Banking in Saudi Arabia and all over the world knew a digitalization during the last few years. Even though it took a lot of time to be introduced in Saudi Arabia, digital banking has been successful there.
The digital transformation of banking included many new technologies and digital solutions in order to facilitate the use of banking services and help customers to have a good experience.
The best example of the Saudi Arabia’s digital banking success is STC Pay. It’s the most popular banking app in the country and its main purpose is to make user experience easier by allowing him to easily do several operations : purchasing online, paying bills, and other things.
Online banking grew very fast and most of the population is using it for their operations. A survey has proven that at least 82% of Saudi population is using digital banking at least once a week for different purposes. 88% of the population prefers using online banking rather than going to a branch.
Digital banking wasn’t a big success for individuals only, but for SMEs as well. Their daily operations became easier and time-saving.
Even though digital banking in Saudi Arabia is full of benefits for individuals and companies, there are a few challenging obstacles. One of the most common problems is scam activities. Many high-profile cases were discovered and authorities have taken the necessary steps.
Digital Banking is a very important step in the development of the Saudi strategy and vision for 2030, more information regarding it will be shared in an upcoming article on our website.