The Banking Executive Magazine - May Issue

UAE RANKS 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 over 100%, reflecting the im- pressive advancements made by the UAE in deploying the latest tech- nologies, as well as conforms the customer confidence in the levels of security of these services. Delivering the Opening address at the MEA Finance Banking Technol- ogy Summit, held in Dubai, with the participation of more than 400 bank- ing and technology leaders, Jamal Saleh, Director General of the UAE Banks Federation, said: “This great leap in digital banking adoption was achieved in line with the strategic vi- sion of the Central Bank of the UAE, which is characterized by its proac- tive approach in setting the appropri- ate framework to keep abreast of technological developments, and its support for the banking sector in de- veloping 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 vari- ous digital channels, where the in- crease in usage reached 100 percent. He stressed the high levels of cus- tomer confidence in the banking sec- tor, as the UAE ranks second globally in terms of customer confidence in banks at 84 percent in 2022, accord- ing to the annual index conducted annually by the UAE Banks Federa- tion. He explained that the UAE continues to strengthen its leadership in digital banking, which is underpinned by the adoption of the Digital Transfor- mation Strategy by the Central Bank of the UAE in 2022, to ensure the provision of secure and efficient dig- ital payments infrastructure and the use of technology in banking serv- ices, support the formulation of the future of financial technology in the UAE, maximizes the use of artificial intelligence and data technologies and solutions, and develop the infra- structure 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 UBF mem- ber banks by ensuring the highest levels of Cybersecurity and data pro- tection, developing human capital and deploying advanced technolo- gies to improve risk management and cost management, and effective- ness to develop technical solutions for business and fraud prevention. The Director General of the UAE Banks Federation called for taking advantage of the knowledge-sharing opportunities at the Summit to ex- plore the latest trends and technolo- gies in innovative banking services, exchange ideas and best practices, and build fruitful partnerships to con- tribute to the development of the banking sector in the UAE and con- solidate its leading position. Sessions at the summit included in- depth discussions on the capability of technology to improve banking and financial services while main- taining the security of systems within legislative and regulatory frame- works, the prospects for developing customer service, and the use of data to understand the needs and require- ments 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 innova- tions in digital services for businesses and individuals. Participants emphasized the impor- tance of using digital cloud comput- ing and digital services in the banking, finance and payments sec- tors. They reviewed the outlook for finan- cial and banking technology ad- vancements in the coming years. The MEA Finance Banking Technol- ogy Summit also saw the award cer- emony recognizing the best banking and technology institutions in digital banking services and innovations. The award established by MEA Fi- nance aims to honor and encourage banks, financial institutions and tech- nology companies that are driving digital transformation by developing and delivering advanced and effec- tive systems and solutions that meet the needs of customers in the digital age. ISSUE 173 MAY 2023 the BANKING EXECUTIVE 37