Digitisation strategies, technology adoption and integration of financial technologies (Fintech) are some of the common discussion points in the board rooms of GCC banks and financial institutions, which are competing for space in the highly competitive regional markets.
A number of banks in the region are allocating resources to adapt their business models to the fintech revolution, which could see incumbent banks losing market shares to technology innovators, at least in some segments of business in the not-so-distant future.
Emirates NBD, one of the leading banking groups in the region, recently announced that it will invest Dh500 million over the next three years towards digital innovation. The plan includes the launch of the UAE’s first digital bank.
“We are making a commitment to the future with our digital transformation plan. Our focus on technology innovation and adoption to create digital-only products is creating a new paradigm in the way people bank in the UAE,” said Shayne Nelson, Group CEO of Emirates NBD.
Emirates NBD has already launched major digital banking initiatives and the bank currently offers e-payment capabilities through all bank channels for over 25 major service providers, varying from telecom, utilities, transportation, card schemes, and education sectors, among others.
The disruptive potential of financial technology companies has already unnerved banking and financial services business across the world.
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