NEWS
MEA retail banks are the
strongest believers in a
cashless society, says stu
Banks in the Middle East and Africa
(MEA) are the strongest believers
in a cashless society, according to a
global retail banking survey released by
Temenos, the banking software company.
The in-depth survey conducted in 2019
by the Economist Intelligence Unit (EIU)
on behalf of Temenos reveals that six
in 10 Middle East and African banking
executives think cash will dip below 5%
of retail transactions in the next five
years, compared to a global average of
48% who think the same. The lockdown
measures imposed by governments
worldwide in light of the evolving
Coronavirus pandemic are also expected
to increase the need for and use of digital
banking and payment solutions globally.
The EIU report entitled ‘
World: How technology
evolution of intelligent b
Middle East and Africa’
MEA retail banks are hig
of the threats financial e
delaying digitalisation p
business models.
Respondents acknowled
demands for accessible,
personalised digital ban
ranking changing custom
the highest-impact trend
A plurality of MEA banki
– 43% of respondents –
technologies, including A
impactful trend on their
12 INTELLIGENTCIO