The digital revolution that has turned global industries around has changed the face of the banking arena as well. A combination of changing customer preferences, competition from fintech companies, and changing regulations are forcing banks, especially in the Middle East, to develop and enhance their digital capabilities. Banks in the UAE are currently leading in terms of digital transformation and adoption in the Middle East. Besides the UAE, Saudi Arabia has become a close contender for the top spot in digital baking. As one of the top digital banking markets in the Middle East, Saudi Arabia has a majority of banking customers using online or mobile apps. When it comes to incorporating digital banking in traditional financial services, GCC countries in the Middle East are making several strides by offering governmental support in the form of regulatory approvals and funding.Many banks have undertaken digital banking initiatives ranging from digital-only banking platforms to strengthening their existing mobile banking offerings. Banks are joining the global digital transformation trend, digitization, and innovation that is sweeping financial services across the globe. As digital banking becomes an instrumental part of the lifestyle, customers are demanding more solutions that bring major cost savings and value to banks and convenience to users. Banks that can deliver products and services with a personalized touch and empathetic communication on multiple channels are best positioned for success. They are also utilizing data to customize the digital experience better and build deeper relations with customers. The Middle East is expected to witness further changes in its banking, payments, and finance ecosystems in upcoming years with the growth of fintech and digitalization across the region. To help companies choose the best digital banking partner for their digitization journey ahead, this edition features some of the game changers that are spearheading change across the Middle East.Let us know your thoughts.Copyright © 2020 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com DECEMBER - 24 - 2020, Volume 06 - 12 (ISSN 2644-2418) Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesAnnie Mathewsannie.mathews@bankingciooutlook.comVisualizerJaxon JaseIssac GeorgeManaging EditorJames RobertsonNew Age Banking SolutionsJames RobertsonManaging Editor editor@bankingciooutlook.comCarolynn WaltersJustin SmithJoseph MichaelEditorialKenneth ThomasRussell ThomasPaul Barber*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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