Personal Finance and New Technologies
Over the past decade, financial technology â€” widely referred to as FinTech â€” has grown primarily due to growing Internet access worldwide and the emergence of smartphones and apps.
Saudi Arabia is a pioneer when it comes to technology penetration in the region. The usage of technology in Saudi Arabia is advanced, whether in retail banking, cash management or corporate. Using financial technology improves the quality of the banking experience among clients. It influences the speed and accuracy of the experience. Technology makes products more reachable to clients. The introduction of FinTech will increase the Islamic finance customer base, which is roughly 100 million today, to 250 million by 2020.
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