Most Middle East residents prefer online banking, a trend accelerated because of the digital transformation of banking and payment industries in the past few years, new research shows.
Nearly 77 per cent of those surveyed in Saudi Arabia and 61 per cent in the UAE — the Arab world’s biggest economies — said they choose to do their banking online in some form, Minnesota technology company Entrust said in a recent survey.
Almost 60 per cent of respondents in the two countries said they prefer using the bank’s app, while 29 per cent liked using the desktop web browser.
Entrust surveyed 1,350 consumers in the UAE, Saudi Arabia, the US, Canada, the UK, Germany, Singapore, Australia and Indonesia who have made or received digital payments in the past 12 months.
“This study highlights how, more than ever, consumer banking is about digital interactions first, and that they [banks] must create that digital experience with security at its foundation,” said Jenn Markey, vice president of product marketing at Entrust.
The survey revealed that consumers are likely to consider lower fees, digital solutions and security when choosing or changing their bank.
The Covid-19 pandemic, which led to lockdowns around the world, hastened the move to digital services as consumers switched to cashless payments and online shopping. More people use online banking services now to transfer money and pay for e-commerce transactions.
Globally, digital payments are expected to grow to $8.26 trillion by 2024, from $4.4tn in 2020, according to Statista.
Banking apps too recorded a surge in downloads, with account owners expecting a seamless, digital financial experience. Digital banking app downloads jumped 45 per cent globally, while traditional banks recorded a 22 per cent increase in installs between the last quarter of 2020 and the first quarter of 2021, a report by AppsFlyer said last year.
Entrust surveyed 1,350 consumers in the UAE, Saudi Arabia, the US, Canada, the UK, Germany, Singapore, Australia and Indonesia who have made or received digital payments in the past 12 months.
“This study highlights how, more than ever, consumer banking is about digital interactions first, and that they [banks] must create that digital experience with security at its foundation,” said Jenn Markey, vice president of product marketing at Entrust.
The survey revealed that consumers are likely to consider lower fees, digital solutions and security when choosing or changing their bank.
The Covid-19 pandemic, which led to lockdowns around the world, hastened the move to digital services as consumers switched to cashless payments and online shopping. More people use online banking services now to transfer money and pay for e-commerce transactions.
Globally, digital payments are expected to grow to $8.26 trillion by 2024, from $4.4tn in 2020, according to Statista.
Banking apps too recorded a surge in downloads, with account owners expecting a seamless, digital financial experience. Digital banking app downloads jumped 45 per cent globally, while traditional banks recorded a 22 per cent increase in installs between the last quarter of 2020 and the first quarter of 2021, a report by AppsFlyer said last year.
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