Views on Digital Banking in KSA

Usage, attitudes and future outlook on digital banking and new financial services in Saudi Arabia.

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.

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