Banks have to keep re-examining the customer journey against satisfaction metrics and understand how to provide customers with what they need. Artem Beliaikin/ Unsplash
Banks have to keep re-examining the customer journey against satisfaction metrics and understand how to provide customers with what they need. Artem Beliaikin/ Unsplash
Banks have to keep re-examining the customer journey against satisfaction metrics and understand how to provide customers with what they need. Artem Beliaikin/ Unsplash
Banks have to keep re-examining the customer journey against satisfaction metrics and understand how to provide customers with what they need. Artem Beliaikin/ Unsplash

Four key trends shaping the future of FinTech and digital banking


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The first wave of FinTechs in the Middle East and North Africa (Mena) region has evolved along expected lines — copying models from more developed FinTech markets with products such as wallets and novel payment solutions including sound and Bluetooth-based platforms.

The rapidly developing FinTech ecosystem — spurred by an increasingly sophisticated enabling regulatory environment — is more broad-based and transformative in nature.

The sector is moving through a period of localised, collaborative invention that gives rise to new lending solutions, prepaid/virtual card payment systems, industry-specific digital services and innovations in regulatory technology and wealth technology.

However, for Mena FinTech innovators to stay ahead of the global curve and compete as market makers, the region faces several emerging challenges.

One of the most predictable concerns is that of value: with so many unproven solutions with novel commercial strategies, it is difficult for investors to assess real-world value. And in an environment of excess liquidity in capital markets, there is a real risk that there may be large sums of money chasing poor ideas or the poor execution of good ones.

The second concern that affects all stakeholders, including consumers, is the regulatory backdrop and how well FinTechs understand them. There is a risk that some FinTech innovators feel that they do not need to worry about regulations; this assumption will test how policymakers respond and potentially hold back progress.

I have outlined below the four key trends shaping the future of FinTech in our region.

Mobile banking

Mobile banking represents a completely new, reimagined customer journey — presenting consumers with numerous real-time physical and digital touchpoints.

Banks have to keep re-examining the customer journey against satisfaction metrics and understand how to provide customers with what they need.

For now, a hybrid approach that uses human beings and technologies may be the ideal way to solve customer needs that cannot be easily migrated to the digital realm alone.

Blockchain technology

The possibilities in blockchain are particularly interesting — and something legacy banks must understand and explore.

Blockchain is structured in a way that makes it almost impervious to fraud. Transactions made using blockchain cannot be altered or deleted: they are permanent and completely traceable.

This makes the new technology especially important as we adapt to the security challenges of hyperconnected digital supply chains that risk leaving businesses and consumers more at risk of cybercrime. They are also fundamental to how cryptocurrencies and the future of central bank currencies operate.

Artificial intelligence and machine learning

By harnessing and understanding enormous amounts of data, banks can now speak to customers through AI chatbots in a life-like conversational manner.

This means we can offer contextualised products that meet the customer’s real-time needs through AI chatbots — a whole new level of personalised banking that eliminates the need for human interaction.

By harnessing and understanding data, banks can now speak to customers with AI chatbots in a life-like conversational manner. Chris Whiteoak / The National
By harnessing and understanding data, banks can now speak to customers with AI chatbots in a life-like conversational manner. Chris Whiteoak / The National

It makes banking available to customers on a self-service model, 24/7, without interruption. Rendering services over a chatbot is almost instantaneous and convenient for customers.

AI conversational features can be embedded into customer loyalty programmes, such as referrals, discounts and more personalised offers.

Rise of digital banks

These services will quickly become the norm, which is why the rise of digital banks is so exciting. Because of their make-up, they are more flexible and innovative when creating solutions.

They have much lower acquisition costs than a traditional high street bank. They can also utilise data from the outset — enabling continuous improvement of their services to adapt to customers’ needs.

The combined benefits of digital banking and the vast FinTech ecosystem is an unstoppable force. As we look ahead, we will see exponential growth in the number of FinTechs originating in the GCC region.

Many will focus on solving client issues in creative and interesting ways. For banks such as Mashreq, the task is to continuously engage, partner with and invest in an ecosystem that is changing rapidly and in real time.

Vibhor Mundhada is the chief executive of Mashreq NeoPay

TO A LAND UNKNOWN

Director: Mahdi Fleifel

Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa

Rating: 4.5/5

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

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Dust and sand storms compared

Sand storm

  • Particle size: Larger, heavier sand grains
  • Visibility: Often dramatic with thick "walls" of sand
  • Duration: Short-lived, typically localised
  • Travel distance: Limited 
  • Source: Open desert areas with strong winds

Dust storm

  • Particle size: Much finer, lightweight particles
  • Visibility: Hazy skies but less intense
  • Duration: Can linger for days
  • Travel distance: Long-range, up to thousands of kilometres
  • Source: Can be carried from distant regions
if you go

The flights

Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.

The hotel

Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.

The tour

Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg

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Diriyah%20project%20at%20a%20glance
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Three tips from La Perle's performers

1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.

2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.

3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.

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THE SPECS

Engine: 6.75-litre twin-turbocharged V12 petrol engine 

Power: 420kW

Torque: 780Nm

Transmission: 8-speed automatic

Price: From Dh1,350,000

On sale: Available for preorder now

The specs
Engine: 2.0-litre turbo 4-cyl

Transmission: eight-speed auto

Power: 190bhp

Torque: 300Nm

Price: Dh169,900

On sale: now 

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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand

UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final

Monster Hunter: World

Capcom

PlayStation 4, Xbox One

RESULTS

5pm: Maiden | Dh80,000 |  1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

5.30pm: Handicap |  Dh80,000 |  1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel

6pm: Handicap |  Dh80,000 |  2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle

6.30pm: Handicap |  Dh85,000 |  2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel

7pm: Shadwell Farm for Private Owners Handicap |  Dh70,000 |  2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi

7.30pm: Handicap (TB) |  Dh100,000 |  1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

 

Company: Instabug

Founded: 2013

Based: Egypt, Cairo

Sector: IT

Employees: 100

Stage: Series A

Investors: Flat6Labs, Accel, Y Combinator and angel investors

Updated: June 01, 2022, 3:30 AM`