift in market conditions, change in government regime, or a personal life event, being able to adapt is crucial. Flexibility is what allows us to keep our clients’ plans on track, ensuring their financial goals remain within reach despite the uncertainties. This adaptability isn’t about reacting; it’s about anticipating, staying one step ahead, and guiding clients through both calm and turbulent times with confidence.
When you’re managing the intricate financial needs of any client, the stakes are high. And, so, it is becoming increasingly clear that the future of wealth management lies in collaboration between innovative institutions. It will be about blending expertise with transparency, ensuring every decision is informed and every plan resilient. Financial institutions have a unique role in this journey – not as isolated service providers, but as part of a collaborative ecosystem.
Features
Rethinking customer engagement: How banks can thrive in a digital-first world
By Hetarth Patel, VP – Growth Markets (MEA, Americas, APAC), WebEngage
The banking sector in the MENA region finds itself at a critical crossroads. On one hand, the macroeconomic environment is conducive to growth – favorable policies, rising consumer spending post-COVID, and a surge in demand for housing and auto loans. On the other hand, foundational banking metrics like the growth of Current Account Saving Accounts (CASA) tell a sobering story. This is more than just a balance sheet concern; it signals a deeper issue of customer engagement and trust.
Customers are increasingly holding cash or turning to alternative investment vehicles like fintech products. This shift raises an important question for banking leaders: how can banks retain relevance in a landscape where digital-first competitors are capturing customer mindshare and, more importantly, their funds?
The challenge is not limited to deposits. Consumer banking, despite the growth in financing, remains sluggish with segment growth hovering around 5-6%. This is a stark contrast to the growing appetite for personal loans, driven by lifestyle demands and a recovering economy. What’s missing is a cohesive strategy that marries digital transformation with deep customer engagement.
Digital transformation demands more
For years, digital transformation in banking has been synonymous with offering online services – primarily web-based portals for transactions and utility bill payments. While this was revolutionary in its time, the digital age demands more. The shift from internet to mobile banking is underway, evidenced by a 13% annual growth in mobile transactions. However, this shift is not translating into increased app adoption. A mere 10% of a bank’s customer base engaging with its app is a missed opportunity, one that speaks volumes about the current digital experience banks are offering.
Banking apps often suffer from uninspired interfaces, a lack of engaging content, and generic offers that fail to resonate with individual customers. For instance, consider a customer who spends significantly on travel. Instead of offering generic dining discounts, targeted travel-related offers could create a more relevant and engaging user experience. Similarly, nudges like reminders to pay credit card bills before incurring late fees, or velocity-based insights to offer small loans when account balances are low, reflect the potential for meaningful, personalized interactions.
Retention and engagement technologies have the power to transform this narrative. These tools are not about superficial engagement but about building meaningful relationships with customers at every touchpoint. Personalized reminders for upcoming festivals paired with relevant financial products, like promoting lower interest rates on loans during Ramadan, demonstrate how nuanced customer insights can drive engagement and loyalty.
A well-executed retention strategy can boost app subscriptions to nearly 10% annually, expand the digital user base by 20-30%, and even reverse the negative trends in internet banking usage. More critically, it can revitalize CASA, driving upto 5-8% increase in current account deposits – a lifeline for banks aiming to enhance their lending capabilities.
Customer journey mapping is key
The transformation mustn’t stop there. The absence of robust customer journey mapping in many banks today represents another missed opportunity. Understanding how customers interact with banking services, identifying friction points, and proactively addressing them can redefine the customer experience.
For example, consider the journey of a customer opening a secondary account with a bank. The account setup might be efficient, but without ongoing engagement – such as personalized updates on spending trends or tailored financial advice – the relationship risks going dormant. Post-onboarding interaction and targeted engagement are weak – and in some case, missing – links today.
The insurance arm of banking is equally ripe for disruption. Persistency ratios, particularly in auto insurance, hinge on timely and relevant engagement. Connecting with customers well before their Mulkiya renewal ensures brand recall and increases the likelihood of policy renewal with the same provider. Also, real-time service enhancements, like reducing wait times at hospitals or pharmacies through proactive system responses, can significantly improve the customer experience.
This principle applies across other insurance verticals as well – health, life, and critical illness. For expatriates, trust often resides with brands from their home countries. Local insurers have a dual challenge: building trust and educating potential customers. Here too, retention technology plays a pivotal role – analyzing churn patterns and enhancing real-time service delivery can drastically improve renewal rates and customer satisfaction.
Competing with fintechs through agility
In this race towards digital excellence, the aspiration for many traditional banks is clear: to compete with, and even outperform, fintechs. Brands like Halan and ValU are showing encouraging signs in the MENA region and have become benchmarks or sorts because of their retention strategies. However, calling oneself a neobank or launching a fintech arm is not enough. True fintech agility requires organizational transformation – embracing data-driven decision-making, fostering a culture of rapid iteration, and prioritizing customer-centric innovations.
The future of banking is one where customer relationships are not transactional but relational. Banks that invest in retention and engagement technologies will find themselves at the forefront of this evolution.
Features
Transforming Internal Audit: A Strategic Imperative for Middle East Fintech
By Sanjay Rajagopalan, Managing Director, Protiviti Member Firm for the Middle East region
A transformative wave is sweeping across the financial landscape in the Middle East. Our region, long known for its oil wealth and traditional banking strongholds, is rapidly emerging as a global fintech hub. From the gleaming towers of Dubai International Financial Centre to the innovative startups in Riyadh and the tech incubators of the Abu Dhabi Global Market, we are witnessing a digital renaissance that promises to reshape our economic future. Yet, as we stand on the edge of this exciting new era, we face a critical challenge that demands our immediate and urgent attention: the evolution of internal audit standards in the face of technological disruption.
