CEO Jayesh Patel on Wio Bank’s rise in UAE’s digital banking space

If you asked me this when we started, I would have had a slightly different answer than what we see today. Our customer base spans all age groups, from people opening their first bank account to seasoned professionals with multiple accounts.

What really drives them isn’t age or background, it’s the experience they want. They want to grow their wealth, manage money easily, have transparency, get real value, and feel empowered. Many customers initially joined us for high interest rates, but once they experienced our app and tools, such as virtual cards for different uses or limits, they started engaging more deeply.

Now, more than two out of five of our customers are investing with us, whether in stocks or recurring investment plans for goals like buying a house or saving for retirement. Across the board, people value simplicity, transparency, empowerment, and sharing in the value the bank creates. We have affluent customers and those just starting their careers, it really cuts across the spectrum.

What are some of the key trends driving customer buy-in. How do you  leverage these trends to attract and retain clients?

One of the main trends we’re capitalising on is simplicity. Across every platform and industry, simplicity is becoming increasingly important, and we’re making sure that’s central to everything we offer.

We also focus on solving practical problems that make a real difference. For example, household expense management is a surprisingly underserved area. Families often struggle to track spending because money is dispersed across multiple cards and individuals. Using our platform, customers can gain awareness of their spending patterns and make better decisions. I experienced this myself — after realising how much I was spending on coffee each month, I cut it down by 80 per cent simply through insight and awareness.

Our strategy is simple. First, everything we build starts with a client-first mindset. Second, we release only products that deliver real benefits. We focus on fewer things, but we do them better.

Third, we prioritise ongoing client satisfaction. Unlike some companies that focus on acquisition and then shift attention away, we ensure existing clients stay happy. That’s why a large proportion of new clients come via word of mouth that’s around around three out of five, or roughly 30 per cent.

On the tech side, we’re opex-centric rather than capex-centric. In a SaaS (software-as-a-service) -driven economy where subscription and agility matter, this approach allows us to adapt and pivot quickly without the heavy costs traditional banks face. Being a digital bank makes us far more agile than traditional giants, and that will always be an advantage.

How is AI shaping the services you provide?

AI is a big focus for us, but it’s all about making it useful. We’re working on two fronts. First, AI helps clients understand their money better. For instance, our AI insights feature can explain how investment portfolios are performing in simple, relatable terms and provide comparisons to benchmarks.

Second, we’re using AI on the back end to ensure that whatever customers want to do is done faster.

The goal is to make interactions smoother, decisions smarter, and processes more efficient, turning AI into a practical tool for everyday banking and financial planning.

How will AI impact the sector over the next few years, say 2026 and beyond?

I’d give you a five-year view. Many industries have improved customer journeys, but those journeys are still largely dictated by the industry. You click this button, go here, click that button, go there. But what one customer wants to see isn’t necessarily what another does.

With AI maturing and becoming more accessible, we’ll start creating apps customised for individual needs. It’ll be like ChatGPT, but for banking — you log in, and it will remember your preferences, show you the things you care about first. The charts and insights each user sees will be different. They’ll be able to ask questions like, “How much did I spend this summer?” and get personalised guidance on their savings goals or retirement plans. AI will help people make better decisions, faster than most expect.

How do you balance offering innovations with shareholder expectations?

I’m fortunate to have long-term shareholders who see this as both a strategic asset and a contribution to the growth of the UAE. We’re fully aligned: financially healthier clients are more profitable clients. If people make the right choices and grow their wealth, they’re more likely to see value and pay for services. Our principle is simple: the client has to win for us to win.

This alignment shows in our financials. We’re one of the fastest profitable banks globally, with strong numbers and high client loyalty. Our Net Promoter Score is in the mid-70s, among the highest worldwide. When we let clients down, we work tirelessly to fix it, and our shareholders understand this long-term focus.

What are some of the key challenges Wio is focused on addressing?

We’ve tested a number of credit products, and while we’ve seen some success, I think there’s still room to improve. It’s not just about giving customers access to credit, but about helping them use it well. Many customers don’t always need a large loan; they just need a small piece of financing that fits their specific needs. Structuring credit in a way that really works for them is a big focus for us.

On investments, we’ve built strong products, but now we want them to be more meaningful in people’s lives. Take something personal, like saving for a child’s education. Tuition fees today might be Dhs40k, but in ten years they could be closer to Dhs 90k. Parents need the right tools to prepare for that journey, and we’re working on products that address those kinds of goals.

Service is another area where we see opportunity. Today, our call centre aims to answer in under two minutes, but the real challenge is how to make those interactions richer and more proactive. Whether it’s through WhatsApp or AI-driven support, we want to make banking conversations more immediate and useful.

Fraud and security remain non-negotiable. We continuously focus on protecting our customers and have already introduced safeguards like requiring in-app approval for Apple Pay setup, which has shown positive results. But with new threats emerging, like device theft in cities abroad,  we’re also building tools to make those risks easier for customers to manage.

Finally, on the business side, we’re looking at how to serve entrepreneurs in more sector-specific ways. If you’re in healthcare, for example, we want to partner with the right players and provide solutions that help you grow. Banking is no longer static, it changes too quickly now, and our job is to stay several steps ahead of both customer needs and competitors.

As a leader, what excites you most about coming to work every day? And what values do you hope reflect in the business?

I think the first thing is my team. I work with an incredible set of people who are obsessed about one thing, making the customer win. You go to the office, you hear great ideas, you see people who are incredibly passionate and wanting to do the right thing for our customers. That to me is probably the biggest driver of all our excitement around work.

The second big thing is I love technology, and it’s changing so rapidly. If you understand it well, the opportunity is immense. You don’t get bored, because every three weeks there’s something new to do.

The third thing is the UAE itself. Our region is doing fantastically well. We’re growing, we’re seeing a lot of new companies, a lot of new businesses. Over the past few years, we’ve suddenly become a hub of technology companies, and there are so many amazing developments happening in the market that allow us to do more.

Like the launch of open finance in the UAE, which is going to bring a world of opportunities. Aani, the instant payment platform, will also drive innovation in the market, as well as stablecoin regulation, which is phenomenal — most markets don’t have it.

So, there’s a lot to look forward to. And honestly, the most rewarding thing is when a customer tells you their story: how their business is better off because they started with us, or how they’re now able to plan their money better. For the whole team, that’s what it’s all about. It’s always great to see, and it keeps us excited.

On a parting note, when you dream about the future, what does your bank of the future look like?

To me, it’s an AI-enabled partner that helps you achieve more of your life goals that require money. That’s really what I see it as. The objective stays the same: we want to help you achieve your goals, but AI allows us to do it better, smarter, and more seamlessly.

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