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.
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
Our new report on UAE consumer attitudes to banking finds that:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
The vast majority (84%) also want apps that provide personalized insights into their finances. Two-thirds (67%) would ‘probably’ or ‘definitely’ share additional personal data such as social media profiles to unlock ambitious personalized services.
Despite worries in the media about AI, seven in ten (68%) are comfortable to be guided by AI in their day-to-day financial decisions.
Meanwhile, almost half of respondents (44%) claim they are likely (26%) or extremely likely (18%) to switch banks in the next 12 months – often in pursuit of more and better services/offers – despite most (93%) also saying they are satisfied with their current primary bank.
The opportunity to win and retain tomorrow’s customers through introducing more customer-centric banking services arrives with challenges. These include transforming bank core systems to keep up with the demand for real-time data and implementing AI use cases in a safe and ethical way. We hope this report sheds light on emerging customer attitudes and the implications for bank strategies.
Naim Alame
Managing Partner
Capco Middle East
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.
Our new report on UAE consumer attitudes to banking finds that:
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.
We hope this report offers valuable insights into the preferences of UAE consumers and the strategic implications for the banks and other providers looking to serve them in the future.
Naim Alame
Managing Partner
Capco Middle East
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.
Our new report on UAE consumer attitudes to banking finds that:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
The vast majority (84%) also want apps that provide personalized insights into their finances. Two-thirds (67%) would ‘probably’ or ‘definitely’ share additional personal data such as social media profiles to unlock ambitious personalized services.
Despite worries in the media about AI, seven in ten (68%) are comfortable to be guided by AI in their day-to-day financial decisions.
Meanwhile, almost half of respondents (44%) claim they are likely (26%) or extremely likely (18%) to switch banks in the next 12 months – often in pursuit of more and better services/offers – despite most (93%) also saying they are satisfied with their current primary bank.
The opportunity to win and retain tomorrow’s customers through introducing more customer-centric banking services arrives with challenges. These include transforming bank core systems to keep up with the demand for real-time data and implementing AI use cases in a safe and ethical way. We hope this report sheds light on emerging customer attitudes and the implications for bank strategies.
Naim Alame
Managing Partner
Capco Middle East
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.
The demand for convenience and instant fulfilment is being joined by a desire for improved insights and greater personalization:
Nine in ten respondents (86%) are attracted by apps that can provide a better view of all their financial products in one place – including bank accounts, insurance, pensions and investments.
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.
We hope this report offers valuable insights into the preferences of UAE consumers and the strategic implications for the banks and other providers looking to serve them in the future.
Naim Alame
Managing Partner
Capco Middle East
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.
We hope this report offers valuable insights into the preferences of UAE consumers and the strategic implications for the banks and other providers looking to serve them in the future.
Naim Alame
Managing Partner
Capco Middle East
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.
We hope this report offers valuable insights into the preferences of UAE consumers and the strategic implications for the banks and other providers looking to serve them in the future.
Naim Alame
Managing Partner
Capco Middle East
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.
We hope this report offers valuable insights into the preferences of UAE consumers and the strategic implications for the banks and other providers looking to serve them in the future.
Naim Alame
Managing Partner
Capco Middle East