SAP: Saudi Arabia Ranks as Top Digital Banking Market in Middle East and North Africa

As Saudi banks are digitally transformed, the Kingdom is ranked as the leading digital banking market in the Middle East and North Africa, with more than three-quarters of bank customers using online or mobile applications, experts announced today. of the industry.

In a recent survey of regional banking clients conducted by the ArabNet research firm, 76 percent of Saudi banking customers use digital platforms and 60 percent use mobile and online applications, both with the highest ranking in the world. region. Saudi Arabia's main digital banking offerings are loyalty programs (53 percent), mobile discount coupons (51 percent) and virtual prepaid debit cards (50 percent), according to McKinsey.

"The Kingdom is one of the most digitally advanced countries in the world, and banks are leading their transformation with digital solutions in real time to meet the banking needs of their customers," said Khaled Alsaleh, CEO of SAP Saudi Arabia. "The Saudi banks are driving new and innovative banking models in line with the goals of Saudi Vision 2030 for economic growth and diversification."

Across the Middle East and North Africa, banking and security firms are driving their digital transformation, with USD 12 billion invested in technology, according to research firm Gartner.

Among the biggest growth drivers of digital banking in the Kingdom are moving to the cloud, which SAP supports with the recent launch of its local public cloud data center in the Kingdom.

"We are co-innovating with Saudi banks on cloud-based technological innovations in artificial intelligence, machine learning, blockchain and the Internet of things to optimize costs, foster innovation and transform digital and in-person experiences of the customer," he added. Khaled Alsaleh

Recognizing the company's success, SAP Saudi Arabia was recently recognized as "Best Technology Provider - Middle East" at the Banker Middle East Awards. In the Kingdom, SAP is also working closely to enable the digital transformation of leading banking and financial institutions, including the Islamic Development Bank and the Saudi Arabian Monetary Authority.