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The Accenture 2011 study of the banking industry in the Gulf Cooperation Council (GCC) is based on the results of a primary survey conducted across all six GCC countries—Bahrain, Qatar, Oman, Kuwait, Saudi Arabia and the United Arab Emirates. Survey respondents comprised 47 banks executives. The survey was also extended to three major regulatory authorities in the region.
The results of the survey, combined with Accenture’s banking industry insight and local market knowledge reveal several key trends most likely to shape the GCC banking industry by 2015.
This point of view discusses these trends and then presents a series of initiatives that can help banks navigate the challenges and obstacles to emerge as high performers by 2015.
Download the Point of view: Banking in the Gulf Cooperation Council in 2015 [PDF, 1.8MB]
For further information about this Point of view, visit the dedicated site.
Read more Accenture banking research
In a region with traditionally low customer penetration, banks will compete to acquire and retain customers, underscoring the need to stay differentiated. With continuing global systemic risk and a tightening regional regulatory environment, it is even more important to ensure a strong competitive position.
To gain deeper insights into how banks are preparing to address the demands of a transforming and fast growing market, Accenture conducted a survey of 47 banks across six GCC countries.
The survey covered several key dimensions influencing the banking business and captured the opinions and viewpoints of the key decision makers in leading banks to gain insights into factors driving future change in the industry. This survey was conducted with the objective of gaining a deeper understanding of the challenges and gauging how banks are preparing to overcome these challenges and position for change.
The survey revealed that a majority of the banks, in anticipation of the changing customer profile, are indeed considering a shift to a more customer centric and service-oriented operating model.
Some of the key survey findings are:
Banks in the GCC, in general, are aware of the key areas that need to be addressed while chalking out their growth strategies for the next few years. However, it is important that they reassess their business and operating models to build and sustain profitability, and deliver operational excellence.
Accenture’s deep understanding of the global banking industry and our analysis of the GCC banking sector shows that banks can achieve high performance by initiating five key steps to overcome challenges and seize new opportunities:
Align the operating model with strategic business goals
Build customer analytics with predictive analytics capabilities
Strengthen distribution channels and create new ones based on the Internet and mobile technologies
Seize the growth opportunities in the evolving regulatory scenario
Architect talent strategies aimed at managing and retaining talent.
29 November 2011
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