<\/p>\n
\u201cBanks which pivot towards \u2018Deep Banking\u2019 will (not only) have the highest levels of customer loyalty, but the highest levels of profitability,\u201d according to Mohammed Wassim Khayata, CEO of Al Maryah Community Bank (Mbank), the UAE\u2019s leading digital bank.<\/p>\n
Speaking exclusively on Moneythor\u2019s Deep Banking Podcast, Mr Khayata described Deep Banking as the stage at which financial transactions merge directly with customers\u2019 daily lives.<\/p>\n
\u201cTechnologies such as Agentic AI enable our interactions to be deeply individualised and, even empathetic. Agentic agents can respond to as well as express emotions; they are also entirely voice-activated which makes them completely intuitive both for the banks using them and the consumers interacting with them. This is what we mean by integrating with consumers\u2019 daily lives; genuinely deep banking shouldn\u2019t require the end user to adjust their daily routines or habits to receive the benefit,\u201d he says.<\/p>\n
\u201cToday\u2019s customer expectations are radically different to those of a generation ago. They want experiences that are not just personalised but \u2018individual\u2019 \u2013 just for them; they also expect transparency and sustainability, and \u2013 importantly \u2013 they want that experience instantly on their mobiles or whatever device they are using. We are a genuinely digital native bank; our DNA is distinct from that of a traditional bank, and meeting these expectations is what we are about.\u201d<\/p>\n
Martin Frick, Moneythor\u2019s CEO, explains that built-for-purpose AI is fundamental to the delivery of deep banking experiences; namely, hyper-personalisation, anticipation, and a proposition that extends beyond traditional financial offerings.<\/p>\n
\u201cBanks \u2013 and Mbank, in particular \u2013 are at the intersection of people\u2019s daily lives; whether around routine transactions or once-in-a-lifetime ones. Each provides an opportunity to connect with an additional service, or a complementary brand . . . . even beyond the finance space.\u201d<\/p>\n
North African expansion<\/p>\n
The Mbank partnership reflects the momentum Moneythor has been building across the MENA region during recent months. This week, the Company announced the appointment of Mohamed Anwar as Regional Business Development Manager for North Africa, joining Moneythor\u2019s growing MENA team. Based in Egypt, Mr Anwar joins Moneythor from digital banking experience specialists, Finshape.<\/p>\n
Middle East momentum<\/p>\n
Mr Frick went on to highlight the momentum Moneythor was building up across the Middle East region.<\/p>\n
\u201cWe are facilitating Deep Banking experiences to 12 of the Middle East\u2019s leading banks, including 2 of the top 3 in the region helping them to deepen relationships with their customers. Gamification \u2013 rewarding and incentivizing customers around money management best practices \u2013 represents an essential ingredient, in a region where 25% of consumers play video games and 70% would choose their bank based on the latter\u2019s loyalty programmes. These are the type of local nuances which make Deep Banking such a compelling proposition here,\u201d Mr Frick adds.<\/p>\n
Mr Frick went on to call out Saudi Arabia as a key growth opportunity.<\/p>\n
\u201c97% mobile phone penetration and a young population \u2013 70% aged under 35 \u2013 make Saudi Arabia a prime opportunity for Deep Banking. According to our own research, 83% of Saudi Arabians prefer to use mobile apps to access financial services, while \u2013 critically \u2013 68% would be willing to switch banks for a better digital experience. The latter should be a wake-up call for banks. It\u2019s a matter of time before Deep Banking becomes simply \u2018banking\u2019 for a new generation of customers in the Middle East,\u201d concludes<\/p>\n
Mr Frick.<\/p>\n","protected":false},"excerpt":{"rendered":"
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