Technology today continues to evolve at lightning quick speed and, on a global level, is disrupting every aspect of the banking experience. Indeed, despite a common perception of the finance and banking sector as being one of the more traditional industries, it is undergoing a period of exponential change, driven by technological transformation and advancement.
This is impacting every aspect of financial services industries across the world, most notably in its daily touch points with consumers. And it’s no different in Bahrain, where a rising fintech industry is enabling the introduction of brand-new services, as well as the enhancing of existing offerings.
What’s driving the change?
As the world becomes more digital, it is widely and increasingly expected that financial technology, such as open banking, cryptocurrencies, and peer-to-peer (P2P) lending, will continue to rise in popularity, with big data offering customers greater personalisation, and mobile technology enhancing ease of use.
Consumers are increasingly looking for quick and easy solutions for their financial needs, and with a burgeoning start-up industry in the Middle East, soon they will have numerous solutions to choose from. Undeniably, at the heart of the financial services sector is the customer. And with industry 4.0 increasingly becoming a reality, what has become clear is that if financial services companies want to be the go-to place for people’s everyday money matters, getting the right technology in place to enable these capabilities is essential. For many, it has become a case of embrace the digital or face becoming obsolete.
In a country which has a very high smart phone subscriber base, and extraordinary mobile penetration, but where a large section of the population lacks access to traditional banking services, it should come as no surprise that financial services in Bahrain have keenly felt the impact of this tech-driven transformation. The pace of change is only expected to accelerate, and the sector is determined to embrace the opportunity that such change offers.
The race is on