DIGITAL TRANSFORMATION OF SAUDI ARABIA’S BANKING: A COMPARATIVE STUDY
Keywords:
Bank, Bank Regulation, Electronic Banking, Financial Service, Financial Technology.
Abstract
Banks' digital transformation has become a growing and competitive research area in the last decade. This study aims to compare the digital transformation of the Saudi banking sector with that of developed and emerging Islamic countries by examining progress, digital solutions to banking services provided, and regulatory frameworks. To this end, a systematic review was conducted, analyzing 44 primary documents and seven websites collected through a 5-step process: scoping, planning, searching, selection, and eligibility. Next, a comparative analysis of these documents was conducted, analyzing the similarities and differences of the digital transformation processes addressed by Saudi Arabia, the U.S., the United Kingdom, and Malaysia. The findings revealed that Saudi Arabia and Malaysia have banking sectors of similar size, smaller than those of the U.S. and the U.K., although all of these sectors are of significant importance in the economies of their respective countries, as measured by their share in GDP. All countries have adopted similar digital technologies and offer very similar banking services. Concerning its regulatory frameworks, the U.K.'s sandbox approach is the most effective and inspiring. At the same time, the U.S. needs to catch up due to its regulatory complexities and differences in approach between federal and state jurisdictions. For their part, Saudi Arabia and Malaysia have developed their regulatory frameworks with approaches inspired by the U.K. model, although both differ in the degree of Sharia compliance.
JEL Classification Codes: G21, G28, L86, O33, O57.
References
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International Monetary Fund (2022). Monetary and Financial Statistics by Indicator. Retrieved January 24, 2023 from https://data.imf.org/regular.aspx?key=63243610
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Khan, S., & Abdulrahman Saad, A. A. H. (2022). The Use of Fintech and Its Impact on Financial Intermediation-A Comparison of Saudi Arabia with Other GCC Economies. Intellectual Economics, 16(2), 26-43. Retrieved from https://repository.mruni.eu/bitstream/handle/007/18736/IE_2_straipsnis.pdf?sequence=1
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Mahad, M., Mohtar, S., & Othman, A. A. (2015). The Effect of Perceived Trust of Mobile Banking Services in Malaysia. International Academic Research Journal of Business and Technology, 1(2), 1-7. https://doi.org/10.31580/jmi.v8i1.45
Mazure, G. (2022). Financial Platforms as Alternative Financial Instrument to Crediting in Europe. Research for Rural Development, 37, 202-209. https://doi.org/10.22616/rrd.28.2022.029
Miskam, S., Shahwahid, F. M., & Sholehuddin, N. B. (2018). Catching the fintech wave in Islamic finance: Regulatory approach for Malaysia. In 4th Muzakarah Fiqh & International Fiqh Conference, MFIFC 2018 (pp. 223-235) Kuala Lumpur, Malaysia, October 17. Retrieved from https://t.ly/kMMhM
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Rahim, N. F. A., Jaaffar, A. R., Sarkawi, M. N., & Binti Shamsuddin, J. (2021). Fintech and commercial banks development in Malaysia: continuous intention to use fintech services in IR 4.0 environment. In: B. S. Sergi & A. R. Jaaffar (Eds.), Modeling Economic Growth in Contemporary Malaysia (Entrepreneurship and Global Economic Growth), (pp. 235-253). Bingley, UK: Emerald Publishing Limited. https://doi.org/10.1108/978-1-80043-806-420211018
Rehman, Z. U., & Zabri, S. B. M. (2020). Determinants of Mobile Banking Adoption in Malaysia: A Conceptual Framework. Journal for Studies in Management and Planning, 4(13), 260-270. Retrieved from https://t.ly/BX9J
