ROLE OF FINANCIAL TECHNOLOGY IN THE BANKING SECTOR OF SAUDI ARABIA

Abstract

Digital transformation is simply the use of technology, talent and innovation to provoke positive change. Digital transformation provides low-cost tools and strategies that enable small and medium sized businesses to compete with major enterprises. Strategy creates competitive advantage people and culture of innovation sustains it technology and communications in the means by which it is delivered. This study has examined the role of financial technology (FinTech) in the banking sector in Saudi Arabia. The methodology of the research is quantitative due to the use of survey questionnaire. The sample populations were 62 consumers banking industry in Jeddah, Saudi Arabia.   The data were analyzed in terms of basic statistic. The key findings have shown that the results showed that the financial technology played a significant role in the banking sector of Saudi Arabia. Thus, the advancement of technology and the adaptation of the financial sector towards this improvement has enhanced the overall service provided to its consumers.