20 August 2017
Find out more

Arab banks face threat from deregulation and the Internet

25 July 2001  |  2656 views  |  0 Arab banks face threat from deregulation and the Internet

Banks in the Arab states in the Middle East and North Africa face the erosion of their market share if they do not implement e-banking in the face of deregulation and growth in the Internet, according to a report from e-payments outfit Alaric International.

According to the study, conducted by Pyramid Research, Internet banking registration among Arab banks' customers is growing and will continue to rise rapidly, along with Internet penetration in the region.

Mike Alford, Alaric's managing director, says: "The challenge for Arab banks which do not currently have Web or wireless banking delivery channels is to implement a solution as rapidly as possible.

"The alternative is to risk losing market share to multinational companies as competition increases due to deregulation and as use of the Internet continues to grow."

Fourteen per cent of Internet users in the eight Arab countries where click and mortar e-banking is an option are now registered to bank online - the equivalent number in the USA is 17%, a figure that is already matched or exceeded by three Arab countries.

Despite this, only 18 of the top 100 Arab banks currently offer e-banking services.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

US banks are losing out by ignoring online customer inquiries

US banks are losing out by ignoring online customer inquiries

24 July 2001  |  2956 views  |  0 comments
More Europeans manage their finances online

More Europeans manage their finances online

04 July 2001  |  3863 views  |  0 comments
Online consumers favour financial institution-hosted e-wallets

Online consumers favour financial institution-hosted e-wallets

06 June 2001  |  3309 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comdownload the paper nowvisit www.dorsum.eu

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
9317 views comments | 23 tweets | 23 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7983 views comments | 19 tweets | 23 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
7485 views comments | 10 tweets | 7 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
6946 views 0 | 1 tweets | 1 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
6616 views comments | 14 tweets | 12 linkedin

Featured job

Find your next job