Companies attempt to create competitive advantage in many ways; new product development is one of them. In finance, new product development is the orchestrated effort to provide an answer to the challenges faced in the industry to satisfy customer needs through innovative solutions. Inventing a new offer, gaining regulatory approval, implementation of systems or establishing a cost effective, competitive business processes that delivers value to the customers; product development plays an important role in core strategies of financial services.

Industry estimates indicate that financial segment in the Middle East and North Africa spent approximately $12.8 billion on IT products and services in 2014, an increase of 2.7 percent over 2013 revenue of nearly $12.5 billion. Other trends indicate that banks in the Gulf are investing in robust externally developed software to transform their legacy systems to keep up with the rapid pace of the modern technologically-driven market.

Consumers trust in financial firms is eroding, while their expectations have increased. Financial services are not traditionally known for innovation but intense competition in today’s market place means that institutions must seek every advantage to gain market share. Whilst innovative products can often provide that edge, the key to long term success is to produce a constant stream of innovations so that gains are consistent and repeatable.

Product Development in Financial Services will bring together strategy-makers from the leading banks, insurance companies, asset management companies and financial institutions to discuss the latest trends and developments in product development, design, distribution and administration.

Taking place on the 11 – 12 October 2015 at Riyadh, Kingdom of Saudi Arabia will cast special emphasis on areas which lead to further business growth and profitability.