Whitepaper
Digital Banking Adoption in the Middle East - Present State and the Road Ahead
In collaboration with IBS Intelligence
Covid-19 has accelerated a significant shift from physical to digital transactions in the Middle East. As the customer behaviour and expectations continue to evolve, they are demanding a better experience from their banks.
A report by IBS Intelligence & Tagit delves into the emerging trends and challenges faced by the banks and what they must do stay relevant, create connected experiences with their customers and chart a digital strategy to
transform their organization from within.
Forging a success digital transformation strategy
The flourishing start-up and innovation culture in the Middle East is a wake-up call for the incumbent banks who are yet to formulate and act on their digital strategy. An ambiguous digital strategy, the burden of legacy infrastructure, and competition from the nimble fintech players will be detrimental to the growth of the incumbent banks.
A survey carried out amongst senior bankers in the Middle East, highlighted many banks are encumbered by legacy systems, lack of clear digital strategy, unscalable architecture, lack of and robust security.
Banks with a better understanding of customer requirements and technological competencies to meet them will have a competitive edge. Now is the time for banks to augment and enhance their capabilities by collaborating with capable ecosystem partners and technology suppliers for improving their competitiveness and future preparedness
The whitepaper covers the following:
- State of Digital Banking in the Middle East
- Emerging Digital Banking Trends in the Middle East
- Challenges Faced by Banks
- Digital Banking Adopters Gain Competitive Edge
- Way Forward
“Digital Banking requires a loosely coupled open architecture that can scale easily, and it offers flexibility and agility in introducing new business initiatives. Service components in this architecture should be fully re-usable, must fuel innovation, and produce quicker business outcomes at lower costs.”
– Head – Digital Services & Architecture,
Mashreq Bank
