UAE ranks second globally in customer trust at 84%
Abu Dhabi, United Arab Emirates – 19 May 2023: UAE Banks Federation, the representative and unified voice of UAE banks, revealed that the rate of digital banking services use through a number of banking channels has risen over 100%, reflecting the impressive advancements made by the UAE in deploying the latest technologies, as well as conforms the customer confidence in the levels of security of these services.
Delivering the Opening address at the MEA Finance Banking Technology Summit, held in Dubai on Tuesday, 11th May, with the participation of more than 400 banking and technology leaders, Mr. Jamal Saleh, Director General of the UAE Banks Federation, said: 'This great leap in digital banking adoption was achieved in line with the strategic vision of the Central Bank of the UAE, which is characterised by its proactive approach in setting the appropriate framework to keep abreast of technological developments, and its support for the banking sector in developing innovative solutions in order to provide the best services to customers in a secure, reliable and easy-to-use environment.'
Mr. Saleh added that the banking sector in the UAE is a model for digital transformation, as we have witnessed remarkable growth in the adoption of advanced banking technology and providing customers with banking services and products through various digital channels, where the increase in usage reached 100%. He stressed the high levels of customer confidence in the banking sector, as the UAE ranks second globally in terms of customer confidence in banks at 84% in 2022, according to the annual index Conducted annually by the UAE Banks Federation.
He explained that the UAE continues to strengthen its leadership in digital banking, which is underpinned by the adoption of the Digital Transformation Strategy by the Central Bank of the UAE in 2022, to ensure the provision of secure and efficient digital payments infrastructure and the use of technology in banking services, support the formulation of the future of financial technology in the UAE, maximises the use of artificial intelligence and data technologies and solutions, and develop the infrastructure for secure cloud computing solutions for the sector.
Under the guidance of the Central Bank of the UAE, the UBF works to support, accelerate and develop the digital transformation of UBF member banks by ensuring the highest levels of cybersecurity and data protection, developing human capital and deploying advanced technologies to improve risk management and cost management, and effectiveness to develop technical solutions for business and fraud prevention.
The Director General of the UAE Banks Federation called for taking advantage of the knowledge-sharing opportunities at the Summit to explore the latest trends and technologies in innovative banking services, exchange ideas and best practices, and build fruitful partnerships to contribute to the development of the banking sector in the UAE and consolidate its leading position.
Sessions at the summit included in-depth discussions on the capability of technology to improve banking and financial services while maintaining the security of systems within legislative and regulatory frameworks, the prospects for developing customer service, and the use of data to understand the needs and requirements of different customer segments in order to provide services tailored to those requirements.
Summit participants also discussed current trends in banking services, the role of technology companies in accelerating the development of banking solutions that keep pace with rapid changes in the financial and banking landscape, and innovations in digital services for businesses and individuals. Participants emphasised the importance of using digital cloud computing and digital services in the banking, finance and payments sectors. They reviewed the outlook for financial and banking technology advancements in the coming years.
The MEA Finance Banking Technology Summit also saw the award ceremony recognising the best banking and technology institutions in digital banking services and innovations. The award established by MEA Finance aims to honour and encourage banks, financial institutions and technology companies that are driving digital transformation by developing and delivering advanced and effective systems and solutions that meet the needs of customers in the digital age.