GCC bankjng and FinTech industry adopts AI and data to offer product based on users need in agile manner. thanks to Houssam Kayal for sharing his factual perspective.
The GCC banking sector is being transformed by innovative technologies, changing customer expectations and disruptive forces. With a youthful, technology-seeking population demanding easier access to financial solutions, the region is ideal for fintech companies and neobanks to thrive. The market value is expected to reach $3.45 billion by 2026. Neobanks are redefining customer experience and product innovation. Over the years, the GCC's digital banking ecosystem has welcomed new players and seen incumbents create digital banking platforms. Capturing a larger share of consumer wallets and generating profits remains a challenge. A report by McKinsey highlights the embedding of data and AI capabilities as the solution. Neobanks are using AI to quickly launch products and integrate open banking capabilities, driving growth. Neobanks offer convenience, allowing customers to manage accounts and apply for loans online. Digital players such as Ajman-based Ruya and Abu Dhabi-based Wio Bank are transforming the market. Saudi Arabia's neobank market specifically is growing, with new entrants such as D360 and STC Bank. Technological advances and regulatory support are driving growth, while traditional banks are investing in digital infrastructure. Incumbents such as Abu Dhabi Commercial Bank and Kuwait's Boubyan Bank Group are launching greenfield neobanks to keep pace. (Image by ArabianBusiness) #Fintech #Neobanks #DigitalBanking #Innovation #AI #OpenBanking