Rickinghall, M. (2022). Impact of Fintech on Islamic Bank Performance in Malaysia: Descriptive Study on Fintech. Modern Management based on Big Data III, 352, 93-102. https://doi.org/10.3233/faia220088
Rupeika-Apoga, R., & Thalassinos, E. I. (2020). Ideas for a Regulatory Definition of Fintech. International Journal of Economics and Business Administration, 8(2), 136-154. https://doi.org/10.35808/ijeba/448
Saeed, M. S. (2014). Bank-related, Industry-related and Macroeconomic Factors Affecting Bank Profitability: A Case of the United Kingdom. Research Journal of Finance and Accounting, 5(2), 42-50. Retrieved from https://t.ly/yJSR
Sangale, B., & Salve, T. N. (2019). Fundamentals of Banking. India: University of Pune. Retrieved from https://t.ly/z-gO
Susilawati, C., Sulaiman, A. A., Abduh, M., Prasetyo, Y., & Athoillah, M. A. (2021). Comparative Study on the Regulation of Sharia Financial Technology in Indonesia and Malaysia. Jurisdictie: Jurnal Hukum Dan Syariah, 12(1), 1-19. Retrieved from https://t.ly/D7EM
Thomas, L. G. (2018). The Case for a Federal Regulatory Sandbox for Fintech Companies. North Carolina Banking Institute, 22(1), 257-281. Retrieved from https://scholarship.law.unc.edu/cgi/viewcontent.cgi?article=1462&context=ncbi
Urrutia, G., & Bonfill, X. (2010), PRISMA Statement: A Proposal to Improve the Publication of Systematic Reviews and Meta-analyses, Clinical Medicine, 135(11), 507-511. https://doi.org/10.1016/j.medcli.2010.01.015
Wewege, L., Lee, J., & Thomsett, M. C. (2020). Disruptions and Digital Banking Trends. Journal of Applied Finance and Banking, 10(6), 15-56. Retrieved from https://t.ly/LA-g
Williams, K. O., & Adekunle, K. O. (2013). Information and Communication Technology in Banking Sector: Nigeria and United Kingdom Comparative Study. International Journal of Advanced Research in Computer Science, 4(11), 61-65. Retrieved from https://t.ly/o0jJb
Williams, V. (2020). Fintech Regulations in the United States Compared to Regulations in Europe and Asia (Honor College Theses, Pace University, New York, United States). Retrieved from https://t.ly/g862
Yadav, Y. (2020). Fintech and International Financial Regulation. Vanderbilt Journal of Transnational Law, 53, 1109-1146. https://doi.org/10.2139/ssrn.3684821
Yahaya, M. H., & Ahmad, K. (2018). Financial inclusion through efficient zakat distribution for poverty alleviation in Malaysia: Using Fintech & mobile banking. In: Proceedings of the 5th International Conference on Management and Muamalah (pp. 15-31), Kuala Lumpur, Malaysia. Retrieved from http://t.ly/7ZDZ
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Alabdan, R. I. (2017). A Saudi female perspective on the adoption of online banking with Saudi Arabian Banks (Doctoral dissertation, Robert Morris University, Carnot-Moon, Pennsylvania, United States). ProQuest LLC. Retrieved from https://t.ly/Lzdv
Alam, N. (2021). Malaysia's Regulatory Framework: A Catalyst for Fintech Adoption. ISEAS Perspective, 128, 1-9. Retrieved from https://t.ly/vhNG
Albarrak, M. S., & Alokley, S. A. (2021). Fintech: Ecosystem, Opportunities and Challenges in Saudi Arabia. Journal of Risk and Financial Management, 14(10), 460. https://doi.org/10.3390/jrfm14100460
Alkhaldi, A. N. & Al-Sadi A. (2016). The Impact of Demographic Factors on Arabic Users' Adoption of M-Banking in Saudi Arabia: A Review. International Journal of Knowledge and Research in Management and E-Commerce, 5(4), 1-10. Retrieved from https://t.ly/YH9n
Alotaibi, M. N. A. (2015). Exploring the Demand and Supply Conditions of E-Commerce and E-Banking Services in Saudi Arabian Conventional and Islamic Banks (Doctoral Dissertation, Durham University, England). Retrieved from http://etheses.dur.ac.uk/11142/1/Mohammed_Alotaibi_E_Business_PhD.pdf
