1. finance
2. bank

Gulf Daily News Monday, 20th October 2014
Bahrain’s banking
T
sector showcased
21
The usefulness of
market research...
MANAMA: More than 300
banking industry leaders,
including representatives of
many US and other institutions that are looking to
invest in Bahrain, came
together at the Fairmont
Hotel Washington DC.
They were attending “The
Banks in Bahrain” reception,
organised by the Bahrain
Association of Banks (BAB)
in association with Financial
Times Business on the sidelines
of the annual World Bank/
International Monetary Fund
meetings.
The Bahrain delegation hosting the reception was led by
Finance Minister and Minister
in charge of Oil and Gas Affairs
n At the BAB reception are, from left, Mr Ainey, Mr Al Hussaini, Mr Soukarieh and Mr Yousif
Shaikh Ahmed bin Mohammed
Al Khalifa and Central Bank of Bahrain Institute of Banking and Finance (BIBF) DC, finance ministers, central bank govGovernor Rasheed Al Maraj.
director Solveig Nicklos and BAB chief ernors, chairmen and chief executives of
Al Baraka Banking Group chief exec- executive Robert Ainey received the guests. major banking groups and staff from the
utive Adnan Yousif, United Gulf Bank
Guests included Bahrain’s Ambassador World Bank and the IMF.
(UGB) chief executive Rabih Soukarieh, to the US Shaikh Abdulla bin Mohammed
A number of advisers, consultants and
National Bank of Bahrain (NBB) gener- bin Rashid Al Khalifa, members of the del- speakers who will be visiting Bahrain
al manager Hussain Al Hussaini, Bahrain egation from the embassy in Washington also made important contacts during the
reception.
“The reception in Washington
offered a unique opportunity
for investors to meet key stakeholders in Bahrain’s banking
and finance sector and learn
The summit is being held under the patronage of
MANAMA: Bahrain-based Asry has been nominated
about the advantages that
Central Informatics Organisation director-genfor the Ship Repair Innovation Award at the 2014
Bahrain offers as the gateeral for information technology Shaikh Salman
Seatrade Maritime Awards, Middle East, Indian Subway to GCC countries and the
bin Mohammed Al Khalifa. The event organiser,
Continent and Africa (MEISA). The shipyard made
region,” Mr Yousif said.
the shortlist due to its initiative called Project Jupiter, Roshcomm’s chief executive M A Sridhar, said
The event was supported by
he expects to host the largest
which aims to make Asry the regional leader in onsite
yet gathering of information
specialist contractors. The winners will be announced
the CBB and the Economic
technology (IT) security and
in Dubai on Monday. The Seatrade Maritime Awards
Development Board.
risk management gurus and
are designed to celebrate and reward excellence and
Sponsors included Ahli
thought leaders in the region,
innovation in the maritime sector across the region
United Bank, ABC, BBK,
during the three-day event at the
over the previous 12 months. Widely recognised as
Investcorp, NBB, United Gulf
Diplomat Radisson Blu Hotel,
the region’s most prestigious industry awards, the
Bank, Al Baraka, Ithmaar
Residence and Spa. “Mr Rice is
night is attended by more than 750 maritime and shipBank, BIBF and SICO.
the co-chief executive and direcping personalities and is regarded as one of the key
Many representatives of the
tor of Impervio Technologies,
networking occasions in the calendar. An independent
which is engaged in the develjudging panel made up of experts in the regional and
sponsors were present at the
opment of cognitive scripting
international maritime industry will select the award
reception and had the opporencryption systems that thwart
recipients. Project Jupiter is innovative in the new
n Mr Rice
tunity to discuss important
hacking attempts to decrypt data. business matters with the wide
approach it takes to shipyard-contractor relations in
“His illustrious background in the field of IT has
the region. While previously the dynamic between
range of guests from numerous
positioned him among the world’s leading thinkthe two was as the contractor being an independent
countries.
ers in information technology and related fields,”
service provider, Project Jupiter is based on the new
“One of our missions is to
concept that contractors should be integrated partners; Mr Sridhar added. Mr Rice said he was looking
promote the financial sector in
forward to presenting his ideas and sharing his
extensions of the service the shipyard is providing.
thoughts with the delegates on the key topics of
Bahrain both regionally and
organisational adaptability to the changing environ- internationally,” said Mr Ainey.
ment. “The conference theme is also very relevant
This was BAB’s ninth recepMANAMA: The first ever Cyber Security Summit
to the current security breaches and threats and its
tion held to coincide with the
2014 opens today in Bahrain with technology
financial impact that are being witnessed around
meetings.
guru J Bernie Rice as the conference chairman.
the world,” he added.
Asry selected for award
l Forum to probe cyber security
GE displaying advanced technologies
MANAMA: GE Oil and Gas yesterday said
it is showcasing its advanced technologies to maximise the production efficiency
of ethylene at the Ethylene Middle East
Technology Conference and Exhibition
2014 in Bahrain.
The three-day event started yesterday at
the Gulf Hotel. A sponsor of the event,
GE Oil and Gas’ Downstream Technology
Solutions (DTS) division will be demonstrating its capabilities in the refining and
petrochemical segments. The products featured include GE’s process centrifugal compressors, turboexpanders for ethylene plants,
hypercompressors for low-density polyethylene production and centrifugal pumps.
