DATA SECURITY BANKING TECHNOLOGY
How Digital Transformation is Empowering Banks to Deliver Better, More Competitive Customer Experiences The digital revolution has indeed taken the Middle East by storm and every industry is being transformed by technology. The banking sector is no different, and traditional banking systems are rapidly changing
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illions of people have now embraced fully integrated mobile banking experiences, for example, using smartphones and tablets to do everything from buying products and services online to opening new accounts and making payments. A recent outlook from McKinsey notes that amongst urban consumers in the UAE and KSA, at least 80 percent now prefer to do their banking on computers, smartphones and tablets— visiting branches and call service hotlines only to meet specific and more complex needs.
Digitalisation is no longer a choice but a necessity. Banks must continue to embrace digital applications in order to provide more value to their customers. But what does that journey look like, and what strategies can banks apply in an increasingly competitive market?
Digitalization and enhanced customer experiences There are various areas in the region’s banking sector that are getting digitalized. These include online banking applications, fraud detection systems, virtual assistants, mobile banking tools, email marketing, data encryption, KYC software, and more. A robust digital transformation strategy is ultimately one that is aimed at benefiting both the bank and its
Alaa Elshimy, Managing Director & SVP, Enterprise Business Group, Huawei Middle East
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Banking and Finance news in the MEA market
