UAE Consumers Share Interest in Embedded Finance

UAE Consumers Share Interest in Embedded Finance

Embedded finance is a booming trend that’s rising all over the world, a phenomenon that’s only expected to increase moving forward as consumer demand for financial services to be delivered at their point of need in an easy and quick manner continues to rise, a new survey conducted in July 2022 and commissioned by digital finance solution provider Additiv shows.

The study, which polled 3,512 consumers from the United Arab Emirates (UAE), the UK, Germany, Sweden, Indonesia and the Philippines, found that consumers have little loyalty to traditional financial services providers and are willing to switch to non-financial service providers if more innovative services are provided.

Of the consumers polled globally, 56% said they would change from a bank to a non-financial brand channel if the latter provided more convenient services. The same proportion said they would be open to take investment services through non-financial services channel.

Percentage of consumers inclined to take certain investment services from finance vs non finance brands, Source: Additiv, 2022

In the UAE in particular, the study found high interest in innovative embedded payment methods and embedded insurance products.

Compared to other markets, UAE consumers were found to be much more interested in buy now, pay later (BNPL) arrangements than