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The Future of Banking in the Middle East

Digitalisation has gone beyond a move to get ahead of the competition; it is now a basic part of staying in business. This report investigates the impact of digitalisation on banks in the Middle East today and the opportunities it will bring for the future.

Ignoring or deferring digital innovation is not a viable option for any business that is serious about longevity. Where previously a trusted brand name could attract and retain clients, the more digitally savvy generations now demand instant access, transparency, convenience and lower transaction costs.

Consumers expect businesses to serve all of their needs quickly and effectively and those with unreliable, slow technology and poor consumer experiences will not last. These trends will only increase as younger generations enter the financial services markets and begin to inherit family wealth.

Which Banks Will Win The Race To Digitalisation?

We are currently in a race against time before the big digital companies are able to operate like a bank. Middle East Banks have huge potential to gain market share; the bank that wins will become a digital giant before the digital giant can become a bank. To do so, banks will need to be able to operate efficiently at scale, use and understand their customer data better than anyone else, understand their customer needs fully and make use of analytics and artificial intelligence to anticipate and service client needs better than the competition.

Download the full whitepaper here and learn more about the future of banking in the Middle East today.

Key Ideas

  • Digitalisation has gone beyond the point of simply getting ahead of competition
  • Studies show that around 84% of digital innovation projects fail
  • Fintech partnerships may be the key to success