Usage of mobile banking is gaining momentum in the UAE and is expected to further grow with Dubai’s mobile initiative, industry experts said at the m-government conference held in Dubai.
According to a report from AT Kearney and European Financial Management Association (EFMA), the UAE is expected to be the only country in the region to quickly adopt digital banking.
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AT Kearney Middle East public sector and defence practice head, Anshu Vats, said the UAE government has created a clear mandate for citizen-centric services.
"Banking has been a pioneer in this area and mobile banking is leading among many expatriates," Vats added.
However, according to the Digital Banking Readiness Index, UAE is currently ranked 17th, which is not an attractive environment for digital banking. Additionally, there are large portions of expat population who do not have access to banks.
Vats said customer experience is very important and they need to bring that same experience to the mobile banking space.
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