After years of sluggishness and an aversion to risk, the Middle East’s banks have shifted into gear when it comes to digital. Changing consumer demands and international competition have spurred a new wave of innovation.
“Today, if I don’t have a digital strategy for my group, I’ll be out of business,” one Middle Eastern bank exec told Euromoney. Across the region, there seems to be an agreement that things must change. And they are changing – but challenges remain.
Cultural nuances and legal impediments often stand in the way of efficient debt recovery while stricter regulation has increased capital adequacy requirements, with the gradual adoption of Basel III regulations.
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