1,201
Survey responses
71%
Male
29%
Female
42%
Citizen
58%
Long-term resident
The banking market in the United Arab Emirates (UAE) is undergoing significant change and stands at an inflection point between a traditional branch-based approach and a digital, AI-enabled future. The sector’s mix of domestic and international banks is now facing competition from tech-enabled challenger banks and other non-bank providers of banking and payments services.
At the same time, consumers in the UAE are becoming both more affluent and more demanding. They want a wider range of financial services that are easier to access – and will consider paying more for the privilege.
Our new report on UAE consumer attitudes to banking finds that:
Nine in ten (89%) of our respondents are more confident about using mobile/digital banking services today than they were two years ago.
The vast majority (87%) want apps that provide personalized insights into their finances and towards three-quarters (72%) would ‘probably’ or ‘definitely’ share additional personal data such as social media profiles to unlock ambitious personalized services.
Seven in ten (73%) are comfortable to be guided by AI in their day-to-day financial decisions while eight in ten (83%) would consider accessing banking services in the metaverse.
Meanwhile, exactly half (50%) of respondents say they are likely to switch banks in the next 12 months, despite 94% saying they are satisfied with their current primary bank – at once an opportunity and a challenge for banks. The fact that most (72%) of our respondents say they would trust a ‘Big Tech’ firm more than a bank to fulfil their banking services highlights a key strategic threat.
Against this background of intensifying competition, acceleration of digital banking, and shifting customer expectations, a commitment to investing in data management, analytics and artificial intelligence to shape pioneering products and services will be key as banks look to strengthen their standing in the market and continue to attract and retain customers.
Statistics derived from Capco’s core attitudinal survey; see Methodology for information about our supplementary survey.
Chart 1
Demographic
(Respondent age)
18 - 24
25 - 34
35 - 44
45 - 54
55 - 64
10%
27%
38%
16%
8%
Recent developments position banking for a period of opportunity and continued growth, with financial services firms acting as the trailblazers of the innovation that will support the UAE’s economic reforms.
In September 2023, the UAE launched its ‘We the UAE 2031’ vision – a national plan for the next ten years designed to promote the country as an international economic hub with a more diversified economy and a technologically advanced infrastructure. 1
Since gaining independence in 1971, the UAE economy has grown fast, powered by its plentiful oil and natural gas reserves, with financial services also contributing to the economy. This is especially true for the two most prominent emirates – Abu Dhabi and Dubai – which are home to more than 60 domestic and international banks.
But if banking is going to rival energy as a major industry in the UAE, there will need to be greater investment in technology. The UAE government has recognized this and has launched several initiatives in recent years to establish an infrastructure fit for the digital banking of the future.
This includes the development of digital infrastructure under its ‘forward ecosystem’ plan, 2 as well as the largest legislative reform in its history, launched in June 2022, which included amendments to the Law on Electronic Transactions and Trust Services designed to “keep pace with technological development and enhance ongoing digital transformation”. 3
The UAE’s rollout of open banking – a global industry initiative to facilitate the sharing of financial data between banks and third-parties such as fintechs – has lagged somewhat behind other countries in the region. 4 Bahrain published its open banking regulatory framework in 2020, and Saudi Arabia published its own in November 2022 and launched its Open Banking Lab in January 2023.
There are, however, moves to put in place an ambitious transformation program. In February 2023, the Central Bank of the UAE announced the launch of its new FIT (financial infrastructure transformation) initiative. 5 A card payment platform, instant payments system and a digital currency are among the programme’s first-phase priorities, with financial cloud, eKYC and open finance platforms in the second phase.
Demographic shifts over the last decade must also be considered by banks. For example, women have become much more active in financial services. Women’s wealth in the Middle East grew at a Compound Annual Growth Rate (CAGR) of 8.8% during 2019-2023, above the global average of 7.2%. And in the UAE, women have become active investors in the real estate sector. 6
But perhaps the most important factor for banks in the UAE is the growing affluence of the population. With wealth rising among its own citizens, the UAE is also attracting wealth from abroad: in 2023, it ranked first globally in attracting millionaires. 7
The UAE government has launched initiatives to establish an infrastructure fit for the digital banking of the future.
