Why GCC banks and fintech startups must realign their interests for greater good

Why GCC banks and fintech startups must realign their interests for greater good

The use of technology to facilitate financial offerings, commonly known as fintech (financial technology), has been around for a while, but has gained renewed focus in recent years, in turn impacting the financial ecosystem. Banks across the world have been pushed to adopt digitalisation as a key element for their continuity plans and collaborate with third-party service providers for accessible reform, greater outreach, and longevity.

Similarly, regional banks have been forced to acknowledge that fintech will drive change in terms of customer service and product innovation. In the UAE, Emirates NBD unveiled Liv, a digital banking app targeting millennials centred on lifestyle, Mashreq Bank launched Mashreq Neo, its full-service digital bank, while Bahrain's Bank ABC launched ila Bank, a digital, mobile-only bank.

Banks have also offered a series of technological innovations