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Majority of GCC consumers likely to opt for digital banking services

Majority of GCC consumers likely to opt for digital banking services
Majority of GCC consumers likely to opt for digital banking services

Mubasher: The majority of GCC consumers, about 85% of respondents to a survey, would currently opt for digital banking services rather than visiting a bank branch, according to a paper by Backbase with YouGov.

With the appetite accelerating more by the COVID-19 pandemic, the Gulf consumers prefer digital self-service banking solutions to be delivered with the same convenience as their e-commerce, entertainment, and transport solutions.

In addition, the survey showed that 77% of the respondents in the GCC access digital banking services at least once a week, while 30% use services once a day or more.            

Around 44% of consumers in the Gulf said they plan to switch to a different bank due to poor customer relations.

The survey showed that “31% of respondents say that their bank is weak when it comes to offering seamless access to online banking services, highlighting an area where banks need to step up their performance.”

Several banks have relied on introducing standalone applications and self-contained systems to add new functions and services to their existing online banking offerings, Backbase noted.

Financial institutions are advised to ensure that they have the right platform to manage future expansion.

“Banks will need to break free from siloed technology architecture and bring engagement to the forefront of their digital operations. By adopting the single platform approach to technology that other industries have already mastered, financial institutions can be leaner and more flexible, with the ability to instantly execute new digital services while also providing enhanced customer support,” according to regional Vice President Sales EMEA at Backbase, Matthijs Eijpe.