Eight in ten Middle East banking customers willing to use FinTech products – The National

Eight in ten Middle East banking customers willing to use FinTech products – The National

Work still needs to be done in aligning technologies within traditional lenders' networks, Deloitte says. Eighty-two per_cent of the Middle East banking customers are willing to start using FinTech products, but lenders are not integrating many of the products on offer into their networks, according to a new survey.. The Middle East FinTech Study by Deloitte found that of the 18 per cent unwilling to use FinTech products, 40 per cent cited security and privacy as their biggest concerns.. Only 22 per cent of individuals surveyed are currently using FinTech products, with adoption being driven by consumers in their 20s.. The FinTech ecosystem in the Middle East is characterised by a degree of "contradiction and dichotomy", the report said.. Some banks are keen to engage with technology firms but as have been reluctant to integrate FinTechs into their strategy.. The study found the Middle East region has so far attracted only 1 per cent of $45bn worth of global financing into FinTechs, but said there is "significant potential" to grow this.. FinTech companies, which focus on lowering transfer fees and reducing transfer times, are gaining substantial funding on a global scale.. According to KPMG's Pulse of FinTech survey, FinTech companies