UAE ranks second globally with 84% customer trust – News

UAE Banks Federation confirms 100% increase in usage of some digital banking channels

Jamal Saleh, Director General of the UAE Banks Federation, addressed the summit. – Photos provided

Data from the UAE Banks Federation shows that the use of digital banking services through multiple banking channels has risen by more than 100%.

Jamal Saleh, Director General of the Federation of UAE Banks, said: “This giant leap forward in digital banking adoption has been achieved in line with the UAE Central Bank’s strategic vision, which is characterized by a proactive approach to keeping abreast of technological developments in developing an appropriate framework to support banks The industry develops innovative solutions to best serve customers in a safe, secure and easy-to-use environment.”

Saleh added that the banking sector in the UAE is a poster child for digital transformation as we have witnessed a significant increase in the adoption of advanced banking technologies and providing customers with banking services and products through various digital channels, with a 100% increase in usage. He highlighted the high level of customer confidence in the banking sector, which ranks second globally at 84 percent 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, with the Central Bank of the UAE adopting a digital transformation strategy in 2022 to ensure the provision of safe and efficient digital payment infrastructure and the use of banking services technology, supporting the future of financial technology in the UAE. Formulate, maximize the use of artificial intelligence and data technologies and solutions, and develop the infrastructure for secure cloud computing solutions for the sector.

Under the direction of the Central Bank of the UAE, UBF is committed to supporting, accelerating and developing the digital transformation of UBF member banks, ensuring the highest level of cybersecurity and data protection, developing human capital and deploying advanced technologies to improve risk management and cost management, as well as providing Effectiveness of business and fraud prevention development technology solutions.

He called for taking advantage of the summit’s knowledge-sharing opportunities to explore the latest trends and technologies in innovative banking services, exchange ideas and best practices, and form fruitful partnerships to contribute to the development of the UAE’s banking sector and strengthen its leading position.

Sessions at the summit included in-depth discussions on technology’s ability to improve banking and financial services while maintaining system security within legislative and regulatory frameworks, the development of customer service prospects, and the use of data to understand the needs and requirements of different customer segments in order to provide services tailored to those needs. Serve.

Summit participants also discussed current trends in banking services, the role of technology companies in accelerating the development of banking solutions to keep pace with the rapidly changing financial and banking landscape, and innovations in delivering digital services to businesses and individuals. Participants highlighted the importance of using digital cloud computing and digital services in banking, finance and payments. They review the outlook for technological advancements in finance and banking in the coming years.

The MEA Finance Banking Technology Summit also hosted an awards ceremony recognizing the best banks and technology institutions in the field of digital banking services and innovation. Established by MEA Finance, the award aims to recognize and encourage banks, financial institutions and technology companies that drive digital transformation by developing and providing advanced and effective systems and solutions that meet customer needs in the digital age.