Current banking landscape
The UAE has a mature banking market, with a combination of domestic and international institutions offering a range of omnichannel banking services, including online and traditional branch-based banking.
Digital-first banking service providers – including digital-first banks, neobanks and payment solutions – have lower, though collectively significant, penetration rates. The lack of a dominant digital-first player means there is potential for a newcomer or incumbent to pick up market share.
The UAE has a wide spread of traditional banks with six institutions – First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Dubai Islamic Bank and Abu Dhabi Islamic Bank and Commercial Bank of Dubai – each used by a fifth or more of our survey respondents.
The aggregate penetration rate for digital-first providers is relatively high, with 89% of respondents owning a digital-first account. This is a slightly lower rate than for the traditional banking market: 11% of our respondents lack an account with a digital-first provider while only 7% have no account with a more traditional bank.
Our respondents use around 30 digital-first brands, if we include both international and UAE-based firms. Five of these are used by 20% or more of our respondents, and all of these are based in the UAE. They include Mashreq Neo (used by 34% of respondents), Liv (24%), YAP (23%), Al Maryah (22%) and Wio (21%).
Overall, three-quarters of our respondents (76%) have an account with a UAE-based digital-first banking services provider.
These figures suggest a more evenly spread digital-first banking services market than highlighted in our recent Kingdom of Saudi Arabia (KSA) banking survey, which found that only three digital-first firms are used by more than 10% of respondents and one digital-first bank, stc pay, is used by 59% of respondents. 8
Our UAE respondents make use of international institutions – both traditional banks and digital-first providers. Citibank and HSBC are used by 23% and 30% of respondents respectively, while international digital-first players such as Payoneer, Paytm, Revolut, Starling, N26, and the aforementioned stc pay, are all used by some of our respondents.
There is little difference in the rate of adoption of international institutions by residents and citizens, suggesting that a bigger factor is the increasingly international outlook of UAE citizens.
*The data in this section is drawn from our supplementary survey of 500 KSA respondents; see Methodology section.
Implications:
The UAE has proved fertile territory for digital-first players, with 89% of our respondents having an account with a digital-first firm. This is a slightly higher number than among respondents to our KSA survey, where 81% held a digital-first account, but a bigger difference lies in the market shares of individual firms.
In the UAE, no single digital-first player is used by more than a third of consumers. In contrast, stc pay has established a more significant market share in KSA. In the UAE, there are plenty of opportunities for a wide range of providers – digital and traditional, domestic and global – to succeed. Furthermore, there are several tailwinds including various government initiatives and regulatory reforms, and a population that is highly educated in terms of digital technology.
Banking behavior
Adoption of digital banking services is high but there continues to be a demand for branch banking and cash transactions among UAE consumers.
The idea that the UAE’s banking industry is at an inflection point can be clearly seen in the way that consumers access their banking services:
The use of mobile apps is by far the most common method (83%), followed by desktop and laptops, as used by half of consumers (48%).
However, physical channels such as branches (37%) and older channels such as telephone banking (35%) continue to be employed by more than a third of respondents. The use of traditional channels such as mail is still significantly more common than the use of ultra-modern ‘wearable technology’.
While many banks need to continue investing in an omnichannel service if they are to satisfy the demands of their entire client base, their ambitions should include making sure that all services can be accessed digitally.
Chart 2
How do you currently access banking products and services?
(Multiple selections permitted)
Mobile app
Desktop/
Laptop
In branch
Telephone
Wearable
technology
83%
48%
37%
35%
28%
18%
The growing use of digital channels has bred more confidence in using mobile and digital banking services over the last two years. According to our survey, 89% of respondents have become more confident in using these services in that period, with 39% saying their confidence has ‘significantly’ improved.
Digital channels are also rapidly becoming a dominant payment method for many consumers. Online payments are cited as a preferred method of paying by 72% of respondents, and digital wallets are used by almost as many (69%). Wearables are also becoming popular for payment purposes (20%).
