Digital banking is flourishing
In 2020, SAMA introduced its Digital Banking Framework to enable the establishment of fully digital banks in the Kingdom. Meanwhile, its regulatory sandbox has allowed fintech companies to test and launch innovative payment products in the market. As a result, mobile and digital payments are increasingly popular.
Digital banks need to combine technology excellence with rigorous operational standards
Digital banks and fintechs are looking to scale quickly and offer customers the latest in payment technology. However, they must also make sure they are able to integrate with existing financial systems and services while meeting robust security and regulatory standards.
Scale to demand
Scale to demand
Digital banking platforms must integrate with other financial services and schemes while scaling to customer demand.
Saudi customers expect seamless, user-friendly and personalised digital experiences with minimal downtime.
Digital banks and fintechs must offer their customer a range of ways to pay, such as QR codes, pre-paid cards and mobile payments.