Alsomali, Z. (2015). Facilitating adoption of e-banking in Saudi Arabia through reduction of perceived risk in e-banking (Doctoral Dissertation, Brunel University London, Uxbridge, England). Retrieved from https://t.ly/g8u2
Anderson, C. (2019, november 4). Prosper and BBVA USA team up to launch innovative digital home equity line of credit platform. Retrieved February 8, 2023 from https://www.bbva.com/en/us/prosper-and-bbva-usa-team-up-to-launch-innovative-digital-home-equity-line-of-credit-platform/
Arner, D. W., Barberis, J., & Buckley, R. P. (2015). The Evolution of Fintech: A New Post-crisis Paradigm. Georgetown Journal of International Law, 47, 1271. https://doi.org/10.2139/ssrn.2676553
Butor-Keler, A., & Polasik, M. (2020). The Role of Regulatory Sandboxes in the Development of Innovations on the Financial Services Market: The Case of the United Kingdom. Ekonomia i Prawo.Economics and Law, 19(4), 621-638. https://doi.org/10.12775/EiP.2020.041
Chemmanur, T. J., Imerman, M. B., Rajaiya, H., & Yu, Q. (2020). Recent Developments in the Fintech Industry. Journal of Financial Management, Markets and Institutions, 8(01). https://doi.org/10.1142/S2282717X20400022
Clements, R. (2021). Regulating fintech in Canada and the United States: Comparison, challenges and opportunities. In The Routledge Handbook of Fintech (pp. 416-454). London, England: Routledge. https://doi.org/10.4324/9780429292903-30
DeYoung, R. (2014). Banking in the United States. In Allen N. Berger, Philip Molyneux, and John O. S. Wilson (eds), The Oxford Handbook of Banking, 2nd edn, (pp. 825-848). Oxford, England: Oxford Academic. https://doi.org/10.1093/oxfordhb/9780199688500.013.0034
Entrepreneur (2021, august 10). Fintech Saudi's National Fintech Adoption Survey Reveals People's Interest In Adopting Fintech Solutions In Saudi Arabia. Retrieved February 9, 2023 from https://www.entrepreneur.com/en-ae/finance/Fintech-saudis-national-Fintech-adoption-survey-reveals/379759
Everhart, J. R. (2020). The Fintech Sandbox: An Overview of Regulatory Sandbox Regimes. Southern Journal of Business and Ethics, 12, 64-73. Retrieved from https://sjbe.s3.us-east-2.amazonaws.com/SJBE_Volume_12_2020.pdf#page=64
Fintech Global. (2021, october 13). FinTech adoption reaches 86% in the UK. Retrieved February 6, 2023 from https://fintech.global/2021/10/13/fintech-has-reached-an-86-adoption-rate-in-the-uk-market-in-fintech/
Fintech Saudi. (2018). About Us. Retrieved February 6, 2023 from https://Fintechsaudi.com/about/
Gao, J. (2022). Comparison of Fintech Development between China and the United States. International Journal of Innovative Science and Research Technology, 7(4), 1150-1155. Retrieved from https://t.ly/zbo8
Goldstein, I., Jiang, W., & Karolyi, G. A. (2019). To Fintech and Beyond. The Review of Financial Studies, 32(5), 1647-1661. https://doi.org/10.1093/rfs/hhz025
Hornuf, L., Klus, M. F., Lohwasser, T. S., & Schwienbacher, A. (2021). How do Banks Interact with Fintech Startups? Small Business Economics, 57(3), 1505-1526. https://doi.org/10.1007/s11187-020-00359-3
International Monetary Fund (2022). Monetary and Financial Statistics by Indicator. Retrieved January 24, 2023 from https://data.imf.org/regular.aspx?key=63243610
J. P. Morgan (2022). Wealth Management. Retrieved February 9, 2023 from https://www.chase.com/personal/investments/online-investing/automated
Khalid, M. B., & Kunhibavab, S. (2020). Fintech Regulatory Sandboxes in Australia and Malaysia: A Legal Analysis. IIUM Law Journal, 20(1), 1-35. https://doi.org/10.31436/iiumlj.v28i1.475
