Views on Digital Banking in KSA

With the rise in digital banking and new financial services, 95% of Saudi Arabia’s more affluent banked population said that they have used digital banking channels. Digital channels are the most preferred method of interacting with banks, with more than half (59%) stating mobile banking applications as their preferred channel, and a further 18% preferring online banking websites.

4 out of 10 customers believe that non-traditional financial service providers will be the future of finance, and while 61% still trust traditional banks, almost half (47%) say they trust mobile service providers and 40% trust well-known digital brands to carry out financial transactions.

Looking at the future, 63% said that they will be making all their financial transactions through digital banking in the future and 58% believe that people would no longer use cash as a payment method, with 1 in 2 customers saying they are willing to try new financial services and payment methods.