ROLE OF FINTECH APPLICATIONS IN ENHANCING DIGITAL TRANSFORMATION OF SAUDI TRADITIONAL BANKS

This paper aimed at a systematic review of the role of FinTech in enhancing the digital transformation of Saudi Arabian banks. Google Scholar was searched with related search terms to finally select 28 papers using the PRISMA process of screening and selection. There were very few papers directly dealing with the use of FinTech as a tool for digital transformation in banks, not specifically in traditional banks. There were a few papers on digital tools used in FinTech. Overall, the digital transformation of any kind of bank using FinTech tools had been slow and a small percentage of the total. The situation was worse in the case of Saudi banks despite the large amounts of budgetary allocations for technologies in banking as a part of its Vision 2030. This was because of the late entry of Saudi Arabia into these concepts. The need for Islamic banks to follow Sharia rules was not found to be a great problem. All these points indicate to the need for greater acceleration of using FinTech tools for the digital transformation of Saudi traditional banks. Some limitations of this review are the low rigour of the available papers due to methodological limitations, discussion papers without empirical data dominating and a wide range of aims provided in the papers. The need for substantially more work on Saudi banks has been highlighted. The validity of the conclusions from this review needs to be verified using empirical research.