The use of digital banking services through various banking channels has increased to 100%, according to the UAE Banks Federation (UBF), the united voice and representative of UAE banks. This development reflects the UAE's impressive progress in implementing cutting-edge technology and confirms customer confidence in the services' levels of security.
At the MEA Finance Banking Technology Summit, Jamal Saleh, Director-General of the UAE Banks Federation, stated that this significant advancement in the adoption of digital banking was made in line with the CBUAE's planned vision, which is characterized by its proactive approach in setting the proper framework to keep up with technological developments and its support for the banking sector in growing innovative solutions in order to provide the best services to clients in a safe, secure environment. He went on to remark that the United Arab Emirates' banking sector is a role model for digital transformation because of the tremendous increase witnessed in the use of cutting-edge banking technology and the supply of banking services and products through variety of digital channels, where usage increased by 100%.
According to the UAE Banks Federation's annual index, which was performed in 2022, the UAE ranks second globally in terms of customer confidence in banks with 84 percent. He emphasized the high levels of client confidence in the banking industry. He also stated that the UAE is continuing to solidify its position as a global leader in digital banking, which is supported by the Central Bank of the UAE's adoption of the Digital Transformation Strategy in 2022. This strategy aims to ensure the provision of a secure and efficient digital payments infrastructure and the use of technology in banking services, as well as to support the development of the UAE's financial technology future by maximizing the use of artificial intelligence and data technologies.
By ensuring the highest standards of data protection and cybersecurity, investing in human capital, and utilizing cutting-edge technologies to improve risk management, cost management, and effectiveness, the UBF works to support, accelerate, and develop the digital transformation of UBF member banks under the direction of the Central Bank of the UAE.
The role of technology firms in expediting the creation of banking solutions that keep up with the rapid changes in the financial and banking scene, as well as advances in digital services for businesses and individuals, were other topics covered by summit attendees. The importance of employing digital cloud computing and digital services in the banking, finance, and payments industries was emphasized by participants.
They went over predictions for future developments in banking and financial technologies. The finest banking and technology organizations in terms of new developments and services for digital banking were honored at the MEA Finance Banking Technology Summit during the award ceremony.
The objective of the award established by MEA Finance is to encourage digital transformation by encouraging banks, financial institutions, and technology companies to develop and provide cutting-edge and effective systems and solutions that satisfy consumers' expectations in the digital age.