The Banking Executive Magazine - October Issue 2022

UAE BANKS FEDERATION FUELS DIGITAL TRANSFORMATION OF BANKING SECTOR The UAE Banks Federation organised a webinar on digital banking and fi- nancial technology in collaboration with RFI Global, which specialises in financial intelligence research and solutions. The webinar, themed “Accelerating Digital Banking and Fintech in UAE 2022”, comes as part of the UAE Banks Federation's efforts to promote and accelerate the digital transforma- tion and consolidate the banking sector’s leadership in developing dig- ital solutions that contribute to en- hancing the customer experience and keeping pace with develop- ments in financial technology. The webinar also provided an oppor- tunity to discuss techniques to pro- mote the adoption of financial technology applications and ap- proaches in order to meet the grow- ing requirements and expectations of customers and take advantage of the tremendous opportunities of digital transformation for the development of the financial and banking sector. It also discussed the importance of investing in the development of dig- ital capabilities and identifying best practices for securing financial trans- actions, such as electronic identity verification, and facilitating access to digital banking services for different segments of society. Attended by a number of member bank representatives, the webinar provided a comprehensive overview of global trends in digitalisation and financial technology, the preferred channels for customers and ways to get the best return on investment in digital transformation, as well as im- proving the customer experience and digital payments. The webinar also looked at the expe- riences of the financial and banking sector in the UAE in adopting and applying financial technology and innovation to meet growing cus- tomer expectations, accelerating dig- ital transformation and investing in digital capability development, par- ticularly in terms of upskilling appro- priate cadres, improving marketing and customer service methods, and building comprehensive and user- friendly digital platforms. A panel of experts discussed chang- ing customer behaviour and the in- creasing shift to e-commerce. The second part of the webinar pre- sented the marketing performance indicator for various banking prod- ucts of prominent banking institu- tions, followed by a panel discussion on the best manner to use this process to provide seamless services to customers, retain them and achieve profitability. It also compared the state of market- ing of various banking products in the country with the rest of the devel- oped countries in the world while highlighting the importance of digital experience in improving marketing. Jamal Saleh, Director-General of the UAE Banks Federation, said, “The UAE banking sector is adopting and innovating the latest technologies to accelerate digital transformation and enhance the customer experience. Under the direct supervision of the Central Bank of the UAE, the Feder- ation is committed to creating the conditions for this development. As an industry, we welcome innovation and recognise that this progress re- quires keeping up with the latest trends in the financial sector to cre- ate solutions that meet customers' needs, which is why we are organis- ing and launching more events and initiatives that contribute to the ex- change of knowledge, expertise and skills.” “Digitalisation is currently one of the most important pillars of the global economy and organising a workshop on digital banking and technology is part of our continuous efforts to en- sure the consolidation of the banking and finance sector's leadership through a proactive approach of studying and analysing global market trends. Thus, we provide platforms for discussion and sharing of opin- ions, knowledge and experiences to find the best solutions and processes to provide the best services to cus- tomers in a secure and seamless en- vironment,” he added. the BANKING EXECUTIVE 14 ISSUE 166 OCTOBER 2022