Financial institutions in the Gulf Cooperation Council (GCC) are fast catching up with the latest technologies in retail banking as pressure mounts from customers for better service delivery, according to ratings agency S&P Global.
“The adoption of big data, artificial intelligence analytics, as well as voice and facial recognition tools could enable a more effective and cost efficient provision of customer (banking) services,” S&P Global said in a new note.
It said a shake-up in banks' operations due to technology was much more likely to come from changing customer preferences than from regulatory pressures.
“Regulatory risk is low because policymakers are conscious of the extreme importance of local banking systems in the region and the need to keep them safe from potentially disruptive unregulated competition,” said Mohamed Damak, S&P Global Ratings credit analyst.
Even if customers' preferences continue to evolve, risks to banking systems remain low for at least next two years, said Mr Damak, adding, “This is because regulators continue to protect them (banks) and the share of current activity at risk is small.”
Some of the areas of banking most impacted by technological change include money transfer, foreign currency exchange and payment services.
Financial technology (FinTech) companies, which focus on lowering transfer fees and reducing transfer times, could significantly disrupt the money transfer operations of banks and exchange houses in the GCC, added S&P.
In 2017, expats in GCC nations sent over $119.3 billion (Dh429bn) back to their home countries, with India, Pakistan, Egypt and the Philippines the main destinations, according to World Bank figures.
The region's young and fast-growing population, who are more familiar with new technologies, are the main drivers for digital services in retail banking. About 40 per cent of the GCC population is under 30, which creates significant demand for digital financial operations, according to the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf.
“Some banks, such as Dubai-based Mashreqbank, have sought to capture this market by launching neobanks - 100 per cent digital banks - and we think more will follow,” noted S&P.
Online banking penetration also remains significant in the GCC. In Saudi Arabia, National Commercial Bank saw 36.6 per cent of financial transactions executed online or through its mobile application by the end of last year.
“Online banking penetration has reached 92 per cent in the UAE banks and 85 per cent in Saudi banks,” said S&P, citing McKinsey figures, adding that the shifting of transactions online from branches is “high on the agenda” of some banks.
In the UAE, the number of bank branches have been declining since December 2014, said S&P, suggesting that banks have managed to migrate some transactions to alternative channels. The UAE Banks' Federation's 2018 annual report published last week showed bank branch numbers in the country last year fell by 31 to 823.
Authorities and regulators in the GCC are also encouraging collaboration with FinTech companies, with many setting up 'sandbox' regimes allowing FinTechs to try out technologies within a flexible regulatory environment.
The UAE tops the list of countries with the highest number of FinTech start-ups in the region with 67, according to Bloomberg Intelligence, followed by Turkey at 44 and Jordan and Lebanon tying at 30.
Thor: Ragnarok
Dir: Taika Waititi
Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson
Four stars
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Pietro Bartolo and Lidia Tilotta
Quercus
Vaccine Progress in the Middle East
Killing of Qassem Suleimani
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Brief scores:
Toss: India, opted to field
Australia 158-4 (17 ov)
Maxwell 46, Lynn 37; Kuldeep 2-24
India 169-7 (17 ov)
Dhawan 76, Karthik 30; Zampa 2-22
Result: Australia won by 4 runs by D/L method
UAE currency: the story behind the money in your pockets
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
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At Everton Appearances: 77; Goals: 17
At Manchester United Appearances: 559; Goals: 253
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
The%20specs
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Global state-owned investor ranking by size
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UAE
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Japan
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Norway
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Canada
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SPECS
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Company%20Profile
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UAE currency: the story behind the money in your pockets
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The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Tips from the expert
Dobromir Radichkov, chief data officer at dubizzle and Bayut, offers a few tips for UAE residents looking to earn some cash from pre-loved items.
- Sellers should focus on providing high-quality used goods at attractive prices to buyers.
- It’s important to use clear and appealing photos, with catchy titles and detailed descriptions to capture the attention of prospective buyers.
- Try to advertise a realistic price to attract buyers looking for good deals, especially in the current environment where consumers are significantly more price-sensitive.
- Be creative and look around your home for valuable items that you no longer need but might be useful to others.
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The specS: 2018 Toyota Camry
Price: base / as tested: Dh91,000 / Dh114,000
Engine: 3.5-litre V6
Gearbox: Eight-speed automatic
Power: 298hp @ 6,600rpm
Torque: 356Nm @ 4,700rpm
Fuel economy, combined: 7.0L / 100km
TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Two-step truce
The UN-brokered ceasefire deal for Hodeidah will be implemented in two stages, with the first to be completed before the New Year begins, according to the Arab Coalition supporting the Yemeni government.
