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Trust in the country’s banking system jumped from 63% to 87% in just two years
Representative of Digibank 2022. Photo by Shihab
Digital banking apps are changing the status quo and introducing a seamless, cost-effective and flexible way to access financial services for customers in the UAE.
While some of the worst pandemic forecasts have yet to materialize, banks continue to face long-term revenue pressures and increased competition. The opportunity to accelerate bank transformation has never been more important.
However, the chief executives of leading financial institutions say it is collaboration, not competition, that will create victory for the country’s new banks.
Senior leaders of the banking industry spoke at the third edition of Khaleej Times DigiBank 2022 – Banking Transformation Forum.
In his keynote speech, Jamal Saleh, Director General of the Federation of UAE Banks, said: “After the pandemic, everyone is now digitally connected to banks. The UAE has always wanted to be a pioneer in this field. However, goals and objectives Much more than that; the strategy now is to make digital banking more efficient.”
According to a recent survey, trust in the UAE’s banking system rose from 63% to 87% in two years. A big part of this has been the digital transformation of the UAE over the past two years since the pandemic.
Saleh also stressed the need to ensure the security and resilience of the digital banking system. While the role of the UAE Police, Ministry of Home Affairs and other government security agencies is crucial in keeping customers safe in the banking industry, Saleh said banks also play a key role in ensuring safe transactions for all customers.
Olivier Crespin, CEO of ZAND, said: “70% of human activities start with financial representatives. If you look at the digital agenda in the UAE, there is a strong push to make banking seamless.” Zand is the first to be licensed by the UAE Central Bank. A digital bank offering retail and corporate banking.
Meanwhile, Jayesh Patel, CEO of the recently established WIO Bank, said: “According to a survey by VISA, at least 65% of customers in the UAE want to try new digital services. At WIO, we ensure that customers can easily try more and more More new solutions.
We are democratizing banking where fintechs and startups can come and work with us. Wio is 65% owned by Abu Dhabi sovereign wealth funds ADQ and Alpha Dhabi, 25% by Etisalat and 10% by First Abu Dhabi Bank.
Vibhor Mundhanda, CEO of NEOPAY, noted that “consumers expect the same experience in a brick and mortar store as an online store or online service.” He added that omni-channel presence is the key to success in the banking industry.
Masood Khan, CEO of YAP, an innovative digital banking app that provides the tools to take full control of its finances, said YAP had acquired 150,000 customers in 11 months through social media marketing alone. “About 85 percent of customers are acquired through social media and 15 percent through referrals,” explains Khan.
YAP is gaining traction on TikTok, META products, and Microsoft-backed LinkedIn. The CEOs also said it was a bit aggressive to see the neobanking space as a competitive one. Instead, they are building a new ecosystem that challenges regulators and authorities.
“We all have clear areas of focus. If you’re competing, you’re competing for the benefit of your customers, and together we are driving the UAE’s national agenda. It’s about how we complement and grow the ecosystem; everyone benefits from it ,” Khan said.
Patel explained: “To be customer-centric, we have to work with the customer. With technology, we have to build for the customer.
If you look at the solutions that SMEs get, many of them have failed; they start financing with the bank and look elsewhere. At WIO, we are working hard to simplify the process so that clients can stop doing administrative work and focus on their business. “
Khan added: “We launched our service for SMBs last year, and we all know SMBs need faster solutions. Data doesn’t need to create new problems to solve: instead, use data to solve existing problems.”
Meanwhile, DJ Choi, chief customer officer at RAKBank, said: “Personalisation in banks is more important than ever as we are inundated with brand messages. Even the small shops below buildings are targeting brand messages. How do you Make it stop, or how do you make it work in your favor? That’s where personalization becomes really important.”
“When customers choose you, you must also choose customers,” Cui told the heads of banks. “When communicating with customers, you must apply clear strategies, risk and contact policies and rules.”
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