Banking, the digital way

ALKESH SHARMA / EMIRATES BUSINESS

Banking is one potential industry that can reap huge benefits from technology marvels. Right from making business transactions swift to adding transparency to daily operations, technology can certainly take the banking facilities to another comfortable level.
Gauging the mammoth potential in this niche sector of digital banking, banks in the Emirates are leaving no stone unturned while harnessing technology. They are offering various digital tools to its customers and encouraging them to make most of them. According to an estimate, 82 percent of UAE customers are using at least one of the digital banking channels such as mobile, ATM and online banking.
“The penetration of digital banking channels among retail banking customers in the UAE is witnessing an impressive pace nowadays. According to an estimate in 2015 by RFi Group, 82 percent of UAE customers are using at least one of the digital banking channels such as mobile, ATM and online banking,” said Faisal Husain, Co-founder and Chief Executive Officer, Synechron, one of the fastest-growing digital, business consulting & technology services providers in UAE.
“Use of mobile devices for banking transactions has zoomed drastically over the recent years, leading to the overall growth of digital banking exponentially,” pointed out Husain.
Synechron has recently announced its participation as the ‘Digital Innovation Partner’ for MEFTECH 2016. This is one of the largest and most prestigious events convening the financial technology community at a large scale from across the Middle East and North Africa (MENA) region. It will be held in Abu Dhabi from March 22-23.
“Platforms like MEFTECH play a critical role in bringing together decision makers in the industry, exchanging ideas and sharing insights in this area. We are proud to be associated with this elite but niche industry forum in the form of a partnership,” stated Husain.
Synechron has established ‘Synechron Digital Innovation Center (SDIC)’ in Dubai. The SDIC brings together a complete retail branch experience combined with several digital channels including mobile, tablet, touch walls, queue management, automation/ATM and mobile payments to fully illustrate the customer journey with an omni-channel approach.
UAE banking sector has embraced technology with open hands to serve its clients faster and also to do more work with less resources. Emerging technologies have clearly transformed the banking industry from paper-based banks to digitised outlets, offering networked banking services.
“E-banking is the new mantra and financial institutions are investing huge capital in this sector. We have developed in-house solutions for our clients, including banks and money remittance companies, to digitise their entire range of operations. This is offering win-win situation for both bank and its customers,” said a Dubai-based entrepreneur, who is running a software firm, requesting not to be named.