CEO of Al-Maria Digital Bank to Al-Ittihad: The UAE market is digital par excellence, and 90% of customers pay electronically

CEO of Al-Maria Digital Bank to Al-Ittihad: The UAE market is digital par excellence, and 90% of customers pay electronically
CEO of Al-Maria Digital Bank to Al-Ittihad: The UAE market is digital par excellence, and 90% of customers pay electronically

Yousef Al Bustanji (Abu Dhabi)

Mohamed Wassim Khayatah, CEO of Al Mariah Local Digital Bank, said that the UAE market is “digital par excellence” and occupies a prominent position on the list of digital markets in the world. He noted the latest reports issued by McKinsey, which showed that about 90% of consumers in the UAE use digital channels and mobile payments, while the value of payment operations and transfers via points of sale exceeded 95 billion dirhams locally in 2022. Khayatah said in statements to «Al-Ittihad »: Digital banking services are entering a new phase of inclusiveness and sustainability, and this sector finds in Abu Dhabi an ideal legislative environment and world-class infrastructure, amid government stimulus, that pushes the sector to be a leader and initiative in the world. The CEO of the local Al Maryah Bank, which is based in the Abu Dhabi Global Market, confirmed that the data and statistics provided by many specialized international companies about the advanced infrastructure enjoyed by the UAE make it one of the most attractive markets in the world for digital services, companies and banks that adopt This orientation.

Khayatah said: Today, digital banks are entering new horizons, in terms of the quality of their services, which have begun to cover most of the customer’s needs 24 hours a day, seven days a week.
He added that the services provided by digital banks to users do not stop at the limits of making deposits and transfers in the account remotely, but also provide them with the opportunity to more easily apply for loans, and access personal money management services, including external transfers and investments in different asset classes. Such as stocks, gold, mutual funds, and even crypto assets.
He explained that through digital banking services, all banking services are available 24/7 on mobile phones, computers and compatible smart devices. He said: The Abu Dhabi Global Market is a suitable and attractive environment for banks and digital financial companies that adopt advanced financial technology.

financial technology
He said: Banks in the UAE began to realize the challenges and opportunities of the financial technology revolution that began sweeping the industry in the second half of the past decade, which prompted a number of banks to launch digital banking initiatives, ranging from separate digital banking platforms to enhancing existing mobile devices banking platforms, and rationalizing Branch-based services, refocusing employees on value-added services rather than repetitive and less profitable branch operations. He explained that financial technology, which seeks to improve and complete the provision and use of financial services, has become an existential threat to the traditional banking business model, as new generation technology companies have begun to provide these services on secure digital platforms at lower costs. Khayatah explained that digital banking services are the digital transformation of each level of banking services, and this means that digital banks rely on artificial intelligence to complete back-end operations such as administrative tasks and data processing, which in turn relieves pressure on employees to complete daily tasks.

digital transformation
The CEO of the local Al Maryah Bank said: The leading banks in the UAE have allocated significant resources to the digital transformation of their banking models and have taken the initiative to introduce digital banks in the UAE as of 2017. He emphasized that most digital banks have very advanced security features, pointing out that digital platforms Used by banks rely on multi-factor authentication, biometrics, and various types of cyber security that provide customers with a safe and secure banking platform. He said: We witnessed strong acceptance in the UAE market for digital services, and high levels of customer response. He explained that the customer base of the local Al Maryah Bank recorded a tremendous response during the past year in transactions that took place using the Emirates digital identity and the facial recognition system. He added that the high penetration of the Internet and the availability of high levels of digital culture for customers, helped UAE banks to adopt digital transformation and many of them to launch digital banking offers.

The article is in Arabic

Tags: CEO AlMaria Digital Bank AlIttihad UAE market digital par excellence customers pay electronically

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