The “Boston Consulting Group” has forecast that the GCC’s “Total Digital Banks” will account for more than $2 trillion of the region’s financial services market by 2030, a compound annual growth rate of 53.4 percent.
The group explained in its report the vital and continuous role of these completely digital banks in providing the necessary financing to consumers, societies and the economies of countries as a whole. Revealing that the features that contributed to its success include digital services, mobile services, pioneering use experiences, cloud platforms with their standard structures, a culture characterized by flexibility and responsiveness, and brand development in line with the emotional intelligence of users.
The report showed that the GCC countries have some of the highest rates of connectivity in the world, with more than 90 percent of their population relying on internet services. A rate that significantly exceeds the global average of 51.4 percent. 5G services are expected to be available to two-thirds of the region's population by 2026.
Source (Al-Rai Kuwaiti Newspaper, Edited)