But just as there remains an attachment to branch banking among UAE consumers, there is also a continued use of traditional payment methods. Just over half (51%) of those using payment services say that cash remains one of their preferred methods, while more than a quarter (28%) still prefer cheques.
Chart 3
What are your preferred payment methods?
(Multiple selections permitted)
(Base: Those using payments services)
Online payments
Cards
Digital wallets
(e.g. Apple Pay, Google Pay, Samsung Pay)
Online transfers
Cash
Pre-paid cards / Wallets
(e.g. Starbucks)
Contactless
Cheques
Crypto
Wearables
Invisible payments (e.g. Uber)
72%
69%
69%
61%
51%
42%
35%
28%
27%
20%
19%
Answering a separate question concerning the type of banking service used, one in five (21%) of our respondents said they use Buy Now Pay Later (BNPL), a market that has emerged only recently and that is forecast to grow rapidly over the next five years. 9
Implications:
The UAE is fast adopting technologies such as wearables and crypto, and is shedding legacy options such as cheques. The direction of travel is towards new technologies and with the launch of the UAE instant payments platform – Aani – customer expectations will grow at a fast pace. Banks developing their digital banking services need to prioritize enhancement of their omnichannel capabilities to ensure offerings remain appealing and accessible to a diverse range of consumers.
Competition for consumers
Technology has made consumers more demanding of their banks and more willing to change to a better offering. Banks will have to compete both to win new customers and to retain those they already have.
There is good news and bad news for banks in terms of how they are viewed by consumers. On the positive side there is a high level of both satisfaction and trust:
Nine in ten respondents (94%) are satisfied with their current primary bank.
Only one in five (22%) state that a lack of trust is among the factors that worry them most when using financial services.
The bad news for traditional incumbent banks is that while trust levels have increased over the past two years, our survey suggests they have increased at about the same rate for branched banks, digital-first banks and for tech companies.
Furthermore, when asked directly whether they would trust a ‘Big Tech’ firm as much as a bank to fulfil their banking services, almost three-quarters (72%) of respondents answered that they would trust the ‘Big Tech’ firm more, while an additional 20% say they would accord the ‘Big Tech’ firm the same level of trust.
Consumers are also willing to contemplate switching to another provider:
Exactly half of respondents (50%) regard themselves as either likely (30%) or extremely likely (20%) to switch banks in the next 12 months.
The apparent willingness to change banks is notably higher among citizens (66%) than non-citizens (39%).
When choosing a bank, more competitive pricing is not necessarily the most important factor for our UAE respondents. Instead, they more commonly name a wide range of services (51%) and greater accessibility (45%). More competitive pricing is an important factor for around a third of respondents (31%), and selected slightly less often than other issues such as trust in the company and the personalization of products.
Chart 5
What would convince you to use a specific bank or financial institution?
(Three selections permitted)
Wide range of services
More accessible services
Trust in the company
Highly personalized products
Terms & conditions
Positive customer reviews
More competitive pricing
51%
45%
39%
34%
33%
33%
31%
To underline the point, when answering a separate question, 75% of respondents told us they would consider paying a subscription fee for a premium account and services.
In a further question, consumers were asked what value-added features they would consider when selecting a new card or bank account. Money-saving services such as cashback options (41%) and discounts rank highly. In particular, one in three (33%) of UAE respondents selected ‘discounts on travel’, compared to a lower 27% of respondents to our KSA survey.
Chart 6
Which value-added features do you consider when selecting a new card or bank account?
(Three selections permitted)
Cashback options
Discount on travel
(e.g. flights)
Monthly offers
(e.g. retail discounts)
Ability to use points against purchases
Discount/offers on food delivery services
Airline/hotel points
Ability to book travel or accommodation services within banking apps
Access to exclusive venues/lounges
Early access to events
41%
33%
32%
32%
27%
27%
25%
24%
20%
16%
Implications:
Despite the high levels of trust and satisfaction among respondents, banks should not become complacent. Our respondents also trust ‘Big Tech’ companies – indeed, their answers to our survey suggest a distinct lack of loyalty, with half of respondents saying they are likely to switch banks in the next year. Although this sentiment may not translate directly into switching rates, many consumers are clearly ready to consider offers from competitors. When it comes to attracting new customers, banks should consider prioritizing the range of services on offer and improving the ease with which they can be accessed.
