Saudi Arabia tops digital banking market in MENA: report

Saudi Arabia ranks as the top digital banking market in the Middle East and North Africa (MENA), with more than three quarters of banking customers using online or mobile apps, ArabNet said in a recent report.

Almost 76 percent of customers use digital platforms, while 60 percent use online and mobile apps, both ranking highest in the region, the report noted.

“The Kingdom is one of the world’s most digitally advanced countries, and banks are leading their transformation with real-time digital solutions to meet their customers’ banking needs,” said Khaled Alsaleh, managing director, SAP Saudi Arabia.

“Saudi banks are driving new and innovative banking models in line with Saudi Vision 2030 goals for economic growth and diversification,” he added.

Meanwhile, research firm Gartner said banking and security firms across the MENA are driving their digital transformation, with $12 billion being invested in technology.

Among the Kingdom’s biggest digital banking growth drivers are moving to the cloud, which SAP supports with the recent launch of its local public cloud data center.

“We are co-innovating with Saudi banks on breakthrough cloud-based technology innovations in artificial intelligence, machine learning, blockchain, and the Internet of Things to optimize costs, foster innovation, and transform the digital and in-person customer experiences,” added Alsaleh.

SAP applications and services enable more than 388,000 business and public-sector customers to operate profitably, adapt continuously, and grow sustainably, the company said in a statement.