By 2020 it is predicted that we will use mobile apps for banking 10 times more often than we will physically visit a branch.
According to a study by CACI Consultancy, the number of branch visits in the UK is expected to drop to 268 million by 2020, while app usage will rise to 2.3 billion.
With banking apps such a crucial feature for our smartphones, you would expect them to be cutting edge, yet independent banking research firm MyPrivateBanking said in a report last year that most global banks were “not responding adequately” to clients’ digital expectations nor innovating enough, particularly for millennials.
While most have a “solid track record” for must-have features such as an account overview and payment methods, they are lacking chat and messaging, interactive educational content and digital tracking and forecasting tools, the report said.
According to a mobile banking survey run by Nielsen late last year, facial recognition software and cheque scanning and deposit technology are the features mobile users most want to see in future banking apps.
But the future is already arriving thanks to some innovative apps. We round up five of the best internationally, and inspect the features they offer that we hope will be coming to a UAE banking app near you very soon.
Chase
Chase has been voted the best mobile banking app in the US for the second year running by MagnifyMoney, which has run the study for five years based on user rankings from the Apple and Android app stores. Bill Wallace, head of digital banking, says Chase wants to offer convenience and “remove friction”.
The app includes fingerprint sign-on, mobile cheque deposit and views of deposited cheques, as well as standard features you would expect like a branch and ATM locator and bill payments.
What we liked
Person-to-person payments with Chase QuickPay with Zelle, which allow customers to send and receive money in minutes, transacting with 86 million customers of a dozen financial institutions.
User comments
Google Play user: “This is by far the most used app on my phone. It's so easy to use and understand and not to mention convenient. Say goodbye to going into the bank from here on out (unless of course you need to make withdrawals).”
Could be better
One user complains on Google Play that online deposit of cheques does not work properly as the photo of the back of the cheque tends to fail, while another says the monthly deposit limit by phone (which varies by account) is too low.
Competitors
Capital One only just missed first place and Citibank’s app was judged most improved. In the UK, Moneywise has shortlisted Barclays, First Direct, Halifax, Metro Bank, NatWest and Royal Bank of Scotland (RBS) for its 2017 best app award. RBS and NatWest offer a neat feature – a temporary four-digit passcode if you are at a cash machine and realise you’ve forgotten your debit card to get £250 (Dh1,200) a day out.
Atom Bank
Atom is one of the UK’s "challenger" digital-only banks. Launched in 2015, it does not have any high-street branches and operates purely via a smartphone app, offering fixed-term savings accounts and mortgages. Current accounts, debit cards, overdrafts and instant access savings planned soon.
It’s squarely aimed at millennials and Black Eyed Peas musician will.i.am, a strategic board adviser to Atom, says it has a “progressive” approach to banking and is trying to educate young people about saving.
What we liked
Atom is one of the first banks to offer biometric security – you can log in via face, voice or fingerprint recognition. It has gone for a very simplistic interface, with floating bubbles showing your account balances and a vault for your documents. Some of its features are purely gimmicks, such as choosing your colour palette or having your own named bank after login.
User comments
Google Play user: “Wholly impressed, not sure what's not to love. Very modern, good-looking app that seems to do what it's meant to do. No issues with it whatsoever. Highly recommended for intelligent people.”
Could be better
The voice recognition fails regularly.
Competitors
Starling, Tandem and Monzo in the UK, Simple, Moven, Discover in the US.
iAllowance
Dubbing itself Piggy Bank 2.0, iAllowance is a tool where you can set and track your children’s chores then pay out their pocket money based on what they complete. You can even track screen time. iAllowance claims it has been used to complete 20 million chores and pay 12 million allowances.
Start off by setting up weekly or monthly allowances, savings and even charity accounts then add chores from a list (empty trash, make bed, put away groceries plus negative chores like bad behaviour or talking back) and schedule them. There are more than 50 listed and you can also add custom chores. You can incentivise with stars instead of money – and convert to cash later if you change your mind.
What we liked
iAllowance supports 150 currencies and you can mix and match them between banks – so this is one you could start using now. You can also turn on parental controls so your children can view only rather than tinker with the results. The app syncs across devices and DropBox.
User comments
MyMacMommy.com: “I use most all of the banking features and my second-grader has a pretty clear picture of his total net worth right now – which is more than I can say for many college grads.”
Could be better
Usability could be improved – it takes a while to work out how to set up the system. You will need to pay US$3.99 to upgrade to the pro version for more than one child.
Competitors
Allowance Manager, Tykoon (US), GoHenry, Osper (UK)
Money Dashboard
This free budget planner for UK users aggregates all your bank accounts and credit cards in one secure portal. It won best personal finance app at this year’s British Bank Awards.
