January 30, 2021
Haytham Yassine, principal, BCG
RIYADH Digital influence in banking was already well underway prior to the COVID-19 outbreak, and a new report by Boston Consulting Group (BCG) sheds light on how recent events have accelerated this further across the segment. The report, titled ‘The Regulator’s Dilemma: Financial Innovation Within a Regulatory Paradigm,’ details how tech giants’ success in raising standards concerning online experiences has driven increased consumer demands for digital banking services in the Kingdom of Saudi Arabia (KSA).
As online services witness an uptake amongst Saudi customers, banking is fast becoming digital. As per the report’s findings, the use of digital banking channels has increased significantly across the country during the pandemic, with 43 percent of customers using online banking and 55 percent using their respective banks’ mobile app more often.
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Dubai: As online services witness an uptake amongst UAE customers, banking is fast becoming digital, according to BCG [Boston Consulting Group]
According to a recent BCG report, the use of digital banking channels has increased significantly across the UAE during the pandemic, with 42 per cent more customers using online banking and 65 per cent more using their respective banks’ mobile app more often.
Consumer expectations
This year, consumer expectations have shifted to include simpler interfaces and journeys, digital-first experiences, data-driven personalized offerings, and frictionless, on-demand access to information and services.
“COVID-19 and subsequent events that took place have increased consumers’ already ravenous appetite for digital financial services. Like many other nations across the region and wider world, this applies to the UAE as well,” said Harold Haddad, Managing Director and Partner, BCG Middle East.