Khaleej Times, Sunday, May 21, 2023 | Thul-Qidah 1, 1444
UAE ranks second globally in customer trust: UAE Banks Federation
Emirates:
UAE Banks Federation (UBF), the representative and unified voice of UAE banks,
revealed that the rate of digital banking services use through a number of
banking channels has risen to 100 per cent reflecting the impressive
advancements made by the UAE in deploying the latest technologies, as well as
conforms the customer confidence in the levels of security of these services.
Delivering the opening address at the MEA Finance Banking Technology Summit,
held in Dubai, with the participation of more than 400 banking and technology
leaders, Jamal Saleh, Director-General of the UAE Banks Federation, said: "This
great leap in digital banking adoption was achieved in line with the strategic
vision of the Central Bank of the UAE, which is characterised by its proactive
approach in setting the appropriate framework to keep abreast of technological
developments, and its support for the banking sector in developing innovative
solutions in order to provide the best services to customers in a secure,
reliable and easy-to-use environment."
Saleh added that the banking sector in the UAE is a model for digital
transformation, as we have witnessed remarkable growth in the adoption of
advanced banking technology and providing customers with banking services and
products through various digital channels, where the increase in usage reached
100 per cent.
He stressed the high levels of customer confidence in the banking sector, as the
UAE ranks second globally in terms of customer confidence in banks at 84 per
cent in 2022, according to the annual index conducted by the UAE Banks
Federation.
He explained that the UAE continues to strengthen its leadership in digital
banking, which is underpinned by the adoption of the Digital Transformation
Strategy by the Central Bank of the UAE in 2022, to ensure the provision of
secure and efficient digital payments infrastructure and the use of technology
in banking services, support the formulation of the future of financial
technology in the UAE, maximises the use of artificial intelligence and data
technologies and solutions, and develop the infrastructure for secure cloud
computing solutions for the sector.
Under the guidance of the Central Bank of the UAE, the UBF works to support,
accelerate and develop the digital transformation of UBF member banks by
ensuring the highest levels of cybersecurity and data protection, developing
human capital and deploying advanced technologies to improve risk management and
cost management, and effectiveness to develop technical solutions for business
and fraud prevention.
The Director-General of the UBF called for taking advantage of the
knowledge-sharing opportunities at the Summit to explore the latest trends and
technologies in innovative banking services, exchange ideas and best practices,
and build fruitful partnerships to contribute to the development of the banking
sector in the UAE and consolidate its leading position.
Sessions at the summit included in-depth discussions on the capability of
technology to improve banking and financial services while maintaining the
security of systems within legislative and regulatory frameworks, the prospects
for developing customer service, and the use of data to understand the needs and
requirements of different customer segments in order to provide services
tailored to those requirements.
Summit participants also discussed current trends in banking services, the role
of technology companies in accelerating the development of banking solutions
that keep pace with rapid changes in the financial and banking landscape, and
innovations in digital services for businesses and individuals.
Participants emphasised the importance of using digital cloud computing and
digital services in the banking, finance and payments sectors.
They reviewed the outlook for financial and banking technology advancements in
the coming years.
The MEA Finance Banking Technology Summit also saw the award ceremony
recognising the best banking and technology institutions in digital banking
services and innovations.
The award established by MEA Finance aims to honour and encourage banks,
financial institutions and technology companies that are driving digital
transformation by developing and delivering advanced and effective systems and
solutions that meet the needs of customers in the digital age.