Banking / Finance

Retail banking trends in the Middle East: Where are we heading?

13th Aug `15, 11:23 AM in Banking / Finance

Today’s retail banking industry is growing at an unprecedented rate. And with an increasingly savvy and demanding consumer,…

BDMS
Guest Contributor
 

Today’s retail banking industry is growing at an unprecedented rate. And with an increasingly savvy and demanding consumer, technology is driving the way customers choose to interact with their banks. At the same time, we are seeing an increase in regulations on a global scale and with this in mind, banks need to develop a true omnichannel experience for customers and staff alike.

To further enhance the customer experience and stay ahead of the game, banks need to look to the successes of other industries that have capitalized on using big data and customer analytics to retain customers. Some banks have adopted such strategies. However, the majority still remain conservative.

To add a further dimension to the holistic business strategy in the Middle East, conventional retail banks need to understand that there is increased competition from Islamic banks where they are now a genuine contender in the banking space. Let’s explore this in greater detail.

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