About 80% of business transformation projects in the banking sector in the Middle East face difficulties in achieving success, says a whitepaper.

 

Moreover, becoming a sustainable bank is about much more than ensuring the firm is compliant with new regulations – it demands a full business transformation, says the whitepaper titled 'How to Build a Sustainable Bank in the Middle East' brought out by the London Institute of Banking & Finance (LIBF) Mena.

 

By addressing this pressing challenge, LIBF Mena offers invaluable insights on how to navigate and succeed in transformation initiatives. The report also expertly explores the megatrends that banks must tackle in the ever-evolving financial landscape, providing readers with a clear roadmap for adapting to the dynamic industry shifts.

 

Major trends

This comprehensive report delves into the major trends and obstacles that banks and other financial institutions face, shedding light on the shift towards environmental, social, and governance (ESG) practices and the ways in which they can grasp business opportunities associated with them.

 

A key focus is the three fundamental shifts encompassed in ESG, emphasising the urgency for banks to integrate sustainability principles into their core operations. The paper explores the significance of environment and social risk management, highlighting how banking decisions can significantly impact the economies they serve.

 

Comprehensive guide

"LIBF Mena firmly believes that banks must not underestimate the magnitude of change required to thrive in this transformative era," stated Kareem Refaay, Managing Director at LIBF Mena. "Our whitepaper serves as a comprehensive guide to help banks proactively embrace sustainability and shape a prosperous future."

 

With its wealth of insights, 'How to Build a Sustainable Bank in the Middle East' is a must-read for industry leaders, policymakers, and banking professionals seeking to propel their institutions towards a sustainable and successful future.-- TradeArabia News Service