The Impact of technology on the development of banking and financial services In the Arab world: Study the experience of Egypt and Kuwait

Abstract

The research aimed to study financial technology in terms of its concept, stages of development, importance, and the steps that banks follow to introduce this technology into their activities and use it in providing banking services to customers. The research also aimed to study the components of financial technology in the banking sector, its characteristics, and what are the advantages that banks achieve from using financial technology. How were banks able, through the use of technology, to provide new services to their customers.

The researcher used the descriptive and analytical approach in collecting data on financial technology in Arab countries, and the experience of Egypt and Kuwait in this field was reviewed. The study attempted to answer a set of questions related to financial technology and its impact on traditional banking services and on the type of other services provided by banks, what is the impact of this technology on the volume of banking work, and what is the reality of Arab countries in the field of financial technology. The study concluded with a set of results, the most important of which are: Modern financial technology helped develop the traditional banking services that banks provided to their customers. This technology also helped innovate new financial services that meet the needs and desires of customers and help reach the broadest segment of customers. The study also reviewed the experience of Kuwait and Egypt in this field.