Digital First, Digital Only: Banking and Finance’s new paradigm

Regional banking and financial institutions are putting high emphasis on embracing digital and cultural transformation. Starting with document digitization and all the way to chatbots, the regional BFSI sector is all set tackle the predominant challenges in digital wealth management.

As the GCC walks firm on the road towards going paperless, the regional banking and financial institutions are walking firm on going fully digital, eliminating the long ordeals of queueing up for services. 2018 saw numerous strides on the innovative front of automating customer services whilst enabling digital-first and digital-only banking platforms. Cutting down on branches and increasing the digital offerings has been one of the top priorities of the banks in the MENA region in 2018. 

While the banks are coming up with various new solutions to automate and digitize the existing offerings, some new solution providers are coming to the mainstream who are providing a parallel experience to traditional banking services. One of the prime examples that we can site here would be a new player on the block – Xpence, who are positioning themselves as an alternative banking solution for entrepreneurs and the region’s digital only business. The providers are offering a one-stop-shop solution for business owners with smart tools and comprehensive dashboards for accounts, reports etc.