• March 17, 2022

    Five Digital Shifts Impacting KSA Banks

    Banks have been adopting digitalization at a faster pace driven by the covid-19 pandemic situation that entailed surge in contactless transactions. There is an increase in number of fintechs in the recent past and new neo banks are emerging across the globe. Almost 53 per cent of the global population is expected to access digital banking by 2026, according to Juniper Research. In 2018, the Middle East received less than 1% of worldwide FinTech funding, but it is growing at...

  • September 20, 2021

    Changing consumer habits amid COVID-19 accelerates decline of Saudi Arabia bank branches

    Bank branches operating in Saudi Arabia have reduced by 4.6% y/y in Q2 2021 to 1,969 branches (SAMA). The number of branches had been on a year-on-year declining trend since Q3 2020, with the current quarter posting the highest decline. The number of ATMs has also decreased by 9% y/y in Q2 2021. Operational considerations and uptake of digital banking, accelerated by COVID-19, seem to have contributed to the trend. Total Bank Branches in Saudi Arabia Source: SAMA According to...

  • August 24, 2016

    Should GCC banks be wary of Fintech entry?

    The western countries, especially the US, have adopted technology at a much faster pace than the rest of the world. At present, almost 80% of Fintech investment happens in the US, followed by the UK. Developed markets in the Asia Pacific have also been investing and implementing Fintech solutions in recent times. However, adoption in the GCC is still in its infancy. But with growing awareness, Fintech is slowly breaking ground in the region.   Digital-only banking Digital-only banking is...