While the GCC region remains a technologically sophisticated BFSI market, many financial institutions are still missing out on the digital innovations that are radically changing business models and redefining customer experiences.
Digital-only banking is a new wave that is expected to change the way the banking industry works, with concepts such as card-less payments, blockchain and robo-advisory rapidly becoming the biggest disrupters in the finance sector.
In the past, the financial technology (FinTech) revolution stagnated in its nascent stage in the MENA region because of government regulations, a lack of customer confidence and insufficient technical support. However, the tide is now changing.
In a recent survey, half of the banks they polled have budgeted between $5 million and $20 million for digital initiatives that include automation, channels, customer journeys and new technologies. Around 78% of GCC customers indicated that they would be willing to switch banks for a better digital banking experience. This means that the onus is now on banks to invest in the appropriate IT solutions, in order to ensure business continuity and retain customer loyalty.
Naseba conducted research with over 200 BFSI decision makers, including CIOs, COO, Heads of Innovation and IT Directors from the GCC region.
The research objective was to answer the following questions:
This report answers these questions and provides valuable insights for any decision maker looking to understand the demand for enterprise financial technology in the region.