- whitepaper
A Guide to Building Financially Inclusive Neobanks in MENA
Introducing “Guide to Building Financially Inclusive Neobanks in MENA.”
The Banking, Financial Services, and Insurance (BFSI) industry, in particular, has been affected by the challenges of economic uncertainties, new customer expectations, and competition from digital-only banks – neobanks and challenger banks.
As such, traditional banks and other financial institutions in the MENA region have had to rethink their modus operandi to safeguard their long and short-term goals, which have been threatened by their rigid legacy systems, high operating costs, slow decision-making processes, changing regulatory landscape, and slow rate of innovation, not to mention outdated customer experiences and journeys. Most banks can already see the potential in neobanks, with the sector being valued at $47.39 billion in 2021 and estimated to grow at a CAGR of 53.4 percent from 2022 to 2030.
Even though legacy banks have been facing stiff competition from their digital counterparts, the fact is they have the potential to disrupt the disruptors. McKinsey’s research points out that one of the key strategies to steer organic growth is business building.3 Firms that engage in business building are more resilient to economic shocks, adapt easily to customer preferences, and can easily expand their revenues compared to also-runs.
In this age, digitization is the core business-building strategy banks and financial institutions at large should be focusing on.
Read our latest whitepaper “A Guide to Building Financially Inclusive Neobanks in MENA” to get more insights and find out how you can adopt a page from the neobank playbook to win in the age of disruption.
