Today's Edition
HUSSAM ABDULNABY (ABU DHABI) - Developments in the provision of digital banking services in the UAE are accelerating unprecedentedly, making banks in the Emirates compete in offering services in innovative ways and designing them according to the latest technologies, highest levels of security, protection, and user experience trends. With the increasing customer turnout to digital platforms for transactions, banks have sought to update their mobile applications and launch new versions equipped with tremendous capabilities to complete a large number of digital services.
Growing Popularity
Abu Dhabi Islamic Bank (ADIB) announced that about 80% of the bank’s clients today rely on its digital platforms to conduct their transactions, showing an increasing demand for digital services. The bank reported a 27% growth in the adoption and use of mobile banking services compared to last year, with more than 50% growth in customer turnout to benefit from personal finance products and services through the mobile application, in addition to a 142% increase in the number of new clients who opened their bank accounts using electronic fingerprint technology from ADIB.
Fernando Plaza Lopez, Head of Digital Transformations at ADIB, said that the popularity of using digital platforms for transactions underscores the importance of providing suitable and innovative banking solutions. For example, every customer of Abu Dhabi Islamic Bank uses the mobile app an average of 24 times a month, proving the app’s effectiveness.
The increasing rate of transactions conducted through the app represents another evidence of the bank’s continuous efforts to offer user-friendly interfaces and features that meet the evolving needs of customers, he added. Lopez explained that insights and data obtained from the bank’s “Digital Command Centre” enabled informed decision-making, further enhancing the ability to meet customers’ evolving needs.
He noted that ADIB introduced 19 new digital services through its mobile app in 2023, including issuing salary transfer certificates, IBAN numbers, balance certificates, applying for additional cards, postponing installments, upgrading customer tiers, and easy login to the UAE Pass digital identity application.
The bank achieved a 78% increase in digital subscriptions to public offerings compared to last year, driven by digital capabilities and customer uptake, as well as an 80% increase in individual customer participation in public offerings through the mobile app, benefiting from user-friendly interfaces and secure transactions.
Due to the growing demand for digital banking services provided by Emirates NBD to its customers, offering an exceptional user experience, the bank launched an enhanced and developed version of its mobile banking application ENBD X.
Marwan Hadi, Head of Retail Banking and Wealth Management at Emirates NBD said the app is designed entirely with the latest technology, highest security standards, and user experience trends, and is equipped with advanced cloud technologies, offering an unparalleled blend of ultra-fast performance, ease of use in executing operations, high-level security, and the largest range of products and services in the market. It allows access to over 150 daily banking services through automated and user-friendly processes, including updating UAE identity and passport, opening fixed deposits, obtaining account balance certificates and reference letters, and instant loan application on the card.
He added that transferring money on the ENBD X app is as easy as sending a text message, offering a wide range of free global transfer and payment options, and recommendations on the best option for the transfer based on the beneficiary selection.
Users can also view images of cheques deposited in their accounts, a first-of-its-kind innovative feature in the region, particularly useful in the UAE. The application provides unparalleled freedom for customers to control and manage their preferences, such as security settings and spending limits.
It helps them maximise their daily savings through more than 1,000 personal and exclusive deals in sectors like travel, shopping, dining, and e-commerce. Hadi pointed out that the app features a built-in digital wealth platform, enabling customers to invest and grow their wealth within the same app they use for all their daily banking needs. The platform allows new investors to instantly open an investment account and choose from over 11,000 financial securities and exchange-traded funds from 21 global and local markets.
In pursuit of digital excellence, Dubai Islamic Bank (DIB) launched the comprehensive digital brand (DIB alt), which brings together all the bank’s digital offers and capabilities under one umbrella. Dr. Adnan Chilwan, the CEO of DIB Group, stated that (DIB alt) represents a fully integrated digital banking experience, designed to elevate the experience of Dubai Islamic Bank clients to new horizons, by enabling them to access a comprehensive range of digital services and products easily and conveniently.
He explained that “alt” from DIB is a comprehensive digital banking platform that offers a seamless and hassle-free banking experience. It includes more than 135 digital services available through the Dubai Islamic Bank mobile app, online banking, WhatsApp application, and other services available through ATMs.
The comprehensive platform meets the banking needs of customers, allowing them to open a bank account within minutes, apply for personal financing or credit cards, as well as transfer money locally or internationally, make payments, and much more.
He concluded by saying that the DIB alt platform represents an alternative path to banking services, marking a significant leap towards digital transformation, aligning with the UAE’s vision to build an advanced digital sector. Digital LandscapeThe Commercial Bank International (CBI) revealed its vision for “Banking Services of the Future”, which promises to bring a qualitative shift in the world of banking services in the UAE and the region in general. “Banking Services of the Future” includes several models that reflect the future direction of this industry, all in a fully three-dimensional environment. Ali Sultan Rakad Al Ameri, the Chief Executive Officer of the CBI, affirmed the bank’s commitment to contributing to reshaping the digital landscape of the banking sector in the UAE and even in the region.
He revealed many technologies that will be used for the first time in the UAE and the region, including the experience of spatial holographic imaging (Avatar), which, along with 3D images, will support the use of Chat GPT in conversations. This makes it the first bank globally to experiment with this technology.
As a first in the banking sector and the first experiment regionally, virtual digital models (Avatars) supported by artificial intelligence will be showcased to present a futuristic model for understanding and responding to customer inquiries in a natural and attractive way.
The CBI is the first regional bank to develop informal, customised games to enhance financial and banking principles, targeting youth awareness in this field. This is a response to the consumer protection regulations issued by the Central Bank of the Emirates, where these games will use artificial intelligence to customise the learning experience for each user individually. Innovation PaceA report issued by the Dubai International Financial Centre, in cooperation with Refinitiv, one of the largest providers of financial market data and infrastructure in the world, predicted growth in fintech investments by 17.2% with a compound annual growth rate, reaching $949 billion from 2022 to 2030.
This is expected to accelerate the pace of innovation in the field of financial technology globally and in Dubai. The report titled “Prospects of Innovation in Financial Services” identified the most important innovation trends in the financial services sector over the next five years.
It stated that four main trends would contribute to shaping the sector over the next five years, by enhancing the capabilities of open finance, increasing decentralisation in finance, establishing digital assets as a sustainable and enduring asset class, and incorporating environmental practices, social responsibility, and corporate governance into banking operations.
The increased demand for convenient and personalised financial services, specifically designed to suit the evolving preferences and expectations of consumers and clients, has led to increased competition and continual changes.
