ABJ holds third quarterly briefing

AMMAN — The Association of Banks in Jordan (ABJ), in cooperation with Ernst and Young Company (EY), on Monday held its third quarterly briefing for 2024, focusing on data management as the anchor of banking services’ future.

The briefing was attended by bank chairpersons, general managers, CEOs from member banks, EY experts and specialists.

ABJ Chairman Bassem Khalil Salem highlighted the significance of data management as a key pillar of the financial future, stressing the importance of continuous cooperation to enhance the financial sector.

“Data has emerged as one of the most crucial asset for institutions, while technological advancements are reshaping the dynamics of the banking industry,” ABJ General Manager Maher Mahrouq said.

Mahrouq stressed the pivotal role that data plays in shaping the future of the banking sector, praising the Central Bank of Jordan's (CBJ) commitment to developing the banking sector in the Kingdom and enhancing its ability to keep pace with international technological developments.

He also noted that data has become a critical factor in banks’ ability to excel in the market through improving operational efficiency and facilitating regulatory compliance. 

The general manager noted that the banking sector is undergoing a "major transformation" due to rapid technological advancements, making data an “indispensable tool” for improving customer experience, uncovering new opportunities, and enhancing risk management more effectively.

Mahrouq also said that technological advancements, particularly artificial intelligence, are significantly reshaping the banking sector by providing innovative solutions through big data analysis and future trend forecasts, thereby improving banks' capacity to make well-informed strategic decisions.

Risk management and financial regulation specialist Abdullah Mubarki said: “Artificial intelligence and digital transformation are no longer  technical tools but essential elements for achieving sustainable growth in the banking sector.”

The CBJ also announced its leading position in the Maya Declaration Award, granted by the Alliance for Financial Inclusion (AFI). The Maya Declaration is a global initiative launched by the AFI in 2011 to achieve sustainable inclusion in the financial market.

This recognition came as a result of the central bank’s pioneering role in promoting financial inclusion and expanding access to financial services for all segments of society.