The UAE is making headway in the Middle East and North Africa region’s digital ecosystem with 16.4% penetration, according to Digital Banking-ME Trends by Al Masah Capital.
Bahrain is next in line with 13.6% and Saudi Arabia with 11.5%. The report reads: “Digitisation continues to take the global economies by storm. As a revolution whose uptake in the Middle East and North Africa has gathered noticeable momentum, the digitisation of core financial and banking processes can no longer be termed as a passing phase.”
The MENA region has gained prominence for banks and other financial institutions, especially with the UAE and Saudi Arabia developing as two active markets in the digital space.
Chief Executive Officer of Al Masah Capital Shailesh Dash, said, “The Middle East, being no exception to the global trend, is now on the verge of a massive digital disruption. Businesses and governments are now alive to the fact that in order to optimise operating costs and resources, guarantee customer satisfaction, attract new customers, and gain competitive advantage, digital adoption is a must.”
Al Masah Capital explains the region enjoys a significant population of millenials, who are the driving force in the future of digital banking. The region is now under digital transformation in an effort to boost customer engagement and offer quality services. According to Zawya, major players are creating strong digital presence in the region with banking platforms such as the branch, ATM, e-banking and mobile banking apps.