The bigger picture
Consumers want to improve visibility across different aspects of their financial lives and like the idea of an app that brings together financial and non-financial services.
Our UAE respondents want a more holistic view of their different financial products and are enthusiastic about the concept of an ultra-convenient ‘super app’– akin to the ‘super apps’ that have gained prominence in Asia. These aspirations are similar to those we saw in our KSA survey.
For example, almost half (45%) of UAE respondents say they would find an app that provided a view of all their financial products such as bank accounts, pensions, insurance and investments in one place ‘extremely attractive’. A similar percentage (47%) of KSA respondents gave the same reply.
Chart 7
How attractive would you find an app that provided better visibility of all your financial products in one place?*
* Bank accounts, insurance, pensions, investments, etc.
45%
Extremely attractive
47%
Attractive
7%
Neutral/indifferent
1%
Slightly unattractive
0%
Not attractive at all
A large majority (86%) would also be attracted by an app that brings together financial and non-financial services. Again, this is similar to the KSA survey, where 82% gave the same answer.
Chart 8
How attractive would you find a banking app that integrates financial and non-financial services?
37%
Extremely attractive
50%
Attractive
11%
Neutral/indifferent
2%
Slightly unattractive
0%
Not attractive at all
Personalization
Tailored banking services will be a feature of the future but, to execute them successfully, banks will need access to more personal data and to improve their capabilities around applying that data.
UAE consumers want more personalized services and are willing to share their personal data to achieve this aim. The vast majority (87%) of UAE respondents would be attracted by an app that provides personalized insights into their finances, with 41% saying they would find this ‘extremely attractive’. For comparison purposes, 84% and 44% of KSA respondents thought the same.
Chart 9
How attractive would you find an app that provides personalized insights into your finances and how to improve them?
(e.g. by analyzing spending, saving, investing)
Extremely attractive
Attractive
Neutral/indifferent
Slightly unattractive
Not attractive
at all
41%
46%
11%
2%
0%
One area of difference between KSA and UAE respondents lies in the willingness to share personal data. Almost three-quarters (72%) of UAE respondents would ‘probably’ or ‘definitely’ be prepared to share personal data such as social media profiles to unlock more personalized services, rising slightly to 78% in the case of 55-64 year-olds – making this older group the most enthusiastic data-sharers.
This contrasts with our survey of KSA consumers, where a younger 25-34 age group (80%) proved the most willing to share their personal data. It is also worth noting that UAE citizens seem happier to share their personal data than non-citizens – 81% as opposed to 67% respectively.
Chart 10
Would you be happy to share more personal data* to unlock personalized products and services?
* Such as social media profiles or wearables data
Yes, definitely
Yes, probably
I’m not sure
I don’t think so
No, definitely not
30%
42%
17%
8%
2%
Age is a significant factor when it comes to what type of data consumers are willing to share. For example, of those probably or definitely willing to share data, fewer young adults aged 18-24 are willing to share social media data (26%) versus 45-54 year-olds (35%). On the other hand, the younger age group are happier sharing health and fitness data (42%) than the older group (36%).
Chart 11
What types of personal data would you be willing to share to unlock personalized products/services?
(Multiple selections permitted)
(Base: Those ‘probably’ or ‘definitely’ happy to share personal data)
Location services
(e.g. where you have been/travelled)
Wearing a smart watch or another wireless wearable technology
Payments history
Sharing social media data
Having a fitness or health test
Life events
(e.g. marriage, child births, home purchase, holidays)
Web browsing history
Other bank accounts
None of the above
43%
39%
38%
38%
37%
36%
31%
23%
4%
Compared to other forms of data sharing, respondents have a low appetite for sharing account information from other banks (23%). The figure is even lower among older age groups such as the 45-54 and 55-64 cohorts (17% in both cases). Sharing account and other financial data with the customer’s permission is central to the concept of open banking, through which banks, fintechs and other third parties will be able to use shared data to offer new and improved services such as better budgeting apps and cashflow management tools.
