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GCC banking’s tech shift saves time, money

By Hilal Mir
June 14, 2023 6:31 pm
  • As of 2019, there were over 5,000 bank branches in the GCC region, catering to a population exceeding 50 million.
  • On average, customers spent about 30 minutes in these branches to avail themselves of banking services.

Dubai, UAE — From offering basic banking services to merchants and businesses in the early 19th century to a period of rapid development in the ’70s and ’80s, banks in the Gulf Cooperation Council (GCC) region have come a long way.

The banks began adoption of advanced technologies such as online banking, mobile banking, and ATMs in the 1990s and 2000s.

In recent years, GCC banks have continued to adopt even more advanced technologies, such as artificial intelligence (AI), blockchain, and big data, improving customer service, fraud detection, and risk management in the process.

TRENDS explains in this video the technological evolution of the banking sector in the region.

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