Banks in Saudi Arabia have to revisit their digital transformation plans and strive to launch new channels that will sustain delivery of products and services amid the Covid-19 pandemic, according to the findings of a new report released by KPMG Al Fozan & Partners (KPMG in Saudi Arabia), a leading provider of audit, tax and advisory services in the kingdom.
Covid-19 situation has created a dynamic shift in customer expectations and therefore instigated a live test to the existing digital platforms, omnichannel functionalities and mobile capabilities. Banks must be sensitive to this opportunity and create mechanisms to collect, analyse and identify all the improvement opportunities that results from extensive use of digital banking, the report said.
KPMG in Saudi Arabia, has published its analysis of Covid-19 impact on the banking sector and the potential countermeasures to cope with the new normal, based on the results of a high-level survey and discussions with C-suite executives in the sector.
The exercise revealed that the impact of the virus outbreak on overall business to be at medium to high levels and could last for three to nine months. The most impacted segment is…