As previously stated, the UAE is seen as trailing other countries in the region, such as Saudi Arabia, when it comes to open banking. This may be one reason why there is an apparent reticence to share bank account information, despite the willingness to share personal data such as health information.
Implications:
UAE consumers value personalized insights and more tailored products and services, and in this they are similar to respondents in our KSA survey. But if banks are to meet the individual needs and preferences of each customer at a highly granular level, technology investment will be key.
To offer true hyper-personalization, banks will need to gather and analyze vast amounts of customer data in real-time. This means ensuring a sound data management capability and greater use of advanced analytics. There also needs to be greater use of application programming interfaces (APIs) which can be used to link a bank’s back-office systems to various apps and other sources of customer data.
There will also be an increasing reliance on automation, artificial intelligence and machine learning. This will give banks the tools and computational power to build a 360-degree view of the customer and extract valuable insights based on variables such as spending behaviors, payment preferences and lifestyle choices.
Greater use of AI
It seems inevitable that artificial intelligence (AI) will play an ever-larger role in banking, as in other aspects of daily life – and UAE respondents are enthusiastic about the prospect.
Almost three-quarters of UAE respondents (73%) say they are ‘comfortable’ (46%) or ‘extremely comfortable’ (27%) to be guided by AI in their day-to-day financial decisions. The answers are similar across age groups, with 55-64 year olds the most relaxed about the concept (86%).
Chart 12
How comfortable are you with AI guiding your day-to-day financial decisions?
27%
Extremely comfortable
46%
Comfortable
17%
Neutral/indifferent
7%
Slightly uncomfortable
3%
Extremely uncomfortable
Furthermore, when answering a separate question, nearly half (46%) of those respondents who say they want a better online experience went on to name AI as one of the value-adding features they would most like to see.
The UAE has been an early proponent of AI. In April 2019 it approved the National Strategy for Artificial Intelligence 2031 and set up the Office of Artificial Intelligence with the aim of establishing the UAE as a world leader in AI by the end of the decade. 10 These ambitions were boosted in early 2024 by comments from Sam Altman, chief executive of OpenAI, who told Bloomberg that the UAE could become “the world’s AI regulatory sandbox”. 11
Implications:
Banks are already working hard to apply AI more broadly and to build the right use cases for generative AI (GenAI) in particular. However, progress must be tempered with caution. While consumers say they are largely happy to be guided by AI, and banks will augment some customer service processes with AI-driven technologies, the industry must ensure proper governance, the protection of sensitive customer information and data privacy.
These are not just regulatory requirements but will also be key to gaining and preserving the ‘digital trust’ of customers. To this end, banks should strive to be as transparent as possible about their use of AI and the methodologies behind the technology and any algorithms that are used. Going forward, consumers will be less likely to trust AI-based decisions and recommendations if they do not know how or why they were arrived at.
From crypto to the metaverse
The UAE offers a supportive environment for banking innovation and its consumers are keen to look to the future.
The UAE has been a forerunner in terms of regulating digital assets. In 2018, the Abu Dhabi Global Market, an economic free trade zone, became the first jurisdiction in the world to introduce a comprehensive regulatory framework for spot virtual asset activities. 12 It was followed by Dubai International Financial Centre (DIFC), which introduced the Virtual Assets Regulatory Authority in February 2023. 13
The positive stance is reflected in the attitudes of our survey respondents. Nearly eight in ten (79%) told us that the ability to trade crypto through their bank would be of interest, including 32% who say this would be ‘very interesting’.
Chart 13
If your current or future bank offered the ability to trade crypto, would this be of interest?
32%
Very interesting
47%
Interesting
13%
Neutral
6%
Not interesting
2%
Not at all interesting
Meanwhile, our survey reveals a willingness to experiment with banking services in the metaverse. More than a third (35%) are definitely interested in such services, while 48% of respondents say they would consider using them.
Chart 14
Would you buy/access banking services via the banking metaverse?
