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Saudi Arabia 'top digital banking market in Mena'

RIYADH, July 15, 2018

Saudi Arabia has emerged as the top digital banking market in the Middle East and North Africa (Mena) region, with more than three-quarters of banking customers in the kingdom using online or mobile apps, said leading industry experts.

A recent survey of regional banking customers by research firm ArabNet found that 76 per cent of Saudi banking customers use digital platforms, and 60 per cent use online and mobile apps, both ranking highest in the region.

Top Saudi digital banking offerings are loyalty programs (53 per cent), mobile discount coupons (51 per cent), and virtual prepaid debit cards (50 per cent), 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, the managing director of SAP Saudi Arabia, pointed out that the country's banks were driving new and innovative banking models in line with Saudi Vision 2030 goals for economic growth and diversification.

Across the Mena region, banking and security firms are driving their digital transformation, with $12 billion being invested in technology, according to research firm Gartner.

“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,” explained Alsaleh.

Recognizing the company’s success, SAP Saudi Arabia was recently recognized as “Best Technology Provider – Middle East” at the Banker Middle East Awards, he stated.

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, he added.-TradeArabia News Service

Tags: Saudi Arabia | Middle East | SAP | Digital banking |

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