The Middle-East and Africa digital banking market is estimated to grow at a significant growth rate of 6.5% over the forecast period. In the Middle East and Africa, banks are rapidly raising the adoption of opportunities presented by fintech and digital banking companies. The UAE has witnessed a considerable digital transformation in the recent past, as the government of UAE is focusing on the development of digital infrastructure through momentous spending and by attracting private investments. 

UAE is swiftly emerging as a startup hub for the Middle East-based financial sector, as it comprises around 30% of the region’s fintech firms. Therefore, in present times, UAE is called as the financial hub of the Middle East, as quoted by the Dubai International Financial Centre (DIFC). The continuous development in technology, regulations, and culture is transforming the current and future landscape of the banking sector in the UAE. For instance, around 84% of the UAE’s population currently lives in urban environments, 96% use the internet frequently, 77% use smartphones on a daily basis, and 85% of households have access to broadband Internet, as per ITA. 

The Middle-East and Africa digital banking market is segmented on the basis of type and solution. Based on type, the market is classified into corporate banking, investment banking, and retail banking. Retail banking held the largest share in 2018 and is expected to maintain its dominance during the forecast period. Retail banking involves a wide range of services, including saving accounts, personal loans, mortgages, certificates of deposit (CDs) and investment and fund management. Rising demand for internet banking among individuals to manage their accounts and conduct financial transactions is primarily contributing to the growth of the segment. Based on solution, the market is classified into processing services, payment solutions, customer and channel management, and risk management.

Furthermore, the market is characterized by the presence of several players including ACI Worldwide Inc., Microsoft Corp., Oracle Corp., Fiserv Inc., FIS Global and many others. These players adopt various strategies in order to compete in the global industry. Mergers and acquisitions, product launch, geographical expansion, and partnerships and collaborations are some of the strategies adopted by the players. 

Research Methodology

The market study of the Middle-East and Africa Digital Banking market is incorporated by extensive primary and secondary research conducted by the research team. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.

Secondary Sources Include:

• Financial reports of companies involved in the market
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog

The report provides an in-depth analysis of the market size and growth opportunities. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for making better business decisions.

Market Segmentation:

1. Middle-East and Africa Digital Banking Market Research and Analysis by Type
2. Middle-East and Africa Digital Banking Market Research and Analysis by Solution

The Report covers:

• Comprehensive research methodology of the Middle-East and Africa Digital Banking market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Middle-East and Africa Digital Banking market.
• Insights about market determinants which are stimulating the Middle-East and Africa Digital Banking market.
• Detailed and extensive market segments with regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.