The banking landscape of the Kingdom of Saudi Arabia (KSA) is being reshaped by a wave of innovation, with incumbent banks, digital-first challenger banks, and fintechs competing to deliver the financial services required to support fast-evolving consumer lifestyles and aspirations.
The strong tailwinds for change include KSA’s national ambitions to modernize and digitalize its economy; the regulator’s positive stance on innovation; and a youthful, increasingly affluent population that is keen to adopt rapid, convenient banking services.
The stage is set in terms of customer behavior, with eight in ten (81%) of our survey respondents now using mobile apps to access banking services, and six in ten (57%) naming digital wallets as a preferred payment method.
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
The vast majority (84%) also want apps that provide personalized insights into their finances. Two-thirds (67%) would ‘probably’ or ‘definitely’ share additional personal data such as social media profiles to unlock ambitious personalized services.
Despite worries in the media about AI, seven in ten (68%) are comfortable to be guided by AI in their day-to-day financial decisions.
Meanwhile, almost half of respondents (44%) claim they are likely (26%) or extremely likely (18%) to switch banks in the next 12 months – often in pursuit of more and better services/offers – despite most (93%) also saying they are satisfied with their current primary bank.
The opportunity to win and retain tomorrow’s customers through introducing more customer-centric banking services arrives with challenges. These include transforming bank core systems to keep up with the demand for real-time data and implementing AI use cases in a safe and ethical way. We hope this report sheds light on emerging customer attitudes and the implications for bank strategies.
Naim Alame
Managing Partner
Capco Middle East
The banking landscape of the Kingdom of Saudi Arabia (KSA) is being reshaped by a wave of innovation, with incumbent banks, digital-first challenger banks, and fintechs competing to deliver the financial services required to support fast-evolving consumer lifestyles and aspirations.
The strong tailwinds for change include KSA’s national ambitions to modernize and digitalize its economy; the regulator’s positive stance on innovation; and a youthful, increasingly affluent population that is keen to adopt rapid, convenient banking services.
The stage is set in terms of customer behavior, with eight in ten (81%) of our survey respondents now using mobile apps to access banking services, and six in ten (57%) naming digital wallets as a preferred payment method.
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
The vast majority (84%) also want apps that provide personalized insights into their finances. Two-thirds (67%) would ‘probably’ or ‘definitely’ share additional personal data such as social media profiles to unlock ambitious personalized services.
Despite worries in the media about AI, seven in ten (68%) are comfortable to be guided by AI in their day-to-day financial decisions.
Meanwhile, almost half of respondents (44%) claim they are likely (26%) or extremely likely (18%) to switch banks in the next 12 months – often in pursuit of more and better services/offers – despite most (93%) also saying they are satisfied with their current primary bank.
The opportunity to win and retain tomorrow’s customers through introducing more customer-centric banking services arrives with challenges. These include transforming bank core systems to keep up with the demand for real-time data and implementing AI use cases in a safe and ethical way. We hope this report sheds light on emerging customer attitudes and the implications for bank strategies.
Naim Alame
Managing Partner
Capco Middle East
The banking landscape of the Kingdom of Saudi Arabia (KSA) is being reshaped by a wave of innovation, with incumbent banks, digital-first challenger banks, and fintechs competing to deliver the financial services required to support fast-evolving consumer lifestyles and aspirations.
The strong tailwinds for change include KSA’s national ambitions to modernize and digitalize its economy; the regulator’s positive stance on innovation; and a youthful, increasingly affluent population that is keen to adopt rapid, convenient banking services.
The stage is set in terms of customer behavior, with eight in ten (81%) of our survey respondents now using mobile apps to access banking services, and six in ten (57%) naming digital wallets as a preferred payment method.
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
The vast majority (84%) also want apps that provide personalized insights into their finances. Two-thirds (67%) would ‘probably’ or ‘definitely’ share additional personal data such as social media profiles to unlock ambitious personalized services.
Despite worries in the media about AI, seven in ten (68%) are comfortable to be guided by AI in their day-to-day financial decisions.
