ARTICLE
Pioneering the future of the financial landscape in the Middle East
A new partnership between AlFaris International Group and Mambu has set out to offer banks the technology required to meet changing market demands.
22 August 2024
The Middle East is at the heart of innovation in the banking sector, driven by tech-savvy consumers and supportive government policies.
With this evolution, financial institutions are turning to their tech counterparts to embrace digital technologies - and collaboration has never been more important.
The opportunity to rebuild
Financial innovation is taking flight in the Middle East, with neobanks and challenger banks hitting the market in reaction to changing consumer needs, offering branch-less banking, budgeting tools and faster loan approvals.
Despite this, a new report by Endava uncovers that the majority of banks (75%) are struggling to take advantage of new payment offerings and stronger cybersecurity because their core systems haven’t been modernised.
Many established banks remain trapped by the inflexible core banking systems of the past, just as nimble neobanks are in the race to cost-effectively expand new capabilities at speed and scale as their businesses mature.
In the journey to transform, investing in core modernisation presents an opportunity for financial services providers to launch products with greater agility and flexibility. By adopting Mambu’s cloud banking platform, customers like Wio, Kwara, and 4G Capital have experienced greater resilience, improved customer engagement, and an ability to rapidly scale without the complexity of a legacy tech stack.
A new partnership between AlFaris International Group and Mambu is set to take this further, providing banks in Saudi Arabia with the technology foundation required to adapt swiftly to evolving market demands.
Investment in cloud technology
Cloud technology is driving change in financial services, enabling more banks and financial institutions to do away with dated infrastructures and instead deliver tailored solutions for their customers.
Saudi Arabia, in particular, is spearheading the digital transformation of the financial industry as home to one of the latest Google Cloud regions.
With the emergence of cloud technology, financial institutions face the imperative of reevaluating their core infrastructures. Whether an established player or just getting started, migrating or building core banking functionalities in the cloud is a must for financial institutions looking to get in front.
Leveraging AlFaris International Group’s robust payment solutions alongside Mambu’s cutting-edge cloud infrastructure, financial services providers can reap the benefits of technology to offer their customers better experiences.
Key benefits for banks and fintechs:
- Faster time-to-market: Accelerate the launch of financial products and services
- Composable banking approach: Connect with best-in-class technologies to streamline implementation and ensure a swift go-live experience
- Flexibility, built for scale: Grow your business, seamlessly handling both changing regulatory requirements and increased transaction volumes
What’s next?
Delivering tailored financial solutions that meet customer demands, while optimising costs, starts at the core, and it’s clear that banks and other financial institutions can no longer afford to ignore transformation.
Interested to learn more? Join Mambu and AIG at Saudi’s leading fintech event 24Fintech, a collaboration between the Financial Sector Development Program, Saudi Central Bank, Capital Market Authority and Insurance Authority this September.
Reach out to a member of our team and learn how you can build and launch modern financial solutions with our SaaS platform.