3 companies transforming the digital banking industry in MENA

By Delisha Fernandes

The Digital Banking industry is undergoing a significant transformation in today’s fast-paced and tech-driven world. According to statista a survey on the financial technology sector in the Middle East and North Africa (MENA) region in 2020, the overall adoption rate of FinTech solutions among banking customers was the highest in Saudi Arabia at about 40 percent of respondents.

Digital banking solution providers allow banks to manage and run all the operations involved with providing digital financial products and operating a digital bank. These providers offer various solutions, including mobile banking apps, online platforms, and cloud-based banking software. These solutions are helping banks in MENA to improve their customer service, reduce costs, and expand their reach.

Here are 3 companies transforming the digital banking industry in MENA

• Sopra Banking Software

Sopra Banking Software offers solutions to 1,500 financial institutions worldwide. The variety of its solutions enables the company to support clients daily and in their future projects, as well as in their goals regarding financial inclusion. KCB Bank had selected Sopra Banking Software to design, build, deliver, and support the savings and lending products portfolio. Through support from Sopra Banking Software, the bank has witnessed tremendous improvement in transaction growth in savings, loan uptake, and customer experience.

• Temenos

Temenos is a company specialising in enterprise software for banks and financial services, with its headquarters in Geneva, Switzerland. The company offers solutions for all kinds of players in the industry, including large and small banks, non-banks and FinTechs, partners and developers. Al Rajhi Bank, a Saudi Arabia-based bank, selected Temenos to offer enhanced lending products and digital customer experience.

• Velmie

Velmie helps Saudi banks and FinTech companies address modern-day challenges with a fully customisable digital banking platform and professional services. Velmie software solution combines back-end services, mobile applications, web front-end for clients and administrators and an extensive API for developers. The company’s partner ecosystem provides payments and compliance coverage in the MENA region, including The Kingdom of Saudi Arabia.