The banking sector globally has been thoroughly disrupted in the past decade with the pandemic accelerating trends that have already been put into motion. The heightened emphasis on delivering seamless customer experience & efficiency, especially as the world has almost completely switched to digital since the start of Covid-19, has fast tracked innovations in the financial services’ sector, leading to fundamental transformations across the banking business.
The entry and dominance by bigtechs such as Amazon, Google, Alibaba and other fintechs and payment gateways in the financial services’ sector, and their ability to rapidly grab increasing market share in a space predominantly occupied by banks, is a clear depiction of the importance of offering seamless and tailored customer experience.
However, the big banks still hold unique positions of advantage – namely the vast repertoire of customer data they possess and even more importantly, the trust customers’ have placed on these institutions from long-term transactions.
Collaborating and combining the obvious strengths of the incumbents and fintechs is the way forward, if both stakeholders wish to emerge as winners. Not only will the union spur massive innovations, competitive product offerings for customers & new opportunities for the fintechs, but it will unleash untraversed business opportunities for banks as they evolve into digital ecosystems or third-party providers, thereby forcing to re-imagine & revisit the fundamental purpose of being a bank.
Collaborations between incumbents and fintechs for optimising customer experience
Developments in GCC’s digital payments’ landscape
Open banking – Enabling seamless customer experience while fostering innovation and competition
Listen to global innovation leaders on trends reshaping the finance sector
Advancing GCC’s fintech ecosystem – Becoming hot-beds of innovation
The Game-Changers – Shaping the Future of Finance
The banking business model for the new age
Enter the Big-techs – Grabbing an ever-increasing share of the pie
Disrupting banking: Yet again, customer is king