Innovation in Banking & Financial Services

The pandemic, in essence, accelerated the arrival of the future and served as a filter – those businesses which were proactive and prepared for the future survived and will thrive in the coming years, while those which resisted change is being sifted out. Nowhere is it more apparent than in the banking and financial sector, globally as well as in the MENA.

The past decade witnessed many new entrants from non-banking sectors enter and grab market share in segments typically serviced by the banking & financial institutions. From payment channels and big techs that pose primary threats to neo (digital) banks, ecommerce disruptors and collaborations between technology firms and fintechs, the financial sector witnessed an unprecedented revolution across all spheres of its ecosystem. The disruptors, or those who utilized innovative and futuristic technologies, adopted new business models and were fast to adapt are among the gainers in this new era.

In this new predominantly digital world, it becomes imperative for the financial sector, facing high competition from innovative players on one side and with the need to manage rapidly changing consumer expectations on the other, to leverage on futuristic fintech solutions and innovate itself to create and take advantage of the rising opportunities.