“We provide turbomachinery and compression equipment and services for the
ethylene manufacturing process that ensure
high performance efficiency for our customers,” GE Oil and Gas for the Middle
East, North Africa and Turkey president
and chief executive Rami Qasem said.
“The conference provides a forum to
develop the technical knowledge of its participants in the fast-evolving ethylene sector
through increased emphasis on operational
efficiency, sustainability and excellence.”
GE will also offer a series of thought
and technical presentations, including a
keynote address on optimising profitability
by DTS vice-president Hasan Dandashly
and DTS Marketing Executive Alberto
Rostagno presenting “Ethylene Projects
Risk Reduction.”
The company’s services project leader
Riccardo Fabbri will present a detailed case
study of the “Versalis Priolo Ethylene Plant
Major Upgrade Project”, in which GE was
recently recognised by the International
Project Management Association with its
Project Excellence Gold Level Award.
should go through, both
hose of you that have
internally and with an inderegularly used data,
pendent agency. To underinsight and feedback
stand how to use each step,
from customers to improve
we have listed questions
your products and services
that should be asked.
probably can’t even imagine
l Determine the purpose.
how you could be effective
Remember, the whole point
without it. Those of you that
of any market research
have not will be amazed at
effort is to make better
how much easier collecting
decisions than you would
and using feedback regularwithout the information.
ly makes it for you to make
‘What decisions need to be
effective decisions, obtain
made?’, and ‘Why are we
approvals, and generate and
doing this?’ are questions
report results.
that should be asked right at
Using customer feedback on
the start.
a regular basis can help you
l Identify informational objecstay on top of what your
tives. Here you determine
customers want and are exwhat you need to know
pecting from what you offer.
– this helps in setting the
It can help you determine the
stage to develop the right
features your product or serquestions to ask, and who
vice should offer, how much
to ask them to. ‘What we
customers are willing to pay
don’t know?’ or ‘What do we
for it, where and when they
wish we knew?’ are queswant to buy and use it, and
tions to ask.
determine the most effective
l Determine the audience. This
ways and channels to use to
is about determining who you
promote your offering.
want to collect data from. If
When you understand your
you want to increase uptake
customers better, you miniof a particular service, you
mise the chance of launchmay want to ask current and
ing a product or service
potential customers. ‘Who do
that won’t be successful. By
we want to ask?’ is the right
assessing customers’ satisquestion here.
faction with your product or
service and what messages
l Select the research techand campaigns are most efnique. There are a variety
fective, you can significantly
of different ways to collect
improve the rollout of a new
data – from ‘conventional’
and improved phase of what
(face-to-face, telephone,
you offer.
mail to ‘modern’ online,
Here are some things to think
email, etc). The best thing to
about when considering
look for here is what techmarket reniques will
search as a
satisfy your
tool:
informationl Research
al objectives
costs money.
at the lowAll market
est possible
AHMED AL AKBER
research
cost. ‘What
projects
is the most
need resources like time
effective way to gather this
and money. Many organiinformation?’ is the question
sations debate whether it
to ask here and make sure
is better to use that money
the independent agency you
to improve the product
are using helps you answer
rather than generating
this question.
data. However, without full Field the research. From
ly understanding what to
this point on (and perhaps
improve, investing the ‘saveven earlier), your agency
ings’ of not doing research
is probably leading on the
directly into enhancing a
project. You would want to
product may be completely
ensure they give you regfutile. I recommend setting
ular updates on how the
aside a portion of the funds,
project is going, along with
say two-five per cent for
ensuring you have provided
larger organisations, on
them with whatever informarket research.
mation they need – such as
your customer database or
l Think about how you will use
other information they have
the data. Many organisations
requested. Depending on
hire an independent agenthe size and scope of the
cy that a few months later
project, you should expect
comes back with two-inch
communication on project
thick reports with tables,
updates and troubleshoot
dozens of pages of explaany problems along the way.
nations, and large findings
l Analyse the data, and report
summaries. Collecting
and present recommendafeedback on even some of
tions. Once the analysis is
the most complex proddone, you want to ensure
ucts or services does not
that the results are presentneed to be so complicated.
ed to management as quickWherever possible, focus
ly as possible to get the recshould be put on assessing
ommendations discussed
the few main elements that
and approved. Remember,
make up the most critical
the whole point of conductneed for assessment.
ing research is to assist in
l Acting on time. Many market
making decisions on taking
research efforts are ‘point in
action – whether it’s to imtime’ studies, with feedback
prove your current products
collected at a specific period
or services or to launch
in the year. The downside to
a new product. Ideally,
that is that the research has
communicate the main
a diminishing value as time
findings of the research to
goes by. Once that research
employees, who are directly
is collected or assessed,
involved in auctioning the
organisations should review,
recommendations, so they
decide, and act on the findfully understand why they
ings as soon as possible.
are doing them.
Steps in the research process.
Mr Al Akber is the managing
Here are some steps that any
director of ACK Solutions
market research project
Marketing
Matters