What are the top trends and predictions sweeping banking in the MEA region?
As payments, technology and e-commerce disruptors compete against banks with embedded finance solutions, banks must harness emerging technologies to create their own digital ecosystems and remain the ahead of the competitors across the competitive MEA banking industry.
Here are some key insights from the report from bankers in MEA:
- In contrast to global trends where 63% of banks are prioritizing new technologies, banks in MEA are most concerned about changing customer behavior and demands (54%).
- Across the region, 76% of bankers believe cash will account for less than 5% of all retail transactions globally (compared to 67% of respondents globally).
- When asked which non-traditional entrants to the banking industry will be the biggest competitors in the next five years, 40% of MEA bankers selected Payment players such as PayPal, second only to digital wallets from the likes of Apple (42%).
- However, payments is the number one area where banks expect new entrants to gain the most market share (40%).