The 5 Digital Banks in Saudi Arabia You Need to Know

The 5 Digital Banks in Saudi Arabia You Need to Know

Digital banking in Saudi Arabia is at a particularly interesting junction right now. Much has been said about how the country is at the precipice of a banking revolution, but the results have perhaps been slow to show.

There’s a vast market opportunity with digital banking on both the consumer and business banking fronts, and multiple studies suggest. For instance, a 2021 BCG survey notes that over half of the Saudi population would be comfortable switching banks due to poor customer service, lower interest rates and limited products offered by incumbents.

This, in the context of growing competition due to digitalisation, is seen as an optimistic sign for the digital banking in Saudi Arabia (especially as survey respondents were reportedly impressed by the speed of account opening, convenience, and availability of bank offers through mobile banking).

But more tellingly, 88% of surveyed respondents said that they would be willing to open a digital-only bank account, and 79% were willing to share their data for better banking solutions, the BCG report said.

Other statistics corroborate this. A survey by Backbase and YouGov found that 88% of banking customers were more inclined towards digital banking, and 82% used digital banking at least once a week. At