Consumer behaviors in the region have undergone a massive change in recent years according to Standard Chartered. A recent survey conducted by the bank found that two-thirds of consumers in the UAE expect the country to become fully cashless by 2030. The apparent shift will eventually spur a reconfiguration of physical branches, which are evolving from being transaction-oriented to focus on advisory services. From wealth management to personal banking, we have been experiencing a shift to digital for years. It was a conscious choice for Standard Chartered to adopt a mobile-led digital strategy and to invest in an affordable, easy to roll out end to end digital bank offering but that choice was also driven by changing consumer behaviors and preferences.
Standard Chartered sees great potential in disruptive technologies that make banking more accessible, efficient, and convenient. Keeping services in silos is no longer feasible, with consumers demanding all-inclusive experiences from their banks. Open banking, for instance, allows the financial services sector to seamlessly integrate with that of the retail and lifestyle sector, providing consumers with a dynamic blend of services through a singular platform. Sustainable financing is fast becoming popular among governments, government related entities and financial institutions in the region. Green bond issuances have picked up over the second half including in the region, Qatar National Bank and Saudi Electric Company both coming to market with first ever green transaction for each respective country. A further surge in sustainable issuances in the region is expected as banks continue to lend to sustainable projects and companies take advantage of opportunities presented by the energy transition.