10.03 AM Friday, 29 September 2023
  • City Fajr Shuruq Duhr Asr Magrib Isha
  • Dubai 04:53 06:07 12:12 15:35 18:11 19:25
29 September 2023 $dmi_content.escapeHtml4($rs.get('weather.code.w${report.significantWeather.code}')) Max: 35 °

90% of people in UAE use digital banking

By Wam

According to numerous studies conducted by official authorities, such as the Federal Competitiveness and Statistics Authority, the percentage of digital banking users in the UAE rose to 90 percent while the percentage of ATM users reached 100 percent, reflecting the growing automation of the country’s banking sector.

The same studies also show that many UAE residents use mobile phone banking, including those who use online banking services.

This development is supported by the keenness of banks operating in the UAE to invest in the latest technologies to provide services to clients, including mobile banking services.

The studies, which researched the services of 19 banks, indicate that the number of downloads and installation of banking applications ranged from 90,000 to 5.4 million, highlighting the demand from banks account holders for digital banking solutions.

The UAE’s banking sector is dynamic and recently witnessed various initiatives that aim to facilitate access to banking services.

Some banks are using robots to make their banking services easier to access. Therefore, hybrid banks can decrease dependency on human staff in the future.

A previous study by McKinsey showed that people in the UAE are willing to open online bank accounts, as 48 percent of the population supports this option.