Banks in the GCC are under pressure to innovate digital services over the next two years, as cash is becoming obsolete, consumers are becoming bankers, and banks adopt “smart” solutions, according to a new report by Frost & Sullivan.
As a result, the e-commerce market in the GCC is climbing by nearly five-fold over the past five years, from USD 3.3 billion in 2010 to USD 15 billion in 2015.
“Payments are going digital, contactless and mobile at a stunning pace. A new breed of customers and a whole new range of financial players, fragmentation and complexity issues as well as new opportunities are reshaping the banking landscape,” said François Chaffard, Director for Banking Solutions and Services for Middle East and Africa at Gemalto.
“To succeed in this new world order, banks must open up to new ways of serving their customers and have a strong omni-channel digital strategy to cater for all and offer a secure seamless experience with competitive value propositions,” added Mr Chaffard.
The Middle East’s banking and finance is one of the fastest-digitising sectors, particularly in the GCC, where there is high usage of mobile devices. “With GCC consumers and businesses increasingly moving to cashless and digital lifestyles, GITEX Technology Week 2015 offers an opportunity to regional banks and financial institutions to discover the latest technology solutions that can enhance their operations and deliver a positive customer experience,” commented Trixie LohMirmand, Senior Vice President at Dubai World Trade Centre.
According to the Frost & Sullivan report., GCC banks need to develop omni-channel services that can deliver services and information across channels. Banks also need to implement Big Data analytics to enable context-aware and predictive analysis and decisions for personalising services and making targeted offers.
