The Middle-East and Africa digital banking market is estimated to grow at a significant growth rate of 6.5% over the forecast period. In the Middle East and Africa, banks are rapidly raising the adoption of opportunities presented by fintech and digital banking companies. The UAE has witnessed a considerable digital transformation in the recent past, as the government of UAE is focusing on the development of digital infrastructure through momentous spending and by attracting private investments.

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Furthermore, the market is characterized by the presence of several players including ACI Worldwide Inc., Microsoft Corp., Oracle Corp., Fiserv Inc., FIS Global and many others.

UAE is swiftly emerging as a start-up hub for the Middle East-based financial sector, as it comprises around 30% of the region’s fintech firms. Therefore, in present times, UAE is called as the financial hub of the Middle East, as quoted by the Dubai International Financial Centre (DIFC). The continuous development in technology, regulations, and culture is transforming the current and future landscape of the banking sector in the UAE. For instance, around 84% of the UAE’s population currently lives in urban environments, 96% use the internet frequently, 77% use smartphones on a daily basis, and 85% of households have access to broadband Internet, as per ITA.

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The Middle-East and Africa digital banking market is segmented on the basis of type and solution. Based on type, the market is classified into corporate banking, investment banking, and retail banking. Retail banking held the largest share in 2018 and is expected to maintain its dominance during the forecast period. Retail banking involves a wide range of services, including saving accounts, personal loans, mortgages, certificates of deposit (CDs) and investment and fund management. Rising demand for internet banking among individuals to manage their accounts and conduct financial transactions is primarily contributing to the growth of the segment. Based on solution, the market is classified into processing services, payment solutions, customer and channel management, and risk management.

These players adopt various strategies in order to compete in the global industry. Mergers and acquisitions, product launch, geographical expansion, and partnerships and collaborations are some of the strategies adopted by the players.

Market Segmentation

Middle-East and Africa Digital Banking Market by Type

• Corporate Banking
• Investment Banking
• Retail Banking

Middle-East and Africa Digital Banking Market by Solution

• Processing Services
• Payment
• Customer and Channel Management
• Risk Management

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