Khan, S., & Abdulrahman Saad, A. A. H. (2022). The Use of Fintech and Its Impact on Financial Intermediation-A Comparison of Saudi Arabia with Other GCC Economies. Intellectual Economics, 16(2), 26-43. Retrieved from https://repository.mruni.eu/bitstream/handle/007/18736/IE_2_straipsnis.pdf?sequence=1
Kornelakis, A., Kirov, V., & Thill, P. (2022). The Digitalisation of Service Work: A Comparative Study of Restructuring of the Banking Sector in the United Kingdom and Luxembourg. European Journal of Industrial Relations, 28(3), 253-272. https://doi.org/10.1177/09596801211056829
Magnuson, W. (2018). Regulating Fintech. Vanderbilt.Law Review, 71(4), 1167-1226. Retrieved from https://scholarship.law.vanderbilt.edu/cgi/viewcontent.cgi?article=1033&context=vlr
Mahad, M., Mohtar, S., & Othman, A. A. (2015). The Effect of Perceived Trust of Mobile Banking Services in Malaysia. International Academic Research Journal of Business and Technology, 1(2), 1-7. https://doi.org/10.31580/jmi.v8i1.45
Mazure, G. (2022). Financial Platforms as Alternative Financial Instrument to Crediting in Europe. Research for Rural Development, 37, 202-209. https://doi.org/10.22616/rrd.28.2022.029
Miskam, S., Shahwahid, F. M., & Sholehuddin, N. B. (2018). Catching the fintech wave in Islamic finance: Regulatory approach for Malaysia. In 4th Muzakarah Fiqh & International Fiqh Conference, MFIFC 2018 (pp. 223-235) Kuala Lumpur, Malaysia, October 17. Retrieved from https://t.ly/kMMhM
Mohamed, H., & Yildirim, R. (2021). Regtech and regulatory change management for financial institutions. In: A. Hamdam, A. E. Hassaniem, A. Razzaque & B. Alareeni (Eds.), The Fourth Industrial Revolution: Implementation of Artificial Intelligence for Growing Business Success (pp. 153-168). Cham, Switzerland: Springer International Publishing. https://doi.org/10.1007/978-3-030-62796-6_8
Nasir, A., Shaukat, K., Iqbal Khan, K., Hameed, I. A., Alam, T. M., & Luo, S. (2021). Trends and Directions of Financial Technology (Fintech) in Society and Environment: A Bibliometric Study. Applied Sciences, 11(21), 10353. https://doi.org/10.3390/app112110353
Navaretti, G. B., Calzolari, G., Mansilla-Fernandez, J., & Pozzolo, A. F. (2018). Fintech and Banking. Friends or Foes? European Economy Banks, Regulation, and the Real Sector, 2017.2, 9-50. https://doi.org/10.2139/ssrn.3099337
Normalini, M. K., & Ramayah, T. (2015). A Proposed Biometrics Technologies Implementation in Malaysia Internet Banking Services. In: Bilgin, M., Danis, H., Demir, E., Lau, C. (Eds.) Innovation, Finance, and the Economy. Eurasian Studies in Business and Economics, vol 1 (pp. 79-87). Cham, Switzerland: Springer International Publishing. https://doi.org/10.1007/978-3-319-15880-8_7
Omarova, S. T. (2020). Dealing with disruption: emerging approaches to Fintech regulation. Washington University Journal of Law & Policy, 61, 25-53. Retrieved from https://t.ly/UlGS
Palladino, L. (2018). Small Business Fintech Lending: The Need for Comprehensive Regulation. Fordham Journal of Corporate & Financial Law, 24, 77-103. https://doi.org/10.2139/ssrn.3194694
Panetta, F. (2018, may 12). Fintech and banking: today and tomorrow. Speech presented at the Bicentennial Annual Reunion of the Harvard Law School Association of Europe, Harvard Law School, Rome. Retrieved from https://www.bancaditalia.it/pubblicazioni/interventi-direttorio/int-dir-2018/panetta-120518.pdf
Piri, M. M. (2018). The Changing Landscapes of Fintech and Regtech: Why the United States Should Create a Federal Regulatory Sandbox. Business & Finance Law Review, 2, 233-255. Retrieved from https://gwbflr.org/wp-content/uploads/2019/04/Regulatory-Sandbox-Piri.pdf
Plaid (2021). The Fintech effect: Fintech's mass adoption moment. Retrieved February 7, 2023 from https://plaid.com/the-Fintech-effect-2021-mass-adoption/
