UAE Banks Federation fuels digital transformation of banking sector

• Webinar on digital banking and financial technology discusses latest global trends
• FinTech innovation to consolidate the leadership of the banking sector in the UAE to provide best services to customers in a safe and seamless environment

Abu Dhabi, United Arab Emirates, 24 October 2022

UAE Banks Federation, the unified representative and voice of UAE banks, organised a webinar on digital banking and financial technology on the 19th of October 2022 in collaboration with RFI Global, which specializes in financial intelligence research and solutions.

The webinar themed ‘Accelerating Digital Banking and Fintech in UAE 2022’, comes as part of the UAE Banks Federation’s efforts to promote and accelerate the digital transformation and consolidate the banking sector’s leadership in developing digital solutions that contribute to enhancing the customer experience and keeping pace with developments in financial technology. Thereby continue playing a key role in economic and social development.

The webinar also provided an opportunity to discuss techniques to promote the adoption of financial technology applications and approaches in order to meet the growing requirements and expectations of customers and take advantage of the tremendous opportunities of digital transformation for the development of the financial and banking sector. They also discussed the importance of investing in the development of digital capabilities and identifying best practices for securing financial transactions, such as electronic identity verification, and facilitating access to digital banking services for different segments of society.

Attended by a large number of member bank representatives, the webinar provided a comprehensive overview of global trends in digitalisation and financial technology, the preferred channels for customers and ways to get the best return on investment in digital transformation, as well as improving the customer experience and digital payments.

The webinar also looked at the experiences of the financial and banking sector in the UAE in adopting and applying financial technology and innovation to meet growing customer expectations, accelerating digital transformation and investing in digital capability development, particularly in terms of upskilling appropriate cadres, improving marketing and customer service methods, and building comprehensive and user-friendly digital platforms. A panel of experts discussed changing customer behaviour and the increasing shift to e-commerce.

The second part of the webinar presented the marketing performance indicator for various banking products of prominent banking institutions, followed by a panel discussion on the best manner to use this process to provide seamless services to customers, retain them and achieve profitability. It also compared the state of marketing of various banking products in the country with the rest of the developed countries in the world while highlighting the importance of digital experience in improving marketing.

Mr. Jamal Saleh, Director General of the UAE Banks Federation, said: “The UAE banking sector is adopting and innovating the latest technologies to accelerate digital transformation and enhance the customer experience. Under the direct supervision of the Central Bank of the UAE, the Federation is committed to creating the conditions for this development. As an industry, we welcome innovation and recognise that this progress requires keeping up with the latest trends in the financial sector to create solutions that meet customers’ needs, which is why we are organising and launching more events and initiatives that contribute to the exchange of knowledge, expertise and skills.”

He added: “Digitalisation is currently one of the most important pillars of the global economy and organising a workshop on digital banking and technology is part of our continuous efforts to ensure the consolidation of the banking and finance sector’s leadership through a proactive approach of studying and analysing global market trends. Thus, we provide platforms for discussion and sharing of opinions, knowledge and experiences to find the best solutions and processes to provide the best services to customers in a secure and seamless environment.”

Addressing the participants at the panel session during the webinar, Ahmed Abu Eideh, CEO, Invest Bank P.S.C. said, ” It was an honour to participate in this webinar and I would like to thank UBF and RFI Global for organizing it and emphasize the importance of Fintechs in supporting UAE’s digital transformation. Today, Fintechs offer tremendous ideas and solutions to improve the performance of banking services and enhance customer interaction. Banks exist to meet the financial needs of their customers in the most efficient way possible.

Therefore, to maintain customer satisfaction, we need to offer innovative solutions, especially for Gen-Z and Millennials. Last but not least, I believe that we are now well-positioned in the UAE to enhance, accelerate and embrace this digital transformation.”

Raheel Ahmed, CEO, RAK Bank and UAE Banks Federation’s Fintech Committee, commented: “The UAE is emerging as a global hub for the fintech and digital assets industry. Banks can achieve improved customer trust with digital transactions as they allow more transparency and efficiency. The digital space has much more to offer, and industry collaboration will unlock opportunities to further enhance compliance with global standards and international best practices.”ong to be saved

Commenting on digital banking innovation, Mohammed Wassim Khayata, CEO, Al Maryah Community Bank, said: “To meet evolving customer requirements it is very important to innovate and move traditional banking operations to easy-to-use digital services and solutions enabling them to transact quickly, as well as conveniently and securely. Digital space, for sure, will be the first point of customer interaction as we go into the future.”

J.K. Khalil, SVP and Regional GM – MENA East Cluster Mastercard, commenting on emerging payment trends said, “More than half of UAE consumers now use digital wallets, while payment through wearable tech devices, cryptocurrency and BNPL is inching upwards signalling consumers’ eagerness to reap the benefits of the digital economy. It is an exciting phase and increased adoption of emerging payment methods will continue.”