35%
Yes, definitely
48%
I could think about it
13%
I'm not sure
4%
I don't think so
This willingness to embrace the metaverse extends to the government, which in July 2023 launched the Dubai Metaverse Strategy with the aim of turning the city into a ‘metaverse metropolis’, including plans to create 40,000 virtual jobs by 2030. 14
The UAE has also launched the first state-backed, publicly visible virtual city – Sharjahverse 15 – the first regulator based in the metaverse (the Virtual Assets Regulatory Authority)16 and even the first metaverse police force. 17
ESG appetite
With the UAE having played host to the COP28 global climate conference in late 2023, sustainability emerges as an important consideration for local consumers.
Our survey showed that almost nine in ten respondents (88%) believe it is ‘important’ or ‘extremely important’ that their primary bank has a proactive stance on ESG issues. The sentiment increases somewhat with age: 93% of 55-64 year olds ranked sustainability as an important consideration, compared to 79% of the 18-24 age group.
Chart 15
How important is it that your primary bank has a proactive stance on sustainability/ESG?
Extremely important
Important
Neither important or unimportant
Relatively unimportant
Not important
at all
41%
47%
10%
1%
1%
The UAE has sought to position its financial services sector at the forefront of the sustainability movement. In 2019, the Dubai Sustainable Finance Working Group (DSFWG) was launched 18, and in 2022, the Abu Dhabi Global Market became the first international financial centre to become carbon neutral. 19
COP28 kickstarted a second wave of sustainability initiatives. At the conference, a UAE-based fund manager launched a $30 billion investment fund focused on climate change and vowed to help mobilize $250 billion for climate solutions by 2030. 20 Meanwhile the UAE Banks Federation pledged to commit more than $270 billion to green financing by 2030. 21 In November 2023, the UAE unveiled its Principles for the Effective Management of Climate-related Financial Risks. 22
The UAE has all the conditions and properties required to sustain a thriving digital banking environment, including an affluent customer base that is very familiar with digital technologies, open to the use of AI, and willing to share data in return for a more personalized service.
Furthermore, the UAE’s regulators are keen that banking stays at the forefront of innovation and adopts new technologies to facilitate the day-to-day activities of citizens and expats alike, including via the development of infrastructures that can support concepts such as open banking and embedded finance.
However, the UAE is also a competitive market and will likely become even more so as the adoption of digital services increases. Banks and other providers in the UAE are competing both with domestic peers and against large global players that can boast recognizable and well-established digital banking brands.
This has particular relevance given the UAE’s large expat population, some (or indeed many) of whom may already be signed up with digital-first providers based outside the region.
To succeed, banks will need a clear digital strategy centered on three priorities.
Hyper-personalization and data management/analytics
It is clear from our survey that consumers are looking for more personalized services that reflect their lifestyle choices and also provide a more tailored user experience. These services may include aggregated financial views, proactive financial advice, and personalized product recommendations. Furthermore, our survey shows that customers are willing to share personal data to enable this kind of innovation.
However, if banks and other providers are to capitalize on this opportunity and be ready to offer such services, they will need to invest in data management and advanced analytics. This will likely mean:
More investment in cloud services to handle a significant increase in data, and in data management platforms that can break down data and processing silos and facilitate a 360-degree view of the consumer.
Deploying improved data analytics and AI to improve customer segmentation and move towards ‘segment of one’ marketing.
New customer experiences enabled by agile architectures
Consumers want a wider range of services and better online and mobile banking and payments experiences. This will mean constantly updating offerings, both in terms of the associated services and the quality of the experience. The emphasis must be on creating seamless customer journeys to help customers achieve their goals more rapidly and easily:
To enhance services and provide seamless experiences, banks can leverage government initiatives, including identity and authentication mechanisms such as UAE PASS and instant payment services.
Banks will not be able to take best advantage of an increasingly favorable innovation environment while they depend on outdated legacy systems. They need to modernize their architectures and build agility so that they can quickly adapt to the latest customer trends – whether their ambition is to be a first mover or a fast follower.
Collaboration and connectivity with third parties
To offer the innovation and enhanced range of services that consumers are demanding – including lifestyle-linked services and value-added offerings – incumbent banks will need to partner with third-parties to embed services as part of their ecosystem play:
The modern banking landscape increasingly features non-traditional players – from fintech startups to retailers – and banks should not try to do everything alone. For the bank of the future, collaboration may prove at least as important a watchword as disruption.
