Where do you see the future of finance headed in the Middle East in the next 5 years?

I believe the finance sector in the Middle East, particularly in the UAE, is moving towards smarter, more intelligent solutions. The UAE will continue to solidify its role as a major financial hub, with an emphasis on simplifying banking and financing processes. This advancement towards easier access to funds, powered by technological innovation, is a trend I see persisting.

‍

Ever since AI has been introduced to the finance function, how do you think it has impacted finance professionals?

AI, in my view, is an essential tool that has reshaped the finance sector, but it's critical to remember it doesn't replace the human element. While AI offers potential for efficiency and innovation, the sector's shift towards stringent KYC and anti-money laundering measures has highlighted a gap in customer service. It's a reminder that technology should augment, not overshadow, the personal touch in financial services.

‍

With AI and digital transformation being in the picture, what sort of challenges do you see  the finance function facing in the Middle East?

The introduction of AI and digital transformation brings forth challenges, particularly in maintaining a balance between technology and human interaction. The current struggle lies in ensuring that, despite the efficiencies gained through AI, the finance sector does not lose sight of the importance of understanding and connecting with customers on a personal level. The frustrations around the impersonal nature of digital banking and the inefficiencies of the KYC process underscore the need for a more nuanced approach where technology serves to enhance, not replace, human relationships in finance.

‍

Bio

Mark Trotter is the Founder & the Managing Director at Unified Aviation, a key player in Dubai's Urban Air Mobility sector. With more than 20 years of experience in aviation and finance across the Middle East, his career has spanned significant roles, contributing to strategic planning and business development in the aerospace industry. At Unified Aviation, his leadership & strategic insights have been vital in driving growth and innovation within the organization.

‍

Where do you see the future of finance headed in the Middle East in the next 5 years?

In the next five to ten years, we'll be moving away from a very traditional approach in finance towards a more structured, compliance-driven framework. This is due to new corporate taxes and regulatory measures being implemented. As a result, finance professionals in the Middle East must adapt to increased scrutiny and the need for transparent operations. It's a huge shift that requires us to be more precise in our financial reporting and decision-making.

‍

Ever since AI has been introduced to the finance function, how do you think it has impacted finance professionals?

I find AI's introduction to finance to be a game changer. It has revolutionized finance by automating tasks and improving accuracy, thus reducing human errors. It enables us finance professionals to shift from mundane bookkeeping to strategic tasks like analysis and decision-making. This transition allows for a focus on value-driven activities, enhancing the finance function's efficiency and effectiveness.

‍

With AI and digital transformation being in the picture, what sort of challenges do you see the finance function facing in the Middle East?

The integration of AI and digital transformation brings several challenges. The reliance on third-party data providers and the need for accurate data synchronization between different systems pose significant risks. If the data isn't accurately reflected in our systems, it can lead to substantial issues in financial management and reporting. Ensuring data accuracy and integrity is a major challenge as we move towards more automated processes, highlighting the need for robust systems to manage these changes effectively.

‍

Bio

Abhishek Tak is a Finance Manager at GuestReady, a leading global hospitality and property management tech company. With over 9 years of experience in finance, Abhishek's qualifications from ACCA (UK), CIA (USA), and Accounting Tech (India) have been pivotal in his roles. At GuestReady, Abhishek has been instrumental in enhancing financial reporting and aligning the company with UAE tax regulations. His prior role as a tax advisor for high-net-worth individuals in the UK has honed his skills in navigating complex financial landscapes. Renowned for his pragmatic problem-solving approach, Abhishek's contributions have been crucial in driving GuestReady's financial growth and stability.

Where do you see the future of finance headed in the Middle East in 5 years?

In my opinion, the future of finance in the Middle East for the next five years will involve a transition from transaction processing to a greater emphasis on compliance and more partnership-oriented roles in the industry. We'll see increased adoption of digital technologies by companies to enhance efficiency and a shift towards predictive analytics. A cashless economy will likely emerge, driving fintech, payment, and blockchain innovations.

‍

With AI being in the picture, what challenges do you see the finance function facing in the Middle East?

The concern here is definitely about potential job losses in finance. Some folks are just not too keen on adapting to new technologies and learning new skills. There's a fair share of traditional thinkers in our field, and that kind of resistance to change can lead to job cuts. It's quite staggering, really; there's this estimate floating around that suggests nearly half of finance functions might become irrelevant in the next three to five years. So, to tackle these challenges with AI, it's important to upskill and dip your toes into data science. Those are the main challenges I see with AI adoption.

‍

Where do you see the future of finance headed in the Middle East in 5 years?

In my opinion, the future of finance in the Middle East for the next five years will involve a transition from transaction processing to a greater emphasis on compliance and more partnership-oriented roles in the industry. We'll see increased adoption of digital technologies by companies to enhance efficiency and a shift towards predictive analytics. A cashless economy will likely emerge, driving fintech, payment, and blockchain innovations.

‍

Bio

Shafeeka Salim is a Finance Business Partner at Hello Chef, UAE's leading meal kit company. With over 9 years of expertise in accounting and financial management, she excels in developing financial policies, risk management, and process enhancements to ensure corporate stability. Her achievements include leading cost-saving initiatives and process migrations, contributing significantly to operational efficiency. Shafeeka's strategic approach and analytical skills have been pivotal in supporting Hello Chef's growth, showcasing her commitment to excellence and innovation in finance.