Middle East Banks Urged To Brace For Digital Wave

Middle East Banks Urged To Brace For Digital Wave
Banks in the Middle East are expected to face unprecedented challenges as digital giants begin to turn their attention to the banking sector

Banks in the Middle East are expected to face unprecedented challenges as digital giants begin to turn their attention to the banking sector, according to a new report by global management consultancy Boston Consulting Group (BCG).

The report, titled “Banks Brace for a New Wave of Digital Disruption”, urges banks to reassess their digital capabilities and competitive agendas as shifts in market share and the rise of digital giants threaten the conventional workings of the sector over the next decade.

The research highlights that banks are at the risk of being disintermediated by tech giants in key areas of their business, and this is a prevalent concern in the Middle East today. In the short to medium term, banks in the region are likely to be impacted by innovative tech drive financial solutions such as Alipay or usage of WhatsApp messaging in the financial sector.

Leave a Reply

avatar
  Subscribe  
Notify of