The Future of Banking in the Gulf: Preparing for a New Era

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The Future of Banking in the Gulf: Preparing for a New Era

12 October 2023 / Report

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CEO Insight Minute: How Can Gulf Banks Prepare for a New Era?

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CEO Insight Minute: How Can Gulf Banks Prepare for a New Era?

Banks have advantages, like decades of customer transaction data, but need to embrace innovation to stay ahead of the competition.

Banking in the Arab Gulf states is at a crossroads. Major advances in new technologies from AI to mobile are intersecting with new forces in consumer demand. Powerful new entrants are seizing opportunities and capturing customer loyalty, and GCC financial leaders face tremendous pressure to make bold and even gamechanging choices.

Trusted Insights for What's Ahead^®

The Arab Gulf states have started to embrace the evolution of banking. Regional governments and regulators understand the importance of embracing the emerging new ways of banking as a vibrant fintech ecosystem takes shape. Now, adoption must keep pace with innovation.
New financial services are evolving through five distinct stages. From early stages of presence and penetration to ensuring their sustained role in profitability, persistence, and permanence, banks need to secure their futures. How will fintechs change the landscape? Which innovations must be embraced?
Banks need to apply a three-pronged strategy. Incumbents must 1) accelerate and streamline their adoption of new technology, 2) translate new tech into sustainable business models, and 3) nurture their role in a vibrant ecosystem that will ensure they play a central role in the future of banking in the region.
In some arenas, like the adoption of artificial intelligence, incumbent banks are positioned to lead the pack by investing in innovation and talent today. But the Gulf Cooperation Council market is eyed by many, raising the stakes for local banks to quickly decide where they’ll make their next moves.

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Authors

Nemr Kanafani

Former Senior Economist
The Conference Board

Andrea Kates

Innovation Advisor, former tech CEO Silicon Valley

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