Emirates Information Company – UAE ranks second globally in buyer belief: UAE Banks Federation

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DUBAI, nineteenth Might, 2023 (WAM) – UAE Banks Federation (UBF), the consultant and unified voice of UAE banks, revealed that the speed of digital banking providers use via numerous banking channels has risen over 100%, reflecting the spectacular developments made by the UAE in deploying the most recent applied sciences, in addition to conforms the client confidence within the ranges of safety of those providers.

Delivering the Opening deal with on the MEA Finance Banking Expertise Summit, held in Dubai, with the participation of greater than 400 banking and know-how leaders, Jamal Saleh, Director Common of the UAE Banks Federation, mentioned: “This nice leap in digital banking adoption was achieved according to the strategic imaginative and prescient of the Central Financial institution of the UAE, which is characterised by its proactive method in setting the suitable framework to maintain abreast of technological developments, and its help for the banking sector in growing progressive options with the intention to present the perfect providers to prospects in a safe, dependable and easy-to-use atmosphere.”

Saleh added that the banking sector within the UAE is a mannequin for digital transformation, as we’ve witnessed exceptional progress within the adoption of superior banking know-how and offering prospects with banking providers and merchandise via numerous digital channels, the place the rise in utilization reached one hundred pc.

He burdened the excessive ranges of buyer confidence within the banking sector, because the UAE ranks second globally when it comes to buyer confidence in banks at 84 p.c in 2022, in accordance with the annual index carried out yearly by the UAE Banks Federation.

He defined that the UAE continues to strengthen its management in digital banking, which is underpinned by the adoption of the Digital Transformation Technique by the Central Financial institution of the UAE in 2022, to make sure the supply of safe and environment friendly digital funds infrastructure and using know-how in banking providers, help the formulation of the way forward for monetary know-how within the UAE, maximises using synthetic intelligence and information applied sciences and options, and develop the infrastructure for safe cloud computing options for the sector.

Underneath the steering of the Central Financial institution of the UAE, the UBF works to help, speed up and develop the digital transformation of UBF member banks by making certain the very best ranges of cybersecurity and information safety, growing human capital and deploying superior applied sciences to enhance threat administration and price administration, and effectiveness to develop technical options for enterprise and fraud prevention.

The Director Common of the UAE Banks Federation known as for benefiting from the knowledge-sharing alternatives on the Summit to discover the most recent developments and applied sciences in progressive banking providers, trade concepts and finest practices, and construct fruitful partnerships to contribute to the event of the banking sector within the UAE and consolidate its main place.

Periods on the summit included in-depth discussions on the aptitude of know-how to enhance banking and monetary providers whereas sustaining the safety of programs inside legislative and regulatory frameworks, the prospects for growing customer support, and using information to know the wants and necessities of various buyer segments with the intention to present providers tailor-made to these necessities.

Summit members additionally mentioned present developments in banking providers, the function of know-how firms in accelerating the event of banking options that maintain tempo with fast adjustments within the monetary and banking panorama, and improvements in digital providers for companies and people.

Individuals emphasised the significance of utilizing digital cloud computing and digital providers within the banking, finance and funds sectors.

They reviewed the outlook for monetary and banking know-how developments within the coming years.

The MEA Finance Banking Expertise Summit additionally noticed the award ceremony recognising the perfect banking and know-how establishments in digital banking providers and improvements.

The award established by MEA Finance goals to honour and encourage banks, monetary establishments and know-how firms which might be driving digital transformation by growing and delivering superior and efficient programs and options that meet the wants of shoppers within the digital age.



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