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The GCC mobile banking market grew at a CAGR of around 14% during 2015-2020. Mobile banking refers to a digital service offered by banks to conduct financial transactions remotely via smart devices, such as smartphones and tablets. It also provides additional services, such as investment advice, customer support, accounting information, remote check deposits, bill payments, etc. Mobile banking offers secured and convenient payment solutions in comparison to the conventional transaction methods. In GCC countries, mobile banking solutions have gained prominence with the increasing adoption of digitalization trends pertaining to financial services.
The high internet connectivity along with the rising penetration of smart devices, such as smartphones and tablets, is primarily driving the market for mobile banking. The expanding banking, financial services, and insurance (BFSI) industry in the GCC region has led to the growing demand for convenient and prompt services to complete financial transactions. As a result, several banking institutions are introducing instant and real-time customer assistance techniques to promote self-service banking operations. Additionally, the rising integration of numerous advanced technologies, such as artificial intelligence (AI), blockchain, wireless application protocol (WAP), etc., with banking solutions for providing user-friendly interfaces, is also augmenting the market growth. Furthermore, several government bodies, particularly across the region are introducing numerous initiatives to promote mobile banking services for tracking financial transactions and mitigating the risks of money laundering. With the emergence of FinTech technologies, several banks in the GCC region are investing in upgradations of their mobile applications to provide customized product offerings and streamlined customer experience, which are expected to further drive the market for mobile banking in the coming years. Looking forward, IMARC Group expects the GCC mobile banking market to continue its strong growth during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the GCC mobile banking market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on region, type, service, platform, deployment and end user.
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The competitive landscape of the industry has also been examined with some of the key players being Abu Dhabi Islamic Bank, Al Baraka Banking Group B.S.C., Al Rajhi Banking and Investment Corporation, Alinma Bank, Bank Albilad, Bank AlJazira, Bank Dhofar SAOG, Dubai Islamic Bank, Kuwait Finance House, Mashreqbank PSC, Masraf Al Rayan (Q.P.S.C), and Qatar Islamic Bank (Q.P.S.C.).
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