By midnight on December 31, the Houthi rebels will have to withdraw from the ports of Hodeidah, Ras Issa and Al Saqef, coalition officials told The National.
The second stage will be the complete withdrawal of all pro-government forces and rebels from Hodeidah city, to be completed by midnight on January 7.
The process is to be overseen by a Redeployment Co-ordination Committee (RCC) comprising UN monitors and representatives of the government and the rebels.
The agreement also calls the deployment of UN-supervised neutral forces in the city and the establishment of humanitarian corridors to ensure distribution of aid across the country.
Six things you need to know about UAE Women’s Special Olympics football team
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They describe sport as their passion
The girls don’t dwell on their condition
They just say they may need to work a little harder than others
When not in training, they play football with their brothers and sisters
The girls want to inspire others to join the UAE Special Olympics teams
Employment lawyer Meriel Schindler of Withers Worldwide shares her tips on achieving equal pay
Do your homework
Make sure that you are being offered a fair salary. There is lots of industry data available, and you can always talk to people who have come out of the organisation. Where I see people coming a cropper is where they haven’t done their homework.
Don’t be afraid to negotiate
It’s quite standard to negotiate if you think an offer is on the low side. The job is unlikely to be withdrawn if you ask for money, and if that did happen I’d question whether you want to work for an employer who is so hypersensitive.
Know your worth
Women tend to be a bit more reticent to talk about their achievements. In my experience they need to have more confidence in their own abilities – men will big up what they’ve done to get a pay rise, and to compete women need to turn up the volume.
Work together
If you suspect men in your organisation are being paid more, look your boss in the eye and say, “I want you to assure me that I’m paid equivalent to my peers”. If you’re not getting a straight answer, talk to your peer group and consider taking direct action to fix inequality.
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
Sanju
Produced: Vidhu Vinod Chopra, Rajkumar Hirani
Director: Rajkumar Hirani
Cast: Ranbir Kapoor, Vicky Kaushal, Paresh Rawal, Anushka Sharma, Manish’s Koirala, Dia Mirza, Sonam Kapoor, Jim Sarbh, Boman Irani
Rating: 3.5 stars
SPECS
Toyota land Cruiser 2020 5.7L VXR
Engine: 5.7-litre V8
Transmission: eight-speed automatic
Power: 362hp
Torque: 530Nm
Price: Dh329,000 (base model 4.0L EXR Dh215,900)
Juvenile arthritis
Along with doctors, families and teachers can help pick up cases of arthritis in children.
Most types of childhood arthritis are known as juvenile idiopathic arthritis. JIA causes pain and inflammation in one or more joints for at least six weeks.
Dr Betina Rogalski said "The younger the child the more difficult it into pick up the symptoms. If the child is small, it may just be a bit grumpy or pull its leg a way or not feel like walking,” she said.
According to The National Institute of Arthritis and Musculoskeletal and Skin Diseases in US, the most common symptoms of juvenile arthritis are joint swelling, pain, and stiffness that doesn’t go away. Usually it affects the knees, hands, and feet, and it’s worse in the morning or after a nap.
Limping in the morning because of a stiff knee, excessive clumsiness, having a high fever and skin rash are other symptoms. Children may also have swelling in lymph nodes in the neck and other parts of the body.
Arthritis in children can cause eye inflammation and growth problems and can cause bones and joints to grow unevenly.
In the UK, about 15,000 children and young people are affected by arthritis.
Also on December 7 to 9, the third edition of the Gulf Car Festival (www.gulfcarfestival.com) will take over Dubai Festival City Mall, a new venue for the event. Last year's festival brought together about 900 cars worth more than Dh300 million from across the Emirates and wider Gulf region – and that first figure is set to swell by several hundred this time around, with between 1,000 and 1,200 cars expected. The first day is themed around American muscle; the second centres on supercars, exotics, European cars and classics; and the final day will major in JDM (Japanese domestic market) cars, tuned vehicles and trucks. Individuals and car clubs can register their vehicles, although the festival isn’t all static displays, with stunt drifting, a rev battle, car pulls and a burnout competition.
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MATCH INFO
Everton 2 (Tosun 9', Doucoure 93')
Rotherham United 1 (Olosunde 56')
Man of the Match Olosunde (Rotherham)
Mountain%20Boy
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