Search SaudiArabiaPR.com

Home >> Banking & Investments

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

Monday, July 9, 2018/ Editor -  

Share

Home >> Banking & Investments
  • ArabNet: 76 Percent of Saudi Banking Customers Use Online and Mobile Apps;
  • Khaled Alsaleh: Artificial Intelligence, Machine Learning, Blockchain, and Internet of Things to Transform Digital and Branch Banking Experiences

RIYADH, Kingdom of Saudi Arabia – 9 July 2018 –   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.


Previous in Banking & Investments

Next in Banking & Investments


Home >> Banking & Investments Section

Latest Press Release

Aramco CEO to Bloomberg: Speaking to credit rating agencies before landmark bond ...

Saudi Plastic and Petrochemical Exhibition 2019 set to launch with government an ...

Lenovo Offers Security Solutions in Global Smart City Race at Intersec 2019

Young Saudi women take centre-stage in brand-new television drama

Implementation Date Announced for Long-Term Residence Permits

Saudi Ministry of Environment, Water and Agriculture signs contract for the firs ...

Honor 10 Lite Packs Stylish Looks and Flagship Performances Into New Device

M Hotel Makkah by Millennium honors its employees on its 2nd Anniversary

Nissan Energy demonstration hits the spot

Introducing Burberry Bespoke Fragrances

The Kingdom of Saudi Arabia's Minister of Energy, Industry, and Mineral Resource ...

Turkish Airlines reached the 80.2% Load Factor in December 2018.

Saudi Visa Application Process in Dubai Restricted to Holders of UAE Residence P ...

Global Energy Forum: His Excellency Khalid Al-Falih's address on day three

World No.2 completes all-star field, with four of golf's top five setting sights ...

Rolls-Royce Motor Cars Achieves Historic Business Record

Breakbulk Middle East 2019 reinforces the collaboration between UAE and Saudi Ar ...

SHUAA successfully issues and places USD135 million (SAR 506 million) Sukuk for ...

Sony Unveils Newest Products and Introduces Latest Efforts from Entertainment B ...

LG Electronics' Promise of AI for an even Better Life Delivered at CES 2019 Keyn ...