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Primed for growth: The evolution of financial services in the digital era

Jan 07, 2022

Primed for growth: The evolution of financial services in the digital era

In the Middle East, there’s currently a shortage of digital financial services players. What are the opportunities in terms of addressing this gap in the market?

Fintech has been the fastest-growing regional market in the past couple of years, with the pandemic further accelerating digital transformation and adoption by most, if not all, market players. Banks are now keen to follow in Fintech companies’ footsteps and be agile enough to revamp their value proposition.

The Middle East, more specifically the United Arab Emirates (UAE) and the Saudi Arabia, are witnessing the same evolution and, in some cases, are even aiming to become trend setters for some fintech services and innovative propositions. Regulators and central banks in the region are also making huge steps to organise the industry and invest in a hosting ecosystem, and this too represents a way for opportunities to come to fruition.

How have consumer demands evolved when it comes to financial services?

Current service offerings have undoubtably been improving continuously. However, customer expectations are evolving at a faster pace. Customers are much more informed and aware of the different selling propositions available in the market, and they can easily shift from one bank to another, from one fintech to another. Levelling up the user experience and turning application visitors into loyal customers is a big challenge in today’s marketplace. Despite this, though, I personally believe that identifying customer pain points and subsequently crafting the right products and tailored offerings is the key to success.

Why should there be closer integration and collaboration between key players in the telecommunications and financial services industries?

With more and more of the world’s biggest technology firms building unique banks, it is in mobile network operators’ (MNOs) best interests to start partnering with rising fintech startups to compete in the market. Already, MNOs have started offering mobile money services, and they will continue collaborating with promising fintech companies to differentiate both themselves and their propositions in the market.

The solution would be to launch an intuitive, easy-to-navigate platform offering a full spectrum of financial services. However, building banks is no easy feat – and help from the most suited and qualified experts is definitely needed. It is important to note that some market players have been working to achieve this for years and are still struggling to go live. Therefore, the route to success for MNOs rests with the right partnerships.

What are the most important success factors in encouraging local consumers to utilise digital financial services for their personal and business needs?

There are numerous factors compelling consumers to utilise digital financial services for their personal and professional requirements, which collectively emphasise the value that digital banking channels can deliver. Seamless online onboarding processes, financial convenience, ease of use, flexibility, and agility are all prominent reasons behind consumers opting for digital financial services, as are broader networks, intuitive services, and user-friendly interfaces.

Can you provide an overview of MyMonty’s solutions and offerings for the Middle East market?

From a MyMonty perspective, our neo banking platform is bridging the gap between user expectations and current propositions through an innovative product that is tailored to our target segment’s needs. With us, customers can transact globally from the comfort of their homes, with speed and power placed in their hands to facilitate transactions anytime, anywhere. We have planned an interesting product roadmap, and features will be rolled out based on the market needs and pain points of our targeted niche. We are also in advanced discussions with multiple players in the region to incorporate the unique features we have in store and make them available to the market very soon.

What can the region expect from MyMonty in 2022?  

MyMonty will kick off its activities in Europe, which is biggest fintech hub, by end of the year before launching in the Middle East in 2022. The key to our success will be a fast go-to-market strategy, which explains our approach to penetrate numerous countries simultaneously and keep expanding further. A year for fintech is hard to be summarised in few words, yet we have big plans for 2022 and aim to achieve all of them, so we can help the people around us and fulfil our objective of driving widespread financial inclusivity.

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