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The ascent of digital banks in the Gulf region: Prospects and challenges

Author

Listed:
  • Abumughli, Ala’ Azmi

    (Hamad Bin Khalifa University, College of Islamic Studies, Qatar Foundation and Chief Wholesale Banking Officer, Doha Bank QPSC,)

  • Aysan, Ahmet Faruk

    (Professor and Coordinator of the Islamic Finance and Economy Programme, Hamad Bin Khalifa University, Qatar)

Abstract

This paper provides a practitioner’s and academic’s perspective on the impending challenges faced by the Gulf banks from the growth of FinTech and technology disruptors in the region. The authors provide a comprehensive view of the approaches taken by the banking industry in the Gulf to face these new challenges, including the support provided by their governments. The paper describes three dominant approaches taken by the banks in the region on the digital banking front. As practitioners and academics, the authors provide their recommendation through their four-corner strategy of action points that the Gulf banks should adopt in order to successfully overcome ongoing challenges posed by FinTech’s and technology disruptors and to stay relevant during this period of changing consumer behavioural patterns led by technology disruption and growth.

Suggested Citation

  • Abumughli, Ala’ Azmi & Aysan, Ahmet Faruk, 2021. "The ascent of digital banks in the Gulf region: Prospects and challenges," Journal of Digital Banking, Henry Stewart Publications, vol. 6(3), pages 277-286, December.
    • Handle: RePEc:aza:jdb000:y:2021:v:6:i:3:p:277-286
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    Citations

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    Cited by:

    1. Aysan, Ahmet Faruk & Unal, Ibrahim Musa, 2022. "Fintech, Digitalization, And Blockchain In Inslamic Finance: Retrospective Investigation," MPRA Paper 115399, University Library of Munich, Germany.
    2. Ibrahim Musa Unal & Ahmet Faruk Aysan, 2022. "Fintech, Digitalization, and Blockchain in Islamic Finance: Retrospective Investigation," FinTech, MDPI, vol. 1(4), pages 1-11, November.

    More about this item

    Keywords

    digital; FinTech; Gulf Banks; collaboration;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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