Dig­i­tal Bank­ing Saves Time and Ef­fort

Arabnet - The Quarterly - - Business - Check bank state­ment

On the user end, the main value propo­si­tion of dig­i­tal bank­ing across all re­spon­dents could be sum­ma­rized as an econ­omy of time and efffff­fort. 24/7 ac­cess to trans­ac­tions was nat­u­rally the top rated ben­e­fit, with 38% of re­spon­dents cit­ing it as an adop­tion mo­ti­va­tor (44% and 42% of re­spon­dents in the UAE and Le­banon re­spec­tively). This was fol­lowed by ease of ac­cess to trans­ac­tions and ease of fol­low-up on these trans­ac­tions (29% of all re­spon­dents in each case). By con­trast, cost sav­ings (such as low bank fees and cheaper bill pay­ment) had the low­est rat­ing among re­spon­dents (17%) as ben­e­fits of dig­i­tal bank­ing.

The lead­ing bar­ri­ers to adop­tion are re­lated to trust. 40% of non-adopters said they pre­ferred to deal with their bank di­rectly, and 27% raised con­cerns around the se­cu­rity of dig­i­tal bank­ing. These sen­ti­ments were high­est among uses in Le­banon, Jor­dan, and Egypt. These find­ings in­di­cate that non-adopters may be read­ily con­verted into adopters by eas­ily buff­ing up se­cu­rity to ad­dress their con­cerns.

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