Middle Eastern banking is in a maturation phase, getting closer to the sophistication of the most advanced economies. We expect banking revenues in the Middle East to quadruple over the next twenty years. Realizing this overall potential will require the continued development of “enabling” institutions and infrastructure, such as credit bureaus. And individual banks seeking to capture a significant share of this upside will need to build capabilities in retail banking and decide upon distinctive go-to-market offering.
In this brief Oliver Wyman Perspective, we sketch the revenue growth potential of the region, the institutional requirements for realizing it and the strategic imperatives for GCC banks specifically, in both their domestic and foreign markets.
Greg Rung, Partner in the Financial Services Practice, based in Dubai