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The UAE Banking Federation (UBF) reiterated its commitment to accelerate digital transformation and leverage modern technology to provide easy-to-use banking services in a secure environment.
This is in line with the directives of the Central Bank of the UAE, which has adopted a comprehensive digital transformation strategy focused on using the latest and groundbreaking technologies in data processing and storage, and providing a secure and efficient infrastructure.
UBF, the sole representative and unified voice of UAE banks, confirmed its partnership with the recent International Data Corporation (IDC) Banking Services Conference at the Dubai International Financial Center as part of its keenness to support constructive discussions and support. Dialogue on advancing digital banking services and strengthening the UAE’s leadership in this sector.
advanced technology
Several IT executives, specialists and specialists from the UAE and abroad participated in the IDC session, which discussed the benefits of advanced technology in delivering effective banking solutions and the transformation that the banking industry is witnessing due to the adoption of innovative technologies.
Conference participants discussed the importance of embracing the digital revolution in the financial sector, rethinking business models and operations, moving to new data infrastructures, and how to effectively benefit from data analytics to provide customers with a more personalized experience and better serve They serve innovative products and services. At the same time, the meeting also highlighted the importance of continuously developing cybersecurity, data protection and privacy infrastructure, as threats proliferate with the increasing adoption of digital solutions.
Jamal Saleh, Director General of the UAE Banks Federation, said: “The UAE banking sector has made commendable progress in digital transformation, as evidenced by the high penetration of digital banking solutions. Our partners at the IDC conference The relationship validates our passion to amplify the digital revolution and enhance the adoption of advanced technologies to deliver seamless banking services in a secure environment to further expand the reach of financial inclusion.”
service security
The Director General added: “With the adoption and use of advanced technology in all aspects of the banking and financial sector growing significantly, service security has become a top priority, especially as sophisticated financial crimes increase. To this end, we at the Central Bank of the UAE Under the direct supervision of the Bank and in collaboration with other stakeholders and member banks, a number of initiatives have been undertaken to ensure the highest level of cybersecurity and adherence to the highest standards of transparency, governance and social responsibility.”
These efforts are reflected in rising customer confidence in banks, reaching 84 percent in 2022, according to the UAE Banks Federation’s annual index, which ranks the UAE second in the world in terms of customer trust.
Keynote speakers at the IDC session included Cyrus Daruwala, Managing Director, IDC Financial Insights, who discussed the importance of providing easy-to-use banking services; Adrian Hobbs, Chief Platform Officer, G42 Cloud, who discussed compliance with regulatory controls while Ways to Profit; Ljupcho Joshevski, Director of Security Engineering, Cisco SaaS, XDR, and Service Provider (EMEA), explains how to be profitable. Achieving security resilience based on modern technologies is discussed.
transition
The various sessions of the conference discussed the shift from traditional banking services and methods to providing personal banking solutions designed to meet all customer needs, innovations in the field of digital technologies, digital banking services for companies and institutions, the use of artificial intelligence in the financial sector function etc. Reshape banking services and operations, and data-based digital transformation.
Participants highlighted the importance of having an appropriate framework in place to ensure the best use of technology for the development of the banking sector, as well as the UAE’s role in cementing its digital transformation leadership and building a secure financial infrastructure, supporting financial technology, artificial intelligence, and data technologies and solutions , to develop the infrastructure for secure cloud computing solutions for the industry. — trade arab news agency
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