Changing face of retail banking in UAE is a good sign: Experts

Ritika Sharma / Emirates Business

Virtual banking, Quick transactions and mobile-to-mobile payments – with the new trends ushering in retail banking sector, UAE is well poised to achieve its objective of becoming an undisputed leader in banking technology worldwide. Fast changing banking technology will be assessed for its future viability at the upcoming Middle East Retail Banking Forum & Expo that will be held in Dubai on April 18 and 19.
Branch transformation, enhanced user experience and digitalisation of banking services are some of the main changes that retail banking sector in UAE is experiencing and these need to be evaluated for their efficiency, experts believe.
Talking about the scenario of retail banking industry in UAE Martin
Andrew Leong, Assistant General Manager (AGM), retail and consumer banking at Commercial Bank, Doha told Emirates Business, “The scope of Retail Banking in the UAE, the region and globally has to be focused on embracing technology. The shift to digital is more than just banking on a smartphone. As consumers get technologically advanced it is the opportunity for banks to be intuitive, personalised and customer centric is ready to be exploited.”
Alex Heuff, Director of Exhibitions at Fleming told Emirates Business, “Our aim at Retail Banking Forum and Expo is to promote a culture of innovation and have the greatest banking minds come together to address hot topics such as the ecosystem of digital banking, branch transformation, changes in customer behaviour, among many subjects. Things in this segment are changing in UAE and it is a good sign.”
Ambareen Musa, founder and CEO of Souqalmal.com said that increased digitisation trend have forced banks to transform their processes to keep up with the rise of the digital age.
“However, there is still a gap between the consumers’ expectations and the banks digital proposition. In the coming period, banks should focus more on improving the digital customer service across all the touchpoints whereby they ensure a seamless digital experience,” she said.
Mujtaba Naqvi, general manager – senior regional chief at HBL, the largest bank in Pakistan, talking about the scope of retail banking in UAE told Emirates Business, “I believe the true retail banking has not gotten engraved in the UAE banking sector. Somehow the market keeps turning its wheels into consumer
assets with an urgency to boost
revenues.”
“Time and again the market has suffered losses! I think with technology solutions and good customer profile in general UAE holds great scope of true retail financial services which remain unexplored,” he added.