UAE: Collaboration, not competition, creates wins for neobanks, say CEOs

UAE: Collaboration, not competition, creates wins for neobanks, say CEOs

The country has witnessed a jump from a 63 per cent trust in the banking system to 87 per cent in just two years

Delegates at Digibank 2022. Photos by Shihab

Published: Wed 14 Sep 2022, 8:01 PM Last updated: Wed 14 Sep 2022, 8:31 PM

Digital banking apps are shaking things up and introducing a seamless, cost-effective, and flexible way of accessing financial services to customers in the UAE.

Although some of the worst pandemic forecasts have not yet materialised, banks continue to face long-term revenue pressure and tighter competition. The opportunity to fast-track banking transformation has never been more significant.

However, it is collaboration and not competition that would create wins for neobanks in the country, said CEOs of leading financial institutions.

Top leaders in the banking sector were speaking at the third edition of Khaleej Times DigiBank 2022 – the Banking Transformation Forum.

While providing the keynote address, Jamal Saleh, the director-general of UAE Banks Federation, said: “Post-pandemic, every person is now digitally connected to a bank. The UAE has always wanted to be a pioneer in this field. However, the targets and objectives are much beyond that; the strategy now is to enhance the efficiency of the digital banking sector.”

According to recent surveys,