UAE banks rank second globally in customer trust

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.

Recently MEA Finance Banking Technology Summit was held in Dubai, with the participation of more than 400 banking and technology leaders. Delivering the opening address at the summit, 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.

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.