A recent report reveals lower rates in the use of Smartphones to perform core-banking transactions in the Gulf Cooperation Council (GCC) region, where only 14 per cent of client transactions are made through Smartphones.
The report, which was recently presented by Dominique Corradi, MENA digital financial services advisory leader at the Middle East Banking Forum, explored customer feedback about their banking experiences across the region, with the participation of 2,000 clients, an analysis of 700,000 participations on social networks and discussion sessions with 30 leading banks and 80 senior officials from the banking sector in the region, Saudi-based Al Madina newspaper reports.
Paul Sommerin, MENA financial services technology and transformation advisory leader at EY, says, “Mobile banking has not fully taken off in the GCC. A large number of transactions are still made on home computers or ATMs, or through traditional channels involving human interaction, such as branches or call centers. Only a limited number of banking transactions are mobile. This is very surprising, given the extremely high number of banking customers that use Smartphones. Outside of the region, digital-only banks that don’t have a branch network have been rising in popularity due to their agility and lower cost base.”