Meanwhile, almost half of respondents (44%) claim they are likely (26%) or extremely likely (18%) to switch banks in the next 12 months – often in pursuit of more and better services/offers – despite most (93%) also saying they are satisfied with their current primary bank.
The opportunity to win and retain tomorrow’s customers through introducing more customer-centric banking services arrives with challenges. These include transforming bank core systems to keep up with the demand for real-time data and implementing AI use cases in a safe and ethical way. We hope this report sheds light on emerging customer attitudes and the implications for bank strategies.
Naim Alame
Managing Partner
Capco Middle East
The banking landscape of the Kingdom of Saudi Arabia (KSA) is being reshaped by a wave of innovation, with incumbent banks, digital-first challenger banks, and fintechs competing to deliver the financial services required to support fast-evolving consumer lifestyles and aspirations.
The strong tailwinds for change include KSA’s national ambitions to modernize and digitalize its economy; the regulator’s positive stance on innovation; and a youthful, increasingly affluent population that is keen to adopt rapid, convenient banking services.
The stage is set in terms of customer behavior, with eight in ten (81%) of our survey respondents now using mobile apps to access banking services, and six in ten (57%) naming digital wallets as a preferred payment method.
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
The vast majority (84%) also want apps that provide personalized insights into their finances. Two-thirds (67%) would ‘probably’ or ‘definitely’ share additional personal data such as social media profiles to unlock ambitious personalized services.
Despite worries in the media about AI, seven in ten (68%) are comfortable to be guided by AI in their day-to-day financial decisions.
Meanwhile, almost half of respondents (44%) claim they are likely (26%) or extremely likely (18%) to switch banks in the next 12 months – often in pursuit of more and better services/offers – despite most (93%) also saying they are satisfied with their current primary bank.
The opportunity to win and retain tomorrow’s customers through introducing more customer-centric banking services arrives with challenges. These include transforming bank core systems to keep up with the demand for real-time data and implementing AI use cases in a safe and ethical way. We hope this report sheds light on emerging customer attitudes and the implications for bank strategies.
Naim Alame
Managing Partner
Capco Middle East
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
The vast majority (84%) also want apps that provide personalized insights into their finances. Two-thirds (67%) would ‘probably’ or ‘definitely’ share additional personal data such as social media profiles to unlock ambitious personalized services.
Despite worries in the media about AI, seven in ten (68%) are comfortable to be guided by AI in their day-to-day financial decisions.
Meanwhile, almost half of respondents (44%) claim they are likely (26%) or extremely likely (18%) to switch banks in the next 12 months – often in pursuit of more and better services/offers – despite most (93%) also saying they are satisfied with their current primary bank.
The opportunity to win and retain tomorrow’s customers through introducing more customer-centric banking services arrives with challenges. These include transforming bank core systems to keep up with the demand for real-time data and implementing AI use cases in a safe and ethical way. We hope this report sheds light on emerging customer attitudes and the implications for bank strategies.
Naim Alame
Managing Partner
Capco Middle East
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
The vast majority (84%) also want apps that provide personalized insights into their finances. Two-thirds (67%) would ‘probably’ or ‘definitely’ share additional personal data such as social media profiles to unlock ambitious personalized services.
Despite worries in the media about AI, seven in ten (68%) are comfortable to be guided by AI in their day-to-day financial decisions.
Meanwhile, almost half of respondents (44%) claim they are likely (26%) or extremely likely (18%) to switch banks in the next 12 months – often in pursuit of more and better services/offers – despite most (93%) also saying they are satisfied with their current primary bank.
The opportunity to win and retain tomorrow’s customers through introducing more customer-centric banking services arrives with challenges. These include transforming bank core systems to keep up with the demand for real-time data and implementing AI use cases in a safe and ethical way. We hope this report sheds light on emerging customer attitudes and the implications for bank strategies.
Naim Alame
Managing Partner
Capco Middle East
The opportunity to win and retain tomorrow’s customers through introducing more customer-centric banking services arrives with challenges. These include transforming bank core systems to keep up with the demand for real-time data and implementing AI use cases in a safe and ethical way. We hope this report sheds light on emerging customer attitudes and the implications for bank strategies.
Naim Alame
Managing Partner
Capco Middle East