Gulf's legacy banks have potential to reinvent themselves as modern digital entities

Banks will face a make-or-break period – or they will be consumed by the digital financial ecosystem movement. These platform-based ecosystems offer jointly developed and distributed goods and services.

As a result, organizations can enter new markets, develop new services, and acquire new customers more quickly and affordably than with conventional product development and go-to-market models. By 2030, digital ecosystems may account for a sizable portion of the banking industry’s revenue pool.

Several established banks and financial institutions are beginning to mobilize as neo-banks and make financial transactions more accessible to all segments. In the Middle East, more than 20 neo-banks serve approximately 15 million customers and gaining popularity as they provide rapid access to digital financial services. These include Liv, Wio, Now Money, MenaPay in the UAE; STC Pay, AlAhli Digital in Saudi Arabia; and CASHU in the UAE, Kuwait, Bahrain, Oman, and Qatar.

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