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Mobile banking use surges 65% in UAE during pandemic

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UAE financial regulators need to foster innovations, says BCG

Dubai: As online services witness an uptake amongst UAE customers, banking is fast becoming digital, according to BCG [Boston Consulting Group] According to a recent BCG report, the use of digital banking channels has increased significantly across the UAE during the pandemic, with 42 per cent more customers using online banking and 65 per cent more using their respective banks’ mobile app more often. Consumer expectations This year, consumer expectations have shifted to include simpler interfaces and journeys, digital-first experiences, data-driven personalized offerings, and frictionless, on-demand access to information and services. “COVID-19 and subsequent events that took place have increased consumers’ already ravenous appetite for digital financial services. Like many other nations across the region and wider world, this applies to the UAE as well,” said Harold Haddad, Managing Director and Partner, BCG Middle East.

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