Consumer Confidence In UAE Banking Rises To 90% In 2023: UBF Chairman

Abdulaziz Al Ghurair, Chairman of UAE Banks Federation (UBF), highlighted the rise in consumer confidence in the UAE banking sector from 84 percent in 2022 to 90 percent in 2023. This increase underscores the sector's continuous development, with customer trust being a crucial pillar in banking and finance.

Speaking at a press conference organised by the UAE Banks Federation at Mashreq Bank's headquarters in Dubai, Al Ghurair noted that the UAE ranks above the global average in the Trust Index. This ranking surpasses prominent international financial centres, affirming the sector's ability to meet diverse customer needs.

Al Ghurair emphasised that under the Central Bank of the UAE's supervision, the banking sector is accelerating digital transformation. The sector is developing innovative solutions using artificial intelligence, blockchain, and data analytics to enhance digital infrastructure and improve cybersecurity, providing a secure and seamless banking experience.

He pointed out that UAE banks have shown strength and resilience over the past years and in the first quarter of this year. The sector has seen significant increases in net profits, operating profits, revenues, and assets, with high capital efficiency ratios, provisions, and reserves exceeding Basel 3 requirements.

Responding to media questions, Al Ghurair stated that banking services are undergoing profound changes to meet rapidly evolving demands. The UAE banking sector leads in adopting digital solutions that offer secure and reliable services. Continuous modernisation of digital infrastructure aims to enhance APIs, cloud computing, and digital channels.

He also stressed investing in human capital to develop appropriate solutions and employ innovative technology. Attracting and training professionals like designers, engineers, and data scientists is crucial for keeping pace with digital age requirements.

Focus on Personalised Services

Al Ghurair predicted an acceleration towards digital banking experiences focusing on personalised financial services. Leveraging data analytics and artificial intelligence will help better understand and meet evolving customer needs, driving innovation and customer satisfaction.

The banking sector aims to empower customers to control their finances better while promoting sustainability initiatives. Supporting environmental, social, and governance (ESG) principles is integral to financing activities, contributing to a more sustainable future.

Commitment to Emiratisation and Sustainability

"Emiratisation, sustainability, corporate governance, and supporting SMEs are our top priorities," said Al Ghurair. He mentioned the launch of the Emiratisation Programme for the banking sector under the Central Bank's supervision as a key initiative to promote Emirati talent.

Banks in the UAE are integrating sustainability into their operations by offering green financing products for sustainable projects. National banks have pledged AED1 trillion for sustainability projects by 2030, expecting a significant increase in green financing initiatives.

Al Ghurair highlighted compliance with Central Bank guidelines to maintain high standards of corporate governance, transparency, and risk management. Recognising SMEs' role in economic development, banks provide tailored products and services to support their growth.

With inputs from WAM