UAE's UBF confirms 100% rise in use of digital banking channels
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UAE Banks Federation confirms 100% spike in use of digital banking channels

UAE Banks Federation confirms 100% spike in use of digital banking channels

According to a survey conducted by UAE Banks Federation, the county ranked second globally in terms of customer confidence in banks at 84 per cent in 2022

Neesha Salian

UAE Banks Federation (UBF) has revealed that the rate of digital banking services use through a number of banking channels has risen over 100 per cent, reflecting the advancements made by the UAE in deploying the latest technologies and customer confidence in the levels of security of these services.

Speaking at the MEA Finance Banking Technology Summit, held in Dubai recently, Jamal Saleh, director general of the UAE Banks Federation (UBF), 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 annually by the UAE Banks Federation.

UBF is committed to supporting banks in their digital journey

Saleh 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 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 UBF also recently held its annual general meeting (AGM), chaired by Abdulaziz Al Ghurair, the chairman of the federation.

During the meeting, the UBF approved strategic plans for 2023 to develop the banking sector and strengthen its position under the supervision of the Central Bank of the UAE.

The plan includes Emiratisation, with the goal of employing 5,000 UAE nationals by 2026, and working with the Emirates Institute of Banking and Financial Studies (EIBFS) to design a training programme to prepare future banking and financial sector leaders, state news agency WAM reported.

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