KPMG and Oracle discuss the future of banking in Kuwait

Members from KPMG in Kuwait and Oracle took the platform with dignitaries from several renowned organizations to discuss their ideas and insights pertaining to banking and financial services in the country.

Kuwait — At a joint event held at Four Seasons Hotel, Kuwait, esteemed members from KPMG in Kuwait and Oracle took the platform with dignitaries from several renowned organizations to discuss their ideas and insights pertaining to the future of financial services and the banking sector in Kuwait.

Organizations are using new and emerging technologies to maintain competitive advantage and succeed in their digital transformation journeys. To help businesses navigate this disruption, KPMG has built a strong global network of alliances with some of the world’s leading technologies, data and cloud services companies. In partnership with Oracle, we look forward to expand our existing global reach and strengthen our abilities within Kuwait to help clients build a future that is successful, sustainable and digital, said Dr. Rasheed Al-Qenae, speaking about the current business landscape in Kuwait.

KPMG has a decade-old relationship with Oracle that spans across 20 countries and 40+ KPMG member firms. KPMG, along with Oracle, provides leading-edge innovation, functional, geopolitical and industry expertise, tax, audit and consulting know-how and risk, compliance and security knowledge to help clients achieve long-lasting, sustainable and secure competitive advantage.

The highlight of the event was the panel discussion among Dany Gemayel (Oracle Cluster Leader), Amit Lalloo (Financial Services Subject Matter Expert), Mohamed Qasim (Kuwait Sales Leader) Nasser Sattar (Head of Advisory, KPMG in Portugal), Bhavesh Gandhi (Head of Financial Services, KPMG in Kuwait) and Majid Makki (Head of Management Consulting and Technology Advisory, KPMG in Kuwait).

One of the key points that emerged from the discussion was that a lot of businesses, particularly in the financial, banking, fintech and e-payment sectors, are struggling to facilitate the necessary business transformation. As the said sectors look to redesign their core processes in pursuit of expansive targets, there is an increasing need for radical digital transformation, prioritisation of customer experience and maximum utilization of data and analytics.

KPMG takes a business-led approach to technology implementations. Leveraging Oracle technology, we help our clients transform business operations to become more efficient and gain competitive advantage. Our advisors have years of experience in assisting clients to maximize the return on their historic and future Oracle technology investments. Together with our alliance partners, we continue to serve your global needs, regardless of project size or geographic spread. Working as one team, we can augment our delivery capacity to ensure we deliver ideal results anywhere, anytime, said Majid Makki.

KPMG’s industry-centric approach and cutting-edge technology, supported by its trusted network of alliances, can help businesses achieve a long-lasting, sustainable and secure competitive advantage. We have listed some of the key solution areas below:

KPMG Powered Enterprise | Finance (ERP)

How businesses leverage their data plays a key role in determining their susceptibility to future threats. KPMG Powered Finance, along with Oracle Fusion Cloud Enterprise Resource Planning  (ERP), helps organizations make the most out of their data and enables them to assess how they can adapt to change and drive business agility.

KPMG Powered Enterprise | Enterprise Performance Management (EPM)

Powered EPM helps organizations futureproof their business, keeping in mind the disruptions that may occur in the foreseeable future. Once organizations make the move to cloud, the teams at KPMG in Kuwait can help align performance and overall strategy, assess forecasts and help determine if organizations are spending more time gathering data than analyzing their business. The KPMG EPM model works in tandem with the Oracle Fusion Cloud Enterprise Performance Management (EPM) to help drive enhanced return on investment (RoI) and continued growth.

KPMG Powered Enterprise | Human Resources (HR)

Considering the ever-evolving nature of the threat landscape, it is important that businesses reshape their workforce based on concrete evidence. Together, KPMG Powered HR and Oracle Fusion Cloud Human Capital Management (HCM) can help organizations determine the right way to drive digitization in HR and how to engage their workforce to drive the most value.

KPMG Powered Enterprise | Procurement

This pre-built target operating model works in harmony with Oracle Fusion Cloud Procurement, part of Oracle Cloud ERP, and can support businesses in understanding how they can use procurement to unlock transformation, drive better value with richer spend analytics and facilitate virtually seamless change, among other things.

KPMG Powered Enterprise | Supply Chain Management

Enabled by Oracle Fusion Cloud Supply Chain & Manufacturing (SCM), KPMG Powered Supply Chain helps prepare businesses for the future. It supports organizations in discerning whether or not their end-to-end supply chains are working as one virtual organization, if they are able to identify and mitigate potential threats pertaining to supply continuity, and whether their product movements are driven by actual or forecast demand.

The event highlighted that KPMG in Kuwait intends to provide leading-edge innovation, functional, geopolitical and industry expertise, tax, audit and consulting know-how, and risk, compliance and security knowledge to help businesses in the country drive successful transformations and continued growth.

As the event drew to an end, Dr. Rasheed Al-Qenae, Managing Partner, KPMG in Kuwait added, “I would also like to thank and acknowledge the panelists as well as the clients who attended this event and had a meaningful conversation around how they can work together to enable ongoing success and business performance.

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