Banks’ co-operation with IT companies essential to boost ‘digital banking’

Bahraini businessman Yacoub Al Awadhi has stressed the importance of the efforts made by Bahraini banks to accelerate the process of digital transformation and create the technological infrastructure to implement it.

He pointed out that the United Nations adoption of the Bahraini initiative to mark the fourth of December of every year an International Banks Day represents a favourable opportunity to shed light globally on the progress made in this field.

“We see increasing interest by the banking sector leaders to expand the establishment of digital banks that have become a global trend. The effective co-operation between banks and technology companies is important in building a sophisticated digital banking industry, and strengthening the reputation of the Bahraini banking sector,” said CEO of NGN, Mr Al Awadhi.

“We are witnessing in the neighbouring countries the entry of global virtual banks that compete strongly with the traditional banks of the country due to its low operating costs, headquarters, branches and equipment, and the number of employees. It also provides quick services such as opening a new bank account, money transfer, etc.

From this standpoint, I appeal to all Bahraini banks to quickly adopt the various paths of digital transformation entirely,” added Al Awadhi.