These Are Exciting Times
MENA's banking industry is in the midst of an unprecedented overhaul that promises to fundamentally change the way the region saves, spends, and transacts. The Middle East isn't just one of the world's fastest growing markets when it comes to banking, it is one of the most rapidly changing. The banking population is becoming younger, more tech savvy, and more demanding, spurring the development of a product offering that is both diverse and unmistakably digital. From fintech and cashless payments, to cybersecurity and data analytics, MENA's banks are preparing for a future fueled by advanced technology and fast-paced change.
The Cashless Economy
Front and center of the industrywide transformation is the topic of payments. Despite technological know-how and a smartphone penetration rate exceeding 90% in some parts, the region has remained dependent on cash and slow on the uptake where digital payments are concerned. But the landscape is changing fast.
Today, digital adoption is disrupting the value chain. Demand was already on the up pre-2020, but the COVID-19 pandemic served as a catalyst, accelerating the adoption of digital technologies among consumers and companies alike as the world steered clear of cash. Now, a plethora of new technological solutions is facilitating the growth of a cashless economy, with wearables, biometrics, QR codes, and digital wallets all in the mix.
This story is from the December 2022 edition of Forbes Middle East - English.
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This story is from the December 2022 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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