paytech

The emergence of alternative data has been driven by technological advancements, the proliferation of digital platforms, and the increasing interconnectedness of individuals and businesses in the digital realm. Retail and corporate lending lenders now leverage alternative data to supplement traditional credit assessment methods. By analyzing alternative data sources, lenders can gain insights into an applicant's financial behavior, spending habits, repayment patterns, and potential risk factors. This information aids in making more informed lending decisions, enabling lenders to better assess the creditworthiness of individuals and businesses that might have previously been underserved or overlooked by traditional credit evaluation methods.

As AI continues gaining momentum, its integration into payment systems has the power to reshape how people bank and transact across the GCC. While the potential benefits of AI-assisted payments are substantial, challenges remain. Regulatory limitations and data storage restrictions can slow down the adoption of AI in the financial sector. However, the GCC banking sector stands on the brink of a transformative era. The region’s tech-savvy population, coupled with governments’ drive to promote innovation, provides a fertile ground for AI adoption.

The banking landscape in the Gulf Cooperation Council (GCC) region is undergoing a seismic shift. With digitalization taking center stage, NextGen Banking is redefining the financial sector and paving the way for a new era of banking. From mobile banking to digital wallets, and AI-based customer service, the GCC region is embracing change and setting a benchmark for the rest of the world.