Sunday, July 12, 2020

Saudi Arabia Ranks as Top Digital Banking Market in Middle East and North Africa

As Saudi banks digitally transform, the Kingdom ranks as the top digital banking market in the Middle East and North Africa, with more than three-quarters of banking customers using online or mobile apps, industry experts announced today.

In a recent survey of regional banking customers by research firm ArabNet, 76 percent of Saudi banking customers use digital platforms, and 60 percent use online and mobile apps, both ranking highest in the region. Top Saudi digital banking offerings are loyalty programs (53 percent), mobile discount coupons (51 percent), and virtual prepaid debit cards (50 percent), according to McKinsey.

“The Kingdom is one of the world’s most digitally-advanced countries, and banks are leading their transformation with real-time digital solutions to meet their customers’ banking needs,” said Khaled Alsaleh, Managing Director, SAP Saudi Arabia. “Saudi banks are driving new and innovative banking models in line with Saudi Vision 2030 goals for economic growth and diversification.”

Across the Middle East and North Africa, banking and security firms are driving their digital transformation, with USD 12 billion being invested in technology, according to research firm Gartner.

Among the Kingdom’s biggest digital banking growth drivers are moving to the cloud, which SAP supports with the recent launch of its local public cloud data center in the Kingdom.

“We are co-innovating with Saudi banks on breakthrough cloud-based technology innovations in artificial intelligence, machine learning, blockchain, and the Internet of Things to optimize costs, foster innovation, and transform the digital and in-person customer experiences,” added Khaled Alsaleh.

Recognizing the company’s success, SAP Saudi Arabia was recently recognized as “Best Technology Provider – Middle East” at the Banker Middle East Awards. In the Kingdom, SAP is also working closely on enabling the digital transformation of leading banking and financial institutions, including the Islamic Development Bank and the Saudi Arabia Monetary Authority.

Visit the SAP News Center. Follow SAP on Twitter: @SAPMENA and @sapnews.

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