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Islamic banks need to get ready for imminent Fintech disruption

Experts speaking at a plenary session at the Global Islamic Economy Summit 2016 said like their conventional peers, Islamic banks too have no choice but to embrace the next generation of computing and leverage on new generation digital technologies.
Research show that there is not much of a difference between the preferences of Muslims and non-Muslims with regards to digital financial services and direct banking channels. According to the World Islamic Banking Competitiveness Report 2016 by EY, Islamic banks still have a lower customer penetration in mobile banking compared to conventional banks and the digitisation efforts need to catch up.

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