Offering a mobile-first digital experience that embeds ecosystem services to provide a holistic experience for the customer, including payment aggregations, embedded finance and marketplace experiences, will be the key to keeping customers engaged and supporting success when upselling and cross-selling.
Consumers want convenient, integrated financial services and seamless digital journeys that support their lifestyles and life goals. This will require banks to build a greater understanding of customers and design ever more personalized products and services, enabled by improved connectivity, data analytics and AI. It will also require more agile bank architectures, and much greater collaboration with third parties, as market leaders compete to embed value-additive financial services ever more deeply into customers’ lives.
Authors
Naim Alame
Managing Partner
Capco Middle East
Rob Jameson
Middle East & APAC Content Lead
Capco
Contributors
Paul Sommerin
Partner and Digital & Technology Lead
Capco APAC
Kushal Dhammi
Managing Principal
Capco Middle East
Nadir Basma, PhD
Principal Consultant and Data & AI Lead
Capco Middle East
Hannah Cameron
Principal Consultant
Capco Middle East
To further explore the key report findings and their implications, please reach out to Naim Alame: naim.alame@capco.com
Methodology
To explore consumer attitudes to banking in the UAE, Capco ran two surveys: a principal survey (1201 respondents) focused on customer attitudes, and a supplementary survey (500 respondents) focused on the market penetration of digital-first banking services providers. The surveys, which ran between July and December 2023, applied selected country representative quotas to collect responses from three cities: Abu Dhabi, Dubai and Sharjah.
Participants in our principal attitudinal survey were screened to ensure that they had a bank account and a minimum monthly household income; temporary residents were excluded. The attitudinal survey included UAE citizens (42%) and long-term expatriate residents (58%); the supplementary survey included UAE citizens (62%) and long-term expatriate residents (38%).
References
‘We the UAE 2031’ vision, UAE. Link.
Forward Ecosystem, ‘We the UAE 2031’. Link.
UAE Adopts Largest Legislative Reform in its History, UAE cabinet press release. Link.
John Everington, UAE Plays Catch-Up with Open Banking Regulations, The Banker, August 2023. Link.
CBUAE Launches a Financial Infrastructure Transformation Programme to Accelerate the Digital Transformation of the Financial Services Sector, February 2023. Link.
Women’s Investment in UAE Real Estate to Grow by 50%, Funds Global Mena, August 2023. Link.
UAE Ranked First Globally in Attracting New Millionaires in 2022, AL Monitor, June 2023. Link.
Capco, Bank of the Future: Kingdom of Saudi Arabia Retail Banking Survey, May 2024. Link.
UAE BNPL Report 2024-2029, Researchandmarkets.com, February 2024. Link.
National Strategy for Artificial Intelligence 2031, UAE Government, July 2021. Link.
Open AI’s Altman Sees UAE as World’s AI Regulatory Testing Ground, Bloomberg, February 2024. Link.
Abu Dhabi Global Market, Digital Assets. Link.
Dubai’s Virtual Assets Regulatory Authority. Link.
Dubai Metaverse Strategy. Link.
Multiverse Labs Launches World’s First City in Metaverse, press release, October 2022. Link.
Dubai’s Virtual Assets Regulatory Authority. Link.
UAE Police Set up Metaverse Service, The National, June 2022. Link.
DIFC, Dubai Sustainable Finance Working Group. Link.
ADGM Becomes First ‘Carbon Neutral’ International Financial Centre in the World, ADGM press release, January 2022. Link.
Alterra. Link.
UAE Banks Pledge $270bn for Green Finance at COP28 Climate Talks, Reuters, December 2023. Link.
UAE Sustainable Finance Working Group Launches the ‘Principles for the Effective Management of Climate-related Financial Risks’, Central Bank of the UAE, November 2023. Link.
About Capco
Capco, a Wipro company, is a global management and technology consultancy specializing in driving transformation in the financial services and energy industries. Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent.
To learn more, visit www.capco.com or follow us on LinkedIn, Instagram, Facebook, and YouTube.
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