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94% of financial transactions occur outside branches: Emirates NBD

94% of financial transactions occur outside branches: Emirates NBD
5 May 2024 18:53

DUBAI (WAM)

Group Head of Retail Banking and Wealth Management at Emirates NBD, Marwan Hadi, affirmed the transformative impact of financial technology on the banking sector, revolutionising how services are structured and delivered to customers.

Hadi highlighted that 94 percent of the bank’s financial transactions occur outside branches, driving continuous exploration of Web 3.0 technologies to enrich digital experiences for customers.

He spoke to WAM about the upcoming Dubai FinTech Summit, where Emirates NBD serves as the primary banking services partner, emphasising its significance in exploring emerging FinTech trends that drive financial progress in the region.

Additionally, Hadi noted the global FinTech market's value, projected to reach $ 556.58 billion by 2030, according to Vantage Market Research.

He highlighted UAE's prominence in FinTech investment, pointing out a 92 percent surge in 2023, cementing the country's position among the top 10 global hubs for FinTech funding, as reported by "Innovate Finance."

This growth, amidst a global slowdown in FinTech funding, underscores the UAE's resilience and attractiveness to investors.

Underscoring FinTech's role in ensuring the sector's relevance to consumers, particularly in serving historically underserved segments like small and medium enterprises, Hadi underscored the importance of innovation and flexibility in providing tailored solutions.

Moreover, he noted the promising potential of open banking services, projected to reach revenues of $ 123.7 billion by 2031, driven by APIs that facilitate secure access to financial data.

Regarding Emirates NBD's contribution to the Dubai Economic Agenda D33, aiming to position Dubai among the top four global financial hubs by 2033, Hadi underscored the Dubai FinTech Summit's role in fostering cross-border collaboration and innovation.

He highlighted the summit's platform for exploring emerging FinTech trends critical to transforming the global FinTech sector and advancing Dubai's financial ambitions.

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