The UK-GCC forum stated that Gulf clients expect more than conventional services
LONDON: International fintech firms risk failing to establish themselves in Gulf markets if they think approaches that have worked in their home countries will simply translate to the region, business executives warned at the UK-GCC Strategic Dialogue.
Speakers said companies looking to grow in the Gulf need to understand local customers, meet high expectations for digital services, and secure the right regulatory clearances.
His experience in retail investing operations in London and the UAE led CFI Financial Group chair Federico Cirulli to conclude that businesses could underestimate the sophistication of customers in the region.
I’m not sure UK companies or any global company wanting to penetrate the EU markets, or any company in the GCC market thinking to adopt the home market strategy are going to be successful,” Cirulli added.
He added that part of this is that customers increasingly compare financial platforms with the best services available abroad rather than limiting their expectations to local competition.
The shift to mobile-first financial services has also driven demand for convenience, functionality, and access to international markets, with Cirulli adding that firms needed to understand customers’ broader goals.
Cirulli warned against the assumption that if a product is made available, it would be enough. He urged companies to properly commit to the markets they enter and added that “access alone is not enough. “It is important to have trust and knowledge all over the market,” he stated.
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