Middle Eastern banks are meeting the challenges of digital transformation

Banks operating across the Middle East are making significant progress in their journey to digital transformation. This is according to Efma’s new ’Retail Banking in the Middle East’ Review which interviews twenty of the Middle East banking industry’s most pioneering leaders, providing insight into the factors that are driving decision making in the region, and the initiatives underway that will transform the sector over the coming years.

"An extremely dynamic marketplace brings a complex array of challenges for financial services providers operating in the Middle East, including navigating a fast-moving payments landscape, capitalising on the high levels of smartphone penetration and social media use in the region, and finding the right strategy to turn the threats posed by fintechs into opportunities," explains Vincent Bastid, Efma’s CEO.

"In this regional review we consider how banks in the Middle East are addressing the challenges presented in the financial services sector today, and find out how they are embracing new technology and a spirit of innovation to deliver products and services that optimise their business operations and fulfil their customers’ differing needs."

As well as featuring interviews with leaders from banks including National Bank of Kuwait, Bank Audi, Blom Bank and Abu Dhabi Commercial Bank, the regional review also outlines some of the most interesting new projects that are underway in the Middle East, with case studies on best practice in areas such as mobile payments, interactive teller machines and banking by social media. It also highlights some of the most exciting upcoming innovations including virtual reality banking and chatbot services.