Regional banking sector to continue exponential growth in Middle East
Regional ATM market anticipated to grow by 75 percent over the next four years
12 January 2010
Dubai, UAE -The number of automated teller machines (ATMs) in the Middle East is set to grow exponentially in the coming years to reach 70,000 units by 2013, an industry expert said today on the sidelines of Middle East ATMs 2010, the region’s only dedicated ATM conference.
Noting that the banking and financial services market in the Middle East has maintained consistent growth, Dave Wetzel, vice president and managing director for Europe, the Middle East and Africa (EMEA) of Diebold, Incorporated (NYSE: DBD), a leading global provider of ATMs, said, “With the region’s banking functions becoming more sophisticated, the Middle East has emerged as an important market for the global financial self-service industry. According to a Retail Banking Research analysis, the ATM market in the Middle East is expected to grow by 75 percent over the next four years, with total number of ATMs in the region reaching 70,000 from the current tally of 40,000.”
Wetzel was one of the keynote speakers at Middle East ATMs 2010, where he discussed the significant changes that are transforming the role of the ATM and how technology was enabling secure and process-oriented branch transformation. In his address, Wetzel also called attention to the need to ensure increased ATM security.
“With ATM fraud and threats on the rise, it is imperative that financial institutions take a more proactive approach to detecting and preventing fraud attempts and attacks on their ATMs,” Wetzel said. “Ensuring a secure environment for ATM users is all the more important for emerging markets such as the Middle East, since the extent of market growth is closely linked to the level of transaction security offered to customers.”
Speaking on the sidelines of the conference, Wetzel discussed Diebold’s innovations, inspired thinking and collaborative approach during its 150 years in business, and highlighted the comprehensive portfolio of security solutions the company offers financial institutions worldwide.
“With our Opteva family of ATMs, Diebold offers the most advanced ATM security solution in the business, incorporating leading-edge security features directly into the design of the ATMs to offer protection against frauds and attacks,” Wetzel said.
Diebold has established itself as the predominant player in the Middle East ATM market. The company estimates it holds around 40 percent of the total market share in the region. Operating from its regional headquarters in Dubai, Diebold counts among its customers most of the leading banks in the Arab world.
“Diebold has been serving the region’s banking community from its Dubai headquarters for more than a decade. As the financial capital of the Middle East, Dubai offers excellent infrastructure and the right environment for financial services providers to grow and flourish, which persuaded us to base our regional operations in the city,” Wetzel concluded.
Diebold, Incorporated is a global leader in providing integrated self-service delivery and security systems and services. Diebold employs more than 17,000 associates with representation in nearly 90 countries worldwide and is headquartered in Canton, Ohio, USA. Diebold is publicly traded on the New York Stock Exchange under the symbol ‘DBD.’ For more information, visit the company’s Web site at www.diebold.com or visit www.diebold.com/150 to learn more about Diebold’s 150-year history.
Michael Jacobsen, APRMedia Relations
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Headline Public Relations Dubai