The fintech revolution signifies a seismic shift that’s redefining our financial systems. Blockchain technology is challenging traditional notions of transaction verification. AI is revolutionizing credit scoring and risk assessment. Big data analytics are providing unprecedented insights into consumer behaviour and market trends. In this rapidly evolving landscape, our traditional approaches to internal auditing are quickly becoming obsolete.
As leaders in the Middle East‘s financial sector, we must recognize that this technological shift presents both immense opportunities and significant risks. The potential for growth and innovation is considerable, but so too are the challenges of cybersecurity, data privacy, and regulatory compliance. In this context, the global evolution of internal audit standards is essential to our region.
A Strategic Shift in Internal Auditing
The new Global Internal Audit Standards represent a more integrated and strategic approach of the auditor’s role in the digital age. No longer can we view internal auditing as a retrospective and siloed function, focused solely on financial reporting and compliance. Instead, we must embrace a forward-looking, strategically oriented approach that positions internal audit at the very heart of our organizations’ decision-making processes.
This strategic shift encompasses several key dimensions. First and foremost is the move towards proactive risk management. In the fast-paced world of fintech, waiting for risks to materialize before addressing them is a luxury we can no longer afford. Our internal audit functions must evolve to become proactive risk management partners, working together with executive leadership to anticipate and mitigate potential threats before they emerge. This requires a deep understanding of both technological trends and the unique regulatory landscape of the Middle East.
Equally crucial is the integration of technology into the audit process itself. As our fintech firms leverage increasingly sophisticated technologies, our auditors must become technology experts. They need to understand not just the mechanics of blockchain or AI but their strategic implications for our businesses. This technological proficiency will enable our auditors to provide valuable insights on everything from system vulnerabilities to the ethical implications of algorithmic decision-making.
The focus on operational efficiency is another crucial aspect of this evolution. In the competitive world of fintech, operational agility is vital to success. The new audit standards emphasize continuous auditing and real-time monitoring, leveraging advanced analytics to provide timely insights that can drive operational improvements. By embracing these approaches, our internal audit functions can become catalysts for innovation and efficiency across our organisations.
Perhaps most importantly, the evolving standards call for internal audit to align closely with organisational strategy. Internal auditors must understand the ‘how’ of our operations and the ‘why’ – the strategic goals and market positioning that drive our decision-making. Only then can they provide valuable insights that help steer our organisations toward long-term success.
The Urgency of Adaptation
The need for change is urgent, particularly in our region. The Middle East’s fintech sector is growing at an unprecedented rate, with investments pouring in from local and international sources. Our regulatory bodies, from the UAE’s DFSA to Saudi Arabia’s SAMA, are developing innovative frameworks to support this growth. In this dynamic environment, we must maintain our internal audit practices. The cost of inaction is high. Firms that fail to adapt risk not only regulatory non-compliance but also strategic obsolescence. In a sector where trust is paramount, robust and forward-thinking internal audit practices are essential to maintaining investor confidence, consumer trust and stakeholder expectations.
A Roadmap for Transformation
Transforming our internal audit functions to meet these new challenges will require concerted effort and strategic investment. A comprehensive roadmap for change must begin with a focus on talent. We need to attract and retain auditors who are both financially savvy, technologically proficient, and strategically minded. This may involve rethinking our recruitment strategies and investing heavily in ongoing training and development for upskilling people.
Hand in hand with this focus on talent must come a wholehearted embrace of technology. Our audit functions need to be at the forefront of technological adoption. This means investing in advanced analytics platforms, AI-powered audit tools, and robust cybersecurity systems. These technological investments will not only enhance the efficiency of our audit processes but also ensure that our auditors are equipped to understand and evaluate the cutting-edge technologies being deployed across our fintech sector.
Fostering collaboration is another crucial element of this transformation. Breaking down silos between internal audit and other organizational functions is essential. We must create cultures where auditors work closely with IT teams, risk management professionals, and business strategists. This collaborative approach will ensure that our audit functions have a holistic view of our organizations and can provide insights that are truly valuable at a strategic level.
Our audit methodologies too, must evolve to become more agile, risk-focused, and forward-looking. This may involve adopting new frameworks that emphasize continuous auditing and predictive risk assessment. Moving away from periodic, retrospective audits towards a model of ongoing monitoring and analysis, we can ensure that our audit functions provide real-time insights that drive business performance.
Finally, as our audit practices evolve, we need to maintain open dialogues with regulatory bodies to ensure alignment and contribute to developing supportive regulatory frameworks. The Middle East has the opportunity to lead the way in crafting regulatory environments that foster innovation while maintaining robust risk management practices. Our internal audit functions can be crucial in shaping these regulatory conversations.
A Call to Action
The evolution of internal audit standards presents an opportunity for change. By embracing this change, we can keep pace with global best practices and define the future of internal auditing in the digital age. As leaders in the financial technology space, we must champion this transformation within our organisations. We must allocate the necessary resources, drive cultural change, and position internal audit as a strategic partner in our journey toward innovation and growth. The path ahead is challenging, but the rewards are immense. By revolutionising our approach to internal auditing, we can build more resilient, efficient, and trustworthy financial institutions. We can create an environment that fosters innovation while maintaining the highest risk management and corporate governance standards.
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