Rahim, N. F. A., Jaaffar, A. R., Sarkawi, M. N., & Binti Shamsuddin, J. (2021). Fintech and commercial banks development in Malaysia: continuous intention to use fintech services in IR 4.0 environment. In: B. S. Sergi & A. R. Jaaffar (Eds.), Modeling Economic Growth in Contemporary Malaysia (Entrepreneurship and Global Economic Growth), (pp. 235-253). Bingley, UK: Emerald Publishing Limited. https://doi.org/10.1108/978-1-80043-806-420211018
Rehman, Z. U., & Zabri, S. B. M. (2020). Determinants of Mobile Banking Adoption in Malaysia: A Conceptual Framework. Journal for Studies in Management and Planning, 4(13), 260-270. Retrieved from https://t.ly/BX9J
Rickinghall, M. (2022). Impact of Fintech on Islamic Bank Performance in Malaysia: Descriptive Study on Fintech. Modern Management based on Big Data III, 352, 93-102. https://doi.org/10.3233/faia220088
Rupeika-Apoga, R., & Thalassinos, E. I. (2020). Ideas for a Regulatory Definition of Fintech. International Journal of Economics and Business Administration, 8(2), 136-154. https://doi.org/10.35808/ijeba/448
Saeed, M. S. (2014). Bank-related, Industry-related and Macroeconomic Factors Affecting Bank Profitability: A Case of the United Kingdom. Research Journal of Finance and Accounting, 5(2), 42-50. Retrieved from https://t.ly/yJSR
Sangale, B., & Salve, T. N. (2019). Fundamentals of Banking. India: University of Pune. Retrieved from https://t.ly/z-gO
Susilawati, C., Sulaiman, A. A., Abduh, M., Prasetyo, Y., & Athoillah, M. A. (2021). Comparative Study on the Regulation of Sharia Financial Technology in Indonesia and Malaysia. Jurisdictie: Jurnal Hukum Dan Syariah, 12(1), 1-19. Retrieved from https://t.ly/D7EM
Thomas, L. G. (2018). The Case for a Federal Regulatory Sandbox for Fintech Companies. North Carolina Banking Institute, 22(1), 257-281. Retrieved from https://scholarship.law.unc.edu/cgi/viewcontent.cgi?article=1462&context=ncbi
Urrutia, G., & Bonfill, X. (2010), PRISMA Statement: A Proposal to Improve the Publication of Systematic Reviews and Meta-analyses, Clinical Medicine, 135(11), 507-511. https://doi.org/10.1016/j.medcli.2010.01.015
Wewege, L., Lee, J., & Thomsett, M. C. (2020). Disruptions and Digital Banking Trends. Journal of Applied Finance and Banking, 10(6), 15-56. Retrieved from https://t.ly/LA-g
Williams, K. O., & Adekunle, K. O. (2013). Information and Communication Technology in Banking Sector: Nigeria and United Kingdom Comparative Study. International Journal of Advanced Research in Computer Science, 4(11), 61-65. Retrieved from https://t.ly/o0jJb
Williams, V. (2020). Fintech Regulations in the United States Compared to Regulations in Europe and Asia (Honor College Theses, Pace University, New York, United States). Retrieved from https://t.ly/g862
Yadav, Y. (2020). Fintech and International Financial Regulation. Vanderbilt Journal of Transnational Law, 53, 1109-1146. https://doi.org/10.2139/ssrn.3684821
Yahaya, M. H., & Ahmad, K. (2018). Financial inclusion through efficient zakat distribution for poverty alleviation in Malaysia: Using Fintech & mobile banking. In: Proceedings of the 5th International Conference on Management and Muamalah (pp. 15-31), Kuala Lumpur, Malaysia. Retrieved from http://t.ly/7ZDZ
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Published
2023-06-22
How to Cite
Hariri, M. (2023). DIGITAL TRANSFORMATION OF SAUDI ARABIA’S BANKING: A COMPARATIVE STUDY. International Journal of Islamic Banking and Finance Research, 11(1), 35-49. https://doi.org/10.46281/ijibfr.v11i1.2028
Section
Original Articles/Short Communications
Copyright (c) 2023 Mohammad Hariri
This work is licensed under a Creative Commons Attribution 4.0 International License.
