UAE banks must support mobile banking
Mobile banking is set to expand in the UAE, but banks need to adopt better technologies to accommodate digital boost
Banking IT solutions consultancy, Condo Protego, say banks in the UAE must adopt high-performance information management systems to support the rapid growth in mobile banking.
According to Bank Audi, the UAE's e-commerce market is set to quadruple to $10bn by 2018. Also GCC banks are aiming to expand digital and mobile customer offerings, such as mobile payments, customer alerts, opening accounts and mortgages.
Andrew Calthorpe, CEO of Condo Protego said: "In a highly competitive market, the UAE's banks need to harness the power of digital products and services as the key differentiator for enhancing the customer experience, increasing their market share, and growing profits."
A recent report by research firm EY revealed 81% of UAE customers would switch banks for a better digital experience, and 60% would move to a digital-only bank.
Despite these figures demonstrate the strong opportunity for digital and mobile banking solutions in the region, only 34% of banking customers' use mobile banking and 55% are not satisfied with current offerings, in particular, lack of real-time information and slow transaction speeds.
"Banks in the UAE and the region need to accelerate their digital transformation journeys to meet customer demands, with the cornerstone being high-performance information storage and management. Banking CIOs need to have the real-time and scalable solutions that enable them to work smarter with their data," added Calthorpe.