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ABU DHABI / WAM
Over the past three years, the UAE’s banking sector has expanded, and now it provides 98 percent of its services to customers electronically, enabling them to achieve their transactions safely online.
Studies performed by the Federal Competitiveness and Statistics Authority, FCSA, highlighted an increase in the number of users of digital banking services to 90 percent, which reflects the high demand for this type of banking service.
In light of the significant development witnessed by e-transactions in this sector, banking services provided through the internet are not limited to deposits, withdrawals, transfers of money and other related services, with some digital banks having no branches.
A previous study by McKinsey showed that people in the UAE are willing to open online bank accounts, as 48 percent of the population supports this option.
This trend is in line with the plans of the government to digitally transform all services provided by the public and private sectors.
According to the Global Knowledge Index 2019 prepared by the Mohammed bin Rashid Al Maktoum Foundation for Knowledge, in partnership with the Regional Bureau for Arab States and the United Nations Development Programme, the UAE occupies advanced global positions in indicators of global competitiveness in the communications and information technology sector.