Chief Digital Officer | Large Middle Eastern Bank
Our client was a leading regional commercial bank faced with competition from other lenders to adapt new technologies because digitalization was no longer an option but imperative for financial institutions to transform their technology to compete.
The bank realized it needed to embrace change and review their business model to survive given the risk of digital technologies, competition from new non-bank entrants and customer demands. Additionally, the bank was keen to capture a sizable youth and Islamic banking market. Furthermore, the local market had leapfrogged from a cash transaction-based economy - surpassing credit card payments - to one predominantly using payments through social media.
Our client was faced with drastically overhauling and refining their digital capabilities. However, the bank was faced with antiquated systems and had not been keeping abreast of competition in terms of offering. The local market was not being properly served so the bank decided to hire a Chief Digital Officer to develop and refine the bank’s vision and strategy, thereby contributing to short, medium and long-term profitability.
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