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Thursday, April 25, 2024 20:55 GMT
The Fintech ecosystem is fast evolving in the region. Banks are keen to engage with FinTechs in a broad range of exploratory projects. However, some banks in the region are reluctant to integrate FinTechs into their strategy, as they prefer to follow a “wait and see” approach.Deloitte’s inaugural edition of the Middle East FinTech study found that 82% of surveyed banking customers in the Middle East are willing to use FinTech solutions. The Deloitte study gathered input from 1,500 banking customers and more than 50 digital leaders from the Mena region, including Qatar, and found that there is limited alignment between customer expectations and bank offerings, and the FinTech ecosystem in the Middle East is characterized by a certain degree of contradiction and dichotomy.“We hope to provide insights that increase transparency on the evolution of the Middle East FinTech ecosystem, and to strengthen the cooperation between banks and FinTechs, enabling banks to offer their customers innovative value propositions,” said Rushdi Duqah, Deloitte Middle East Digital Leader. Banks are not leveraging the full suite of FinTech solutions/ features to address customers’ needs and requirements to enhance the daily banking journey and experience.The study found 25% of Middle East banking customers surveyed are aware they are using FinTech solutions. 82% of Middle East banking customers surveyed are willing to start using FinTech solutions however only 22% of Middle East banking customer use FinTech solutions today; there is a significant growth potential to address this gap.“The way forward for the Middle East FinTech Ecosystem to reach its full potential goes through regulatory harmonization and development of strategic partnership between Banks and FinTechs,” concluded Anthony Yazitzis, Financial Services and FinTech Partner, Deloitte Middle East.