Banking / Finance

The journey to digital banking in the Middle East

For Chief Information Officers (CIOs), innovation through the adoption of new technologies is just recently taking priority over being able to respond to increased regulatory requirements, being bound to invest a great portion of budget in infrastructure consolidation and modernization, and supporting more traditional solutions such as disaster recovery, business continuity and security, even though the latter has quickly evolved into the adoption of more advanced solutions partly as a result of the increase in cyber-attacks in GCC countries.
The banking sector in the Middle East, and more notably in the Gulf countries and in Saudi Arabia, has historically been in the forefront of technology adoption. However, in the past few years, it has lagged behind other industries when it comes to the utilization of modern solutions, such as cloud computing, mobility and big data analytics. The main reason for this is a concern around the banking sector’s capacity to implement advanced security solutions that are pervasive and robust enough to accommodate such solutions, while also remaining compliant with local regulations, including data sovereignty rules for the finance industry.

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