Why super apps are the future of retail banking – ArabianBusiness.com

Why super apps are the future of retail banking – ArabianBusiness.com

In today’s ever-evolving digital economy, cash money has become a rare sight as consumers increasingly turn to mobile wallets and contactless cards for their transactions.   

A survey from Dubai Police, Dubai Economy, and Visa shows 71 percent of respondents are using digital payments over cash in stores with 54 percent using contactless cards and 46 percent mobile wallets.

This raises the question of the future of retail banking, one that Arthur D. Little (ADL), Middle East attempts to answer in its Beyond Banking: Is there an opportunity for banks to go beyond banking in the UAE? report released in early December.

To discuss the report’s findings, Arabian Business sat down with Pierre Mariani, partner, financial services practice, ADL Middle East who also talked about how mobile super apps are bringing e-commerce and financial services together through integrated digital ecosystems.  

What do you see as the future of retail banking in the region?

Retail banking in the region, like in the rest of the world, has experienced a challenging environment combining low interest rates impacting profitability, increased competition from new actors, neo-banks or new players entering the financial