This report by Ahmed Khidhir is designed to provide an overview of the Digital Banking Industry, a dynamic industry that is changing at an unprecedented pace in one of the fastest growing emerging markets in the world: the Middle East.
For digital banking, the Middle East represents one of the biggest opportunities of our generation.
As the region becomes digitally connected, there is an increased demand for digital banking services. This creates both enormous opportunities as well as challenges for banks and digital banking solution providers operating in the region.
The Middle East is a very diverse region with a mixture of many cultures. Its people have different histories and levels of economic and social development. On the one hand, Qatar and the United Arab Emirates (UAE) have one of the highest GDP per capita in the world. Contrast this with Egypt, where more than half of the people do not have a bank account. Different consumers have different demands, which is also true for digital banking. In order to reflect this diversity, the report segments the Middle East into groups of countries with similar levels of digital banking development, and we will handle them together in the report as follows: l Gulf Cooperation Council
- (GCC) countries: l Bahrain l Kuwait l Oman l Qatar l Saudi Arabia l UAE l
- Egypt, Jordan and Lebanon l
- Iraq and Iran
- Introduction 4
- Executive Summary 5
- Key Findings 7
- Digital Banking in the Middle East 8 I
- Gulf Cooperation Council (GCC) Countries 11
- A Background and Challenges 11
- Product origination 36 E
- Legacy System Transformation 37
About the author
Ahmed Khidhir has worked with some of the largest banks in Europe and the Middle East in a range of Digital Banking transformation programmes. Ahmed worked at Misys, an industry leader in digital banking solutions, as a senior consultant specializing in Online and Mobile Banking solutions. Prior to joining Misys, Ahmed worked at Accenture in a variety of consulting roles.
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