Beyond coronavirus: the resurgence of digital transformation

Beyond coronavirus: the resurgence of digital transformation

For years digital technologies and FinTech have promised customers a lot of innovation but have broadly been unable to penetrate the market due to lack of demand by customers.

However, as the economy shifts from respond to recovery stage of the Covid-19 pandemic, opportunities may be plenty for the digital transformation industry to bloom.

Only six months ago, few people in Saudi Arabia could contemplate buying a house in the middle of a global pandemic, where the world was forced to stay at home to avoid the deadly virus. Even everyday chores of buying groceries seemed a farfetched idea for most at the height of the pandemic.

Experts say affordability is key as Saudis struggle to finance the large villas most common in the kingdom

However, lending rates around the globe were at historic lows, which meant that getting a mortgage was very cheap, and such rates would not last forever. With no end in sight to the Covid-19 pandemic, people were unable to take advantage of the low lending rates currently in Saudi Arabia and all they could do was wait for the pandemic to pass.

Surprisingly, mortgages uptake began to rise a few months into the pandemic in Saudi Arabia with September registering