Digitally laggard banks risk losing customers and profit: BCG report

The banking sector in the Middle East is trailing behind global counterparts in expanding digital services. That’s according to a survey of corporate-banking customers by the Boston Consulting Group (BCG), which shows that many banks in the region have a limited online presence. The study also found that these slow-moving players’ profits could take a significant hit if they fail to catch up with competitors. More than 80% of respondents were ready to pay for additional online services, while over half of them were open to switching to banks with better digital capabilities.