Why Launch a Digital Bank in the Middle East?
The Middle East, a region known for its rich history, is quickly becoming the next bubbling hub for digital banking. With growing demand for innovative ways to bank and a noticeable shift towards fintech solutions, the MENA region is perfectly poised to ride the wave of digital transformation. Here’s why:
Why the Middle East is ripe for its Digital Banking Wave?
A blossoming region, the Middle East has seen significant strides in digital infrastructure development in recent years. With a higher internet access rate than most expect, digital transactions and online transactions are on the rise. Furthermore, an in-depth analysis by the World Bank showed that the Middle East amassed a higher adoption rate of banking technologies compared to regions with a slower adoption rate. This signals a hungry market, keen to embrace the advantages of digital banking solutions.
Moreover, most banks in the Middle East region, from the Gulf International Bank to the Abu Dhabi Islamic Bank, have recognized this shift. They are now incorporating a digital transformation strategy, complemented by mobile banking services, to meet customer needs. The digital landscape is changing, and with it, the banking landscape.
What is the best digital bank in UAE and in Saudi Arabia?
In the UAE, Mashreq Bank stands out for its extensive range of digital services. From enabling customers with instant virtual card services to its innovative QIB mobile app, the bank has set modern banking standards. Meanwhile, in Saudi Arabia, Bank ABC, with its digital only bank “ila bank”, has captured the hearts of bank customers through its commitment to digital platforms and a seamless customer experience.
Who is number 1 in digital banking?
When we address customer preferences and services offered, it’s challenging to pinpoint one ‘number 1’. However, challenger banks, a subset of the digital banks, have been shaking up the traditional banking system. In the Gulf Cooperation Council (GCC) area, “ila bank” by Bank ABC is certainly a forerunner, having made a significant mark in the neobanking sector in the past year.
Some other banks:
- ila Bank: Launched by Bank ABC, ila Bank is Bahrain’s first digital, mobile-only bank that offers a range of digital banking services.
- Now Money: Based in the UAE, this fintech company offers banking and remittance services to low-income workers in the Gulf countries.
- Liv.: Launched by Emirates NBD, Liv. is claimed to be the UAE’s first digital bank targeting millennials with a mobile-only banking experience.
Why Digital Banks should use InvestGlass to automate and scale?
The evolution of digital banks is not just about introducing online savings accounts or facilitating digital transactions. It’s about reimagining the entire banking system. InvestGlass, with its array of fintech solutions, aids these banks in streamlining their operations, automating processes, and scaling efficiently. Whether it’s corporate and investment banking or commercial bank operations, InvestGlass’s solutions can tailor to the specific needs of each institution, ensuring they stay ahead in the competitive digital banking channel.
Building a Corporate and Investment Banking with InvestGlass?
In today’s dynamic financial landscape, creating a robust corporate and investment banking framework demands more than just traditional methods. Leveraging InvestGlass’s comprehensive platform, institutions can seamlessly integrate advanced fintech solutions tailored for corporate finance and investment needs. The platform’s modular design ensures that banking services, from loan origination to asset management, can be effortlessly automated, thus enhancing efficiency. Furthermore, with its robust data analytics and AI-driven insights, InvestGlass empowers banks to make informed investment decisions, optimize portfolios, and offer personalized services to clients. By adopting InvestGlass, institutions not only future-proof their operations but also elevate their offerings to meet the modern banking standards that clients have come to expect.
How InvestGlass Swiss sovereign cloud is perfect for companies in the Middle East looking to host their core system?
The Middle East, particularly centers like Abu Dhabi Global Market and Dubai International Financial Centre, demands top-tier security and digital infrastructure for its banking services. InvestGlass’s Swiss sovereign cloud ensures not just that but offers flexibility, scalability, and compliance with international and local regulations. For Middle Eastern banks and financial institutions eyeing digital solutions that can offer both the latest tech and the human touch, InvestGlass offers a perfect blend.
In conclusion, the Middle East, with its growing demand for digital and innovative financial products, stands as the next significant player in the global digital banking scene. Institutions, whether traditional banks or challenger banks, need to gear up, adopting the best of the digital world while addressing the unique nuances of their target audience in this blossoming region.