You add all internet-enabled bank accounts and credit cards by inputting your login details. Money Dashboard then creates a read-only service that allows you to see all your income and outgoings in one place. Most transactions are automatically tagged – for instance, groceries or public transport – and you can tag those that the app does not recognise or create custom tags.
The app shows you what categories you are spending money in, and your balances and spending today versus last month. If you set financial goals, the budget planner can tell you what you are "allowed" to spend (for instance on dining and drinking) or how much you can save.
What we liked
Graphs are colourful and easy to read. You can filter transactions to view only outgoings, one account or category, or sort by date, description or amount.
User comments
Google Play user: “This does the trick for me. I haven't had any problems as such… but the team have been excellent at responding with genuinely helpful information.”
Could be better
Not all banks and cards can be added. If you transfer savings to an account not in your dashboard, it will skew your balances.
Competitors
OnTrees, Mint.com, Wally.
Bitcoin Wallet by Coinbase
Bitcoin is still seen as the Wild West of currencies – mainly thanks to being the ransomware currency of choice – but with one Bitcoin today worth over $2,400 (almost Dh8,900), many are looking to transact in the new cryptocurrency. The Dubai government aims to move all its transactions to blockchain (the technology behind Bitcoin) by 2020, so it’s worth getting clued up now.
Coinbase is probably the leading platform on which to buy and sell Bitcoin and says it has assisted $20 billion worth of digital currency exchanges. It is available in 32 countries, mostly Europe and North America, although Singapore is included; you must reside in one of these countries to buy, sell and create a local currency wallet connected to your bank account, debit or credit card. But even in the UAE you can send and receive funds using Coinbase or store Bitcoin securely in its vault.
What we liked
You can create recurring buys and sells of Bitcoin every week or month (dollar cost averaging) to slowly buy Bitcoin, purchasing more when the price is low and less when the price rises.
User comments
A Google Play user: “My go-to. Fees suck for instant purchases... However Coinbase has allowed me to purchase Bitcoin with near zero in fees when I plan ahead.”
Could be better
You need to take care to secure your wallet; Bitcoin.org recommends two-factor authentication, backing up and encrypting your wallet, keeping only small amounts of Bitcoin in your wallet and keeping an offline (cold storage) wallet that is not connected to the network. It also warns you to tell your family the locations and passwords of your Bitcoin, possibly as part of your will.
Competitors
Coin Jar (UK), Xapo, Mycelium, Bitcoin Wallet by Blockchain Luxembourg
WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Essentials
The flights
Emirates and Etihad fly direct from the UAE to Geneva from Dh2,845 return, including taxes. The flight takes 6 hours.
The package
Clinique La Prairie offers a variety of programmes. A six-night Master Detox costs from 14,900 Swiss francs (Dh57,655), including all food, accommodation and a set schedule of medical consultations and spa treatments.
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Spec%20sheet
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COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
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
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
GRAN%20TURISMO
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Aston martin DBX specs
Engine: 4.0-litre twin-turbo V8
Transmission: nine-speed automatic
Power: 542bhp
Torque: 700Nm
Top speed: 291kph
Price: Dh848,000
On sale: Q2, 2020
THE RESULTS
5pm: Maiden (PA) Dh80,000 1,400m
Winner: Alnawar, Connor Beasley (jockey), Helal Al Alawi (trainer)
5.30pm: Maiden (PA) Dh80,000 1,400m
Winner: Raniah, Noel Garbutt, Ernst Oertel
6pm: Handicap (PA) Dh90,000 2,200m
Winner: Saarookh, Richard Mullen, Ana Mendez
6.30pm: Sheikh Zayed bin Sultan Al Nahyan Jewel Crown (PA) Rated Conditions Dh125,000 1,600m
Winner: RB Torch, Tadhg O’Shea, Eric Lemartinel
7pm: Al Wathba Stallions Cup Handicap Dh70,000 1,600m
Winner: MH Wari, Antonio Fresu, Elise Jeane
7.30pm: Handicap Dh90,000 1,600m
Winner: Mailshot, Royston Ffrench, Salem bin Ghadayer
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
TOURNAMENT INFO
Fixtures
Sunday January 5 - Oman v UAE
Monday January 6 - UAE v Namibia
Wednesday January 8 - Oman v Namibia
Thursday January 9 - Oman v UAE
Saturday January 11 - UAE v Namibia
Sunday January 12 – Oman v Namibia
UAE squad
Ahmed Raza (captain), Rohan Mustafa, Mohammed Usman, CP Rizwan, Waheed Ahmed, Zawar Farid, Darius D’Silva, Karthik Meiyappan, Jonathan Figy, Vriitya Aravind, Zahoor Khan, Junaid Siddique, Basil Hameed, Chirag Suri
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
