COUNTRY FOCUS : SAUDI ARABIA
Martin Blechta , Principal , BCG
BCG ’ s recommendation for national digital agenda Trust and transparency
Government must be transparent about how data will be collected , stored , accessed , and used , and how breaches will be reported .
No secondary use of data
There should be a single purpose for each consent . Customers see secondary use or combining data as the creation of new data .
Value exchange
Customers are willing to consent for their data to be used for an exchange for good and services they value .
Right to opt-out
Customers value the right to withdraw consent or to opt-out of services . This process should be simple and complete .
billion more than it had earlier forecast , approximately US $ 1.4 trillion over the next five years if current global economic conditions persist . Much of this will flow to exporters in the GCC , which number among the top energy-exporting nations in the world .
Markus Massi , Managing Director and Senior Partner , BCG
According to Markus Massi , Managing Director and Senior Partner , BCG , “ The banking sector in Saudi Arabia is well-positioned for growth in the coming years .”
The Vision 2030 initiative , along with high energy prices and an increase in tourism , are driving an economic boom in the GCC , and Saudi Arabia is at the forefront of this trend .
Additionally , Saudi Arabia is accelerating the transformation of its economy in line with its ambitious Vision 2030 initiative . This is driven by a raft of megaprojects , modernisation initiatives , as well as reforms and development plans that are already diversifying Saudi Arabia ’ s economy and opening it to the world in a way that it has not attempted before . These developments are being mirrored in the performance of the banking sector in Saudi Arabia , which is experiencing a period of much-welcomed profitability .
Miguel Carrasco , Global Leader , BCG ’ s Center for Digital Government
Rami Mourtada , Partner and
Director , Digital
Transformation , BCG
Despite a challenging global economic climate , inflation in the GCC has not been as problematic as in other countries . “ Inflation in Saudi Arabia has been controlled , thanks to high oil prices and less impact from current geo-political events . This , coupled with the Saudi Arabia ’ s efforts to diversify its economy , bodes well for the future of the banking sector ,” said Martin Blechta , Principal , BCG .
The banking sector in Saudi Arabia is poised for continued growth in 2023 , as the Saudi Arabia continues to implement its 2030 strategy and the GCC economy remains strong .
To counter new digital competitors , banks should consider tapping into growing consumer spending trends to expand their portfolio of partnerships . For instance , by partnering with e-commerce businesses and retailers on agency banking and POS microfinancing solutions , banks can expand their customer base . Banks can also work with nonbanking financial institution partners to extend low-cost financing options to targeted SMEs . p
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