Local banks in the region are effectively narrowing the technological divide with global institutions.

Sajjad Ahmad, Deputy Business Editor

The Middle East banking landscape is witnessing a transformative era as digitisation has become a fundamental pillar of competitive strategy. Local banks in the region are not only catching up but setting the pace, effectively narrowing the technological divide with global institutions.

Coalition Greenwich, a division of CRISIL, an S&P Global Company, and a leading provider of strategic benchmarking, analytics and insights to the financial services industry, is delighted to announce the winners of the first 2024 Greenwich Share and Quality Leaders in Middle East Large Corporate Banking, alongside the recipients of the 2024 Greenwich Excellence Awards in several key categories.

Since their introduction in 2011, The Greenwich Awards have recognised excellence in various banking and financial services aspects based on comprehensive market research and client feedback, covering a wide range of categories, including but not limited to performance metrics such as market share, service quality, client satisfaction, and capabilities in specific financial products or services.

Gaurav Arora, Global Head of Competitor Analytics at Coalition Greenwich and author of Middle East Banking: Competition Ignites on Servicing Corporates, said: “As we introduce the inaugural MENA version of the Greenwich Awards, we recognise a transformative era in the Middle East’s banking landscape. Digital prowess has become a fundamental pillar of competitive strategy, and local banks are not only catching up but setting the pace, effectively narrowing the technological divide with global institutions. This unprecedented progress is crucial as it refines their service delivery and significantly elevates customer satisfaction, marking a milestone in our comprehensive study of this dynamic region.”

This recognition is part of the Coalition Greenwich Voice of Client - 2023 MENA Corporate Banking Study findings that are highlighted in the report, including significant advancements in digital banking and a reinforced focus on environmental, social, and governance (ESG) initiatives following COP28.

Among the corporates interviewed, nearly 90% of large companies in the Middle East emphasised a positive economic outlook, and a growing share showed a commitment to ESG standards post-COP28.

“The report highlights a remarkable surge in ESG adoption, significantly driven by the outcomes of COP28,” Arora continued. All leading banks see ESG as a way to deepen ties with existing clients and open the door to new relationships. More than half of large companies in the Middle East region have adopted ESG targets. That is a notable jump from 2022, when only 42% of Middle East corporates reported having ESG goals.

Attracted by the region’s strong economic momentum and optimistic outlook, global banks are identifying the Middle East as a crucial area for expansion. As local banks advance their capabilities and improve their service levels, large companies across the region benefit from increased competition, enhancing their business prospects and cementing long-term relationships.

The report comprehensively analyses the competitive landscape, banking trends, and strategic priorities of corporations in the MENA region. This year’s study findings are particularly significant as they highlight shifts toward sustainable practices and digital excellence, setting new benchmarks for success in corporate banking.