The Middle East and North Africa (MENA) have seen significant digitalization, particularly in Arab nations, driven by a tech-savvy youth and supportive regulations. Financial technologies are bridging historical gaps in banking access and enabling economic participation. Digital banking platforms are emerging as alternatives to traditional banking, which has hindered financial inclusion. Neobanks and digital-only banks are reshaping customer expectations with personalized services. Traditional banks are enhancing digital offerings, creating a competitive landscape that benefits consumers. Digital-first strategies have increased customer engagement in local financial institutions and influenced industries like entertainment to adapt to new payment technologies.
The emergence of neobanks and digital-only banks has effectively changed customer expectations of banking access and convenience. Such websites are built on advanced algorithms and machine learning to provide customers with hyper-personalized financial reporting, automated savings routines, and intelligent spending classification.
Traditional banking systems in the majority of Arab countries historically provided impediments to financial inclusion, particularly for the underbanked and small enterprises. Online banking platforms have emerged as game-changing alternatives, delivering comprehensive financial services through easy mobile apps and web-based interfaces.
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