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Temenos: Middle East and Asia believe Cashless is the Future

TemenosGeneva-based Temenos released a global retail banking survey which revealed that banks in the Middle East and Africa (MEA) are the strongest believers in a cashless society. The in-depth survey conducted in 2019 by the Economist Intelligence Unit (EIU) on behalf of Temenos reveals that 6 in 10 Middle East and African banking executives think cash will dip below 5 per cent of retail transactions in the next 5 years, compared to a global average of 48 per cent who think the same.

Jean-Paul Mergeai, Managing Director – Middle-East & Africa, Temenos expounded, “Even in the most uncertain times, the power and opportunities of digital banking remain the same. This retail banking report outlines the opportunity for MEA banks who adopt modern technology to accelerate financial inclusion and digital banking, to support economic and social development. At Temenos, we believe in investing in technology and innovation and have the privilege of helping banks and their customers to prosper by using this technology every day. We continue to relentlessly invest 20% of our revenues into R&D, the highest in the industry, and provide to banks the winning combination of the most advanced cloud and AI technology with the richest, broadest banking functionality.”

The lockdown measures imposed by governments worldwide in light of the evolving Coronavirus (COVID-19) pandemic are also expected to increase the need for and use of digital banking and payment solutions globally.

Katya Kocourek, Managing Editor – Financial Services, The Economist Intelligence Unit stated, “The significant impact of the ongoing Coronavirus pandemic is likely to accelerate the cultural and institutional shift towards digital banking that is already taking place in the MEA region.”

The EIU report entitled ‘A Whole New World: How technology is driving the evolution of intelligent banking in the Middle East and Africa’ indicates that MEA retail banks are highly conscious of the threats financial exclusion and delaying digitalization pose to their business models. MEA retail banks recognize the need to sharpen digital marketing skills to bring excluded customers into the banking sphere. Mastering digital marketing and engagement is considered as the top strategic priority for retail banks in the near term (35 per cent by 2020), and in the medium term (35 per cent by 2025).

The survey reveals that the Middle East, in particular, is poised to encourage digital financial inclusion, with young populations and smartphone use predicted to hit 74 per cent by 2025. The affordability of smartphones is a key driver in the new development of building mobile-only and mobile-first greenfield banks, the top innovation strategy chosen by 37 per cent of MEA-based respondents alongside investing in FinTech start-ups (37 per cent).

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