STC Pay 2023

Abstract

Established in 2018, Saudi Arabia-based fintech company STC Pay is known for developing the most prominent digital wallet in the Middle East, Africa, and the Mediterranean. STC Pay is a subsidiary of the STC Group. Established in 1998, STC is a leading telecommunications company that provides customer services in various countries. Ahmed Al-Enezi, the co-founder and Chief Executive Officer faces the dilemma of finding a ground between maintaining the trust and familiarity of traditional banking while also promoting the use of the company’s digital banking services. This can be achieved by enhancing security measures improving user experience providing incentives offering resources and incorporating personalized features. Having been a veteran in the banking industry, Ahmed has witnessed a change in the way individuals manage their money and the global shift towards digital banking due to its distinctive characteristics Digital Banking will have a positive impact on improving money management as Bank management is a necessity in people's daily life. The company has taken advantage of its parent company STC Group's strong reputation to gain their users' trust and gain partnerships with local and international companies to increase their market presence. Moreover, the country has a vision of becoming more innovative and is aiming to be a cashless society which fits STC’s mission. However, the company started operating in 2018, yet consumers were not accustomed to digital banking as the company was a subsidiary of a telecommunications company so they had to use marketing strategies to appeal to their users. During 2020 COVID-19 hit the economy; however, STC Pay saw it as an opportunity , as well as faced the challenges on how to ensure how digitalisation would impact on the users . The case will provide deep insights from the perspectives of innovation and consumer behavior for organization in the financial sector that undergo challenges in the era of digitalisation.

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