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Growth in the retail banking sector lies in the hands of the 'e-enabled' younger population, according to some of the region's leading industry voices.
They suggested that the Gulf's burgeoning youth population is fast emerging as the new big spenders, stressing that payment channels must take into account their desire for a mobile lifestyle and love of chat.
The 'Knowledge Group' of the upcoming GCC Cards Summit, which takes place at the Mšvenpick Hotel, Bahrain, on November 1-3, said that this segment likes to shop, is brand conscious and has embraced remote communications as a lynchpin of lifestyle activity, including online purchasing.
One of the summit's supporters, Shankar Sharma, chief executive officer, Arab Financial Services Company (AFS), said that this techno-savvy, talk-happy under-25s account for more that 60 per cent of Gulf's population.
"Technology, youth and the onset of mobile-based payments are the three key drivers of the payment sector. Indeed, the technology explosion is feeding the appetite for constant connection, especially among younger consumers.
"The industry must be swift to respond, particularly to the trends in card usage. We cannot see any one solution as 'it'.
"We have a responsibility to constantly redesign the payment portfolio as technology advances and customer behaviour shifts," he said.
He stressed that change is constant and traditional operators must embrace it if they want to be part of the growth in the payment market.
AFS is the summit's platinum sponsor.
Summit speaker, Steve Davis, president, Author-it Software Corporation, said that this new customer group has different listening and buying criteria than more mature consumers, including parents, teachers and other traditional influencers.
"Age-old word-of-mouth has really come into its own. The reality is technology has given us social media which has enabled frequent conversation, which in turn encourages shared information," he added.
Premal Patel, executive director, Veritas Events, the summit organiser, confirmed that mobile phone penetration in the region is high, nudging 200pc.
Citing a report, The GCC in 2020: The Gulf and its People, he said: "The GCC has one of the fastest-growing populations in the world, which by 2020 will increase by one-third, to 53 million, with a high percentage under 25.
"The winners will be the ones who move with this dynamic market, tapping into their vocabulary and joining in their conversations," he said.
More than 200 regional and international players are expected to attend the summit, which is in its second year.
