Nine in ten UAE survey respondents want
apps that provide personalized insights into their
finances
73% say they are comfortable having AI
guide day-to-day financial decisions
DUBAI, UAE, Sept. 2,
2024 /PRNewswire/ -- A desire for more insights
into personal finances, a willingness to share data to unlock
individually tailored services, and a high level of comfort with
AI-driven guidance are key themes to emerge from the new survey
of UAE retail banking customers conducted by
Capco, the global management and technology
consultancy.
As the UAE pushes forward with ambitious plans to grow its
digital economy, Capco's Bank of the Future survey of over
1,200 UAE banking service users aged between 18 and 65 found that
89% have become more confident in using mobile and digital banking
services over the last two years. Eight in ten (83%) now use mobile
apps to access banking, offering a solid foundation for future
banking innovation.
In addition, 87% of respondents say they would be attracted to
an app that offered personalized insights into their finances,
including 41% who say this would be 'extremely attractive'. The
survey also reveals that 72% would 'definitely' or 'probably' share
additional personal data – such as social media profiles or
wearables data – to unlock personalized products, services or
offers.
In support of its main survey, Capco conducted more focused
polling of 500 consumers that looked specifically at the adoption
of digital-first banking services. This found that nine in ten UAE
respondents (89%) now have digital-first accounts, including both
international and UAE-based firms. Three-quarters (76%) have an
account with a UAE-based digital-first provider.
Capco's survey findings highlight opportunities for UAE banks
and fintechs to capitalize on positive attitudes to data sharing
and innovation to deliver the products and services that consumers
say they want. It also offers recommended paths forward for banks
as they explore how best to apply the latest approaches to data
analytics and AI to address customers' aspirations.
James Arnett, Managing
Partner, APAC & Middle East at
Capco, said: "Consumers in the UAE are looking for
products and services that provide a more bespoke user experience,
including personalized financial insights. Seizing this opportunity
will require an ever more nuanced understanding of individual
consumer's aspirations, and banks and other providers will need to
prepare by investing in improved data management and advanced
analytics."
Naim Alame, Managing Partner,
Middle East at Capco, said:
"Consumers want convenient, integrated financial services and
seamless digital journeys enabled by improved connectivity, data
analytics and AI. Delivering the products and experiences that
consumers want will require more agile banking models and
significantly greater collaboration with third parties in order to
embed value-added financial services ever more deeply into
customers' lives.
"For the bank of the future, collaboration may prove to be as
important a priority as disruption. Offering a mobile-first
experience that embeds payment aggregations, finance options and
other ecosystem services to provide a more seamless and holistic
experience will be the key to keeping customers engaged."
Other key findings in Capco's UAE survey report include:
86% of respondents would be attracted by a banking app that
integrates financial services with the non-financial services they
use in their daily lives, such as ride hailing and
e-commerce.
- 37% would find such an app 'extremely attractive'.
The characteristics that would convince a respondent to use a
specific bank or financial institution include 'a wide range of
services' (51%) and 'more accessible services' (45%).*
- 'Trust in the company' (39%) and 'highly personalized products'
(34%) are also seen as important.
Four in ten of respondents (41%) cite cashback options as a
value-added feature they consider when selecting a new card or
account.*
- Other important features respondents would consider include
discounts on travel (33%), monthly offers such as retail discounts
(32%) and the ability to use points to make purchases (32%).
As digitalization accelerates, 72% of those using payment
services identify online payments as a preferred payment method and
69% mention digital wallets.*
- Cash remains a preferred payment method for 51% of respondents,
and cheques continue to be preferred by 28%.
- In Capco's recent Kingdom of
Saudi Arabia (KSA) banking survey, online payments (65%) and
cards (65%) were the leading preferred methods of payment, while
57% of respondents cited digital wallets, 55% mentioned cash, but
only 11% chose cheques.
The UAE played host to the COP28 global climate conference in late 2023, and
almost nine in ten respondents (88%) say it is important that their
primary bank has a proactive stance on ESG issues.
- In our KSA banking survey, 80% of respondents stated that
this is important.
*Multiple responses permitted
Capco's UAE survey report can be accessed here.
About Capco
Capco, a Wipro company, is a global management and technology
consultancy specializing in driving digital transformation in the
financial services industry. 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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