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DUBAI / Emirates Business
Pressure is mounting on regional banking and financial institutions to accelerate the adoption and digitisation of processes as the dem-and for cutting-edge online bank- ing from millennial consumers continue to rise.
In order to remain competitive, swift response to the evolving consumer needs is paramount as more and more customers are now expecting their respective banks to be at the forefront of effective and efficient technological transformations. In a detailed report by Al Masah Capital Limited titled, Digital Banking – ME Trends, digitisation continues to take the global economies by storm.
As a revolution whose uptake in the Middle East and North Africa (“MENAâ€) has gathered noticeable momentum, the digitisation of core financial and banking processes can no longer be termed as a passing phase.
Unprecedented disruption is steadily engulfing the regional banking and financial services space with the private sector, governments, and individuals realigning their inward and outward operations in line with the day-to-day needs of the customer.
The MENA region offers compelling and promising opportunities for the banks and other financial institutions, with the United Arab Emirates and Saudi Arabia emerging as two of the most active markets in the development of a digital ecosystem.
In terms of adoption, the UAE is now leading the pack regionally with an impressive 16.4 % in digital penetration. It is followed closely by its smaller neighbours, Bahrain with 13.6%, followed by Saudi Arabia with 11.5%.