Innovation Bedfellows

At first glance, this month’s issue may appear a little schizophrenic. Fintech, banking and retail, major players and startups, lists and stories, combined together to create one big mesh of innovation and money. However, these sectors are actually intrinsically connected.

After all, at the heart of fintech is the demand from businesses and consumers to make payments, investments and ultimately spending easier—and startups and big banks are answering the call. In fact, the region’s most established banks are among the biggest investors in fintech as they recognize their need to innovate and stay up-to-speed with a changing world.

And as our spending becomes digitized so does our shopping—and vice versa—with industry stalwarts and newcomers embracing e-commerce to maintain loyal users and entice new crowds. Retail is undoubtedly in a transition currently across the globe, with many consumers and new generations adjusting their spending habits, and many major retail groups still establishing how they can fit into the new world—some are finding it harder than others. One thing is for sure: retail & e-commerce, and fintech & banking are forever intertwined.

Today a common theme runs through these industry strategies, as it does through every other sector: customer experience. Whether your consumer is looking for shoes or testing the market for a loan, it’s not enough anymore to just provide a product or service—even in something as mundane and everyday as shopping for groceries or paying a bill. If you want to inspire loyalty as you try and stay afloat among an infinite ocean of competition, you need to think not just about what your customer wants or needs —you must think about how they feel, what they will remember and what they will share. It needs to be easy, and it needs to stand out.

Take a flick through this month’s issue and you’ll see how the Middle East’s leaders and entrepreneurs are doing this and, most importantly, why.