A survey conducted by international consultancy firm Accenture has revealed that nearly a quarter of all banks within the Gulf Cooperation Council (GCC) believe that slow uptake by their customers has threatened the growth of e-finance in the region.
The Accenture study showed that by December 2001, only 3.7% of all banking transactions in the region were carried out online. However, many banks believe that this is set to change, and the consensus among the 52 banking executives surveyed was that nearly a third of banking transactions will be performed online by 2006.
Maher Kaddoura, the Regional Managing Director of Accenture, revealed that of the six GCC member states (Saudi Arabia, Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates), the UAE's banking sector seemed to be the most optimistic for the future:
'Many believe they are already in the e-finance space, and expectations of moving transactions online are high at UAE banks,' he explained.
According to the survey, creating a meaningful strategy for the migration of offline customers to the internet is by far and away the biggest challenge facing banks in the Gulf region.
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