The Covid-19 pandemic has hastened a consumer shift towards digital banking services in the UAE, according to a new survey.
Eighty-nine per cent of respondents said they are now more likely to opt for digital banking services rather than visit a physical bank branch, the survey by YouGov for FinTech provider Backbase said. It polled 1,005 people.
“As the pandemic recedes, banks have the opportunity to provide enhanced customer engagement online, which will pave the way for physical branches to only deliver more complex, high-value activities,” said Matthijs Eijpe, regional vice president of sales for Europe, the Middle East and Africa at Backbase.
As the pandemic recedes, banks have the opportunity to provide enhanced customer engagement online, which will pave the way for physical branches to only deliver more complex, high-value activities
Matthijs Eijpe,
regional vice president for sales at Backbase
“To make sure that they can capitalise on changing customer behaviour, banks will need to break free from siloed technology architecture and bring engagement to the forefront of their digital operations.”
The rise of FinTech companies, an increasingly smartphone-savvy consumer base and a sharp increase in digital services have forced banks worldwide to increasingly invest in digitisation and reduce the number of branches.
The Covid-19 pandemic, which led to movement restrictions and social distancing around the world, further hastened the pivot to digital services across industries.
Half of the consumers in the Middle East, India and South-East Asia are interacting with banks through mobile apps since the Covid-19 outbreak, compared with 32 per cent in 2018, according to a report in April by Verloop.io, a customer support automation company in Bengaluru.
Technology such as artificial intelligence and machine learning is helping banks and other financial institutions to automate services quickly and address customer queries more efficiently during the pandemic, Verloop.io said.
A Boston Consulting Group survey that interviewed more than 2,000 respondents in the UAE last year found that 87 per cent of respondents would be willing to open an account with a digital-only bank.
The Backbase research found that 72 per cent of respondents in the UAE use digital banking services at least once a week, and 24 per cent use these services once a day or more.
Those polled said they prefer digital self-service banking solutions delivered with the same convenience as their e-commerce, entertainment and transport solutions.
The sudden increase in customer adoption has dramatically advanced the digital transformation of many banks in the region. Many financial institutions now realise that online banking services are critical to increase customer retention and grow revenue streams, Backbase said.
The digitisation of services for banks, which would usually take two years, is being completed within two weeks as a result of the pandemic, JP Morgan Chase chief executive Jamie Dimon said last year at Sibos, an annual conference for the global financial services industry.
“Consumer expectations from digital banking have shifted from just day-to-day banking services and transactions to also include more complex interactions, such as remote account openings or subscriptions to new products or services, such as getting a loan or subscribing to insurance,” according to Backbase.
However, 31 per cent of UAE respondents defined their own bank's performance as "weak" in terms of offering seamless access to online banking services, the survey found.
Some banks in the UAE have released stand-alone applications to add new functions and services to their online banking offerings, creating fragmented systems that do not deliver a good experience to customers, according to Backbase.
About 44 per cent of those polled in the UAE cited poor customer relations as a key factor behind their decision to switch to a different bank, the survey revealed.
Abu Dhabi card
5pm: Handicap (TB) Dh100,000 2,400m
5.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 2,200m
6pm: Abu Dhabi Fillies Classic Prestige (PA) Dh110,000 1,400m
6.30pm: Abu Dhabi Colts Classic Prestige (PA) Dh110,000 1,400m
7pm: Handicap (PA) Dh85,000 1,600m
7.30pm: Maiden (PA) Dh80,000 1,600m
The National selections:
5pm: Valcartier
5.30pm: AF Taraha
6pm: Dhafra
6.30pm: Maqam
7pm: AF Mekhbat
7.30pm: Ezz Al Rawasi
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
COMPANY%20PROFILE
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Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
MATCH INFO
Scotland 59 (Tries: Hastings (2), G Horne (3), Turner, Seymour, Barclay, Kinghorn, McInally; Cons: Hastings 8)
Russia 0
Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
Sugary teas and iced coffees
The tax authority is yet to release a list of the taxed products, but it appears likely that sugary iced teas and cold coffees will be hit.
For instance, the non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Cold coffee brands are likely to be hit too. Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
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Killing of Qassem Suleimani
Diriyah%20project%20at%20a%20glance
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Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
NEW ARRIVALS
Benjamin Mendy (Monaco) - £51.75m (Dh247.94m)
Kyle Walker (Tottenham Hotspur) - £45.9m
Bernardo Silva (Monaco) - £45m
Ederson Moraes (Benfica) - £36m
Danilo (Real Madrid) - £27m
Douglas Luiz (Vasco de Gama) - £10.8m
Padmaavat
Director: Sanjay Leela Bhansali
Starring: Ranveer Singh, Deepika Padukone, Shahid Kapoor, Jim Sarbh
3.5/5
The years Ramadan fell in May
INVESTMENT PLEDGES
Cartlow: $13.4m
Rabbitmart: $14m
Smileneo: $5.8m
Soum: $4m
imVentures: $100m
Plug and Play: $25m
Rock in a Hard Place: Music and Mayhem in the Middle East
Orlando Crowcroft
Zed Books
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
RESULTS
Mumbai Indians 181-4 (20 ovs)
Kolkata Knight Riders 168-6 (20ovs)
Mumbai won by 13 runs
Rajasthan Royals 152-9 (20 ovs)
Kings XI Punjab 155-4 (18.4 ovs)
Kings XI Punjab won by 6 wickets
