UAE Banks Federation (UBF), the unified representative body of UAE banks, announced a significant surge of over 100% in the adoption of digital banking services across various channels. This remarkable increase showcases the UAE’s remarkable progress in implementing cutting-edge technologies and reinforces customer trust in the high levels of security provided by these services.
Delivering the Opening address at the MEA Finance Banking Technology Summit, held in Dubai, with the participation of more than 400 banking and technology leaders, 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.”
Saleh emphasized that the banking sector in the UAE serves as a digital transformation role model, as evidenced by the notable growth in the adoption of advanced banking technology and the availability of banking services and products through various digital channels, resulting in a 100% increase in usage, according to WAM.
He highlighted the substantial customer confidence in the banking sector, with the UAE ranking second globally with an 84% customer confidence rate in banks for the year 2022, according to the annual index conducted by the UAE Banks Federation.
Saleh further explained that the UAE is continuously strengthening its leadership in digital banking, supported by the implementation of the Digital Transformation Strategy by the Central Bank of the UAE in 2022. This strategy aims to ensure the provision of secure and efficient digital payment infrastructure, utilization of technology in banking services, support the future development of financial technology in the UAE, maximize the use of artificial intelligence and data technologies, and enhance the infrastructure for secure cloud computing solutions within the sector.
Under the guidance of the Central Bank of the UAE, the UBF actively supports, accelerates, and fosters the digital transformation of member banks. Their efforts focus on ensuring the highest levels of cybersecurity and data protection, enhancing human capital development, deploying advanced technologies to improve risk and cost management, and creating technical solutions for business development and fraud prevention.
The Director General of the UAE Banks Federation urged attendees at the Summit to seize the opportunities for knowledge sharing. The aim was to explore the latest trends and technologies in innovative banking services, exchange ideas and best practices, and foster productive partnerships to further develop and solidify the UAE’s leading position in the banking sector.
During the Summit, various sessions delved into discussions on how technology can enhance banking and financial services while ensuring system security within regulatory frameworks. They also explored the potential for improving customer service and utilizing data to understand the unique needs and preferences of different customer segments for tailored services.
The participants engaged in talks about current trends in banking services, the role of technology companies in accelerating the development of banking solutions to keep pace with rapid changes in the financial landscape, and innovations in digital services for both businesses and individuals.
There was a strong emphasis on the importance of leveraging digital cloud computing and digital services in the banking, finance, and payments sectors. The Summit also included an outlook on forthcoming advancements in financial and banking technology over the coming years.
Furthermore, the MEA Finance Banking Technology Summit hosted an award ceremony recognizing outstanding banking and technology institutions in the field of digital banking services and innovations. The awards, established by MEA Finance, aimed to acknowledge and encourage banks, financial institutions, and technology companies that drive digital transformation by developing and delivering advanced and effective systems and solutions that meet the evolving needs of customers in the digital age.
