Customers are gradually becoming open to technology-driven banking innovations, private players are doing good business, and government regulations are at the forefront. This is mainly due to higher financial integration, all access to managed management banking services and a wide variety of commercial offers. In the Middle East countries, most banking customers view smartphones as the preferred mode of digital banking. UAE banks are responding to consumer preferences by increasing their investments in digital innovation, focusing in particular on improving the security of their mobile banking and user experience.
The Internet has been around for a while. However, it was not as fast as we know it today. The guy from the ’90s could remember how long it took him to get online at the time. The fixed line was not the best way to connect online. Unfortunately, he grew better and better. Learn about the wonders of puberty, Internet for adults is now one of the most popular technologies. And that revolutionized the industry too. The introduction of 3G and 4G Internet has made transportation companies. Along, with all the additional technologies. He made the application of the mobile bank convenient, especially the Dubai mobile bank. Here are some of the major digital banking trends that are slowly becoming the leading game changers in 2018. These trends will undoubtedly play a vital role in this transition.
The Open Banking is a connected network of financial services in which third-party developers utilize open APIs to create applications or services for financial companies or institutions which enable banks to increase their digital offerings quickly and securely. By many APIs disclosed by banks, how to make payments and banking transactions would be highly accelerated and simplified. The United Arab Emirates Federation of Banks has promoted activities in the construction of an open banking platform which will link member banks with the government department and banking networks, for example, the Emirates Identity Authority.
Advanced Mobile Banking
Currently, some banks offer a downloadable client solution where mobile subscribers can use to access banking services. For the convenience of the customer, most banks have developed their banking application with the aid of mobile application development companies in the United Arab Emirates. Offer a dependable channel and allow customers to execute transactions such as transfer of funds, bill payments, track the latest transactions, receive notifications from the bank, etc. The UAE and Saudi Arabia top the list with a mobile banking acceptance rate of 60% and 52%, respectively. Banks makes sure that their mobile banking applications respect to user-friendliness and security testing to gain a competitive advantage over others. Biometric checks, personalization, full features are few of the mobile banking trends used today.
The blockchain, which is a distributed database, works in a process where list of records is continuously expanded, in block form and protected by cryptography. It can save anything of importance and guarantee an unmatched levels of transaction security. Some outstanding players have just launched trail plans to measure the possibility of implementing blockchain in their banking systems. It is Dubai that manages the load of the chain of blocks. The emirate has signaled its intention to become the world’s first blockchain-led government by 2020 as portion of a move to create government services more efficient and stimulate a large number of trade openings in the private sector.
The cryptocurrency wallet, which is a secure digital wallet with a different blockchain allows users to receive, send, control their digital currency balance, and perform other transactions. Cryptocurrencies will soon be part of the international trading system. Bearing in mind this, the UAE is preparing to get their mobile wallet shortly with the launch of the Emirates digital portfolio, the degree and pace of digitization in the country are ready to accelerate even more.
As digital banking grows, customers may, in some cases, receive a free account, while others may access unlimited online transactions of all kinds for a low monthly fee, while in other cases, they may receive a higher payment and it is the usual interest rate on your savings accounts. Of course, these offers vary from one bank to another and from one financial institution to another, but in general, banks can afford to give all these advantages because they spend less to maintain the banking infrastructure.