Technology has been playing an ever-expanding role in the development of banking industry. Digitization in the banking sector is achieving considerable and tangible advantages in customer service, product development, and in other areas. Today, we see that banks are progressively utilizing advanced innovations to enhance their risk assessment and drive income.
Customers are progressively open to banking innovations driven by technology, private players are making significant ventures and government regulations are leading the charge. This is foremost to more financial incorporation everybody accesses propelled managing banking services and an extensive variety of financial offerings. In the Middle East region, most of banking customers consider smartphone as the most preferred mode for digital banking. Banks in the UAE are reacting to consumer preference by increasing their investment in digital innovation, concentrating particularly on enhancing their mobile banking security and user experience.
The following are some of the trends that could become major game changers in 2018. These trends are certain to play a key role in this transition.
Open banking is a connected ecosystem of financial services, wherein third party developers use open APIs to build applications or services for financial institutions that allow banks to rapidly and securely enhance their digital offerings. With more APIs disclose by banks, the way toward completing payments and other banking transactions would be significantly quickened as well as simplified. The UAE Banks Federation has been driving activities in building an open banking platform that will interface the member banks with governmental department and ecosystems, for example, the Emirates Identity Authority.
Advanced Mobile Banking
A few banks are currently providing a downloadable customer solution that mobile subscribers can use to get to bank services. For customer convenience, most of the banks have developed their own banking app with the help of mobile app development companies Dubai to offer a reliable channel and enable customers to execute transactions like funds transfer, bill payments, track latest transactions, receiving notifications from bank, etc. Saudi Arabia and the UAE leads the way with a mobile banking adoption rate of 60 per cent and 52 per cent, respectively.
Banks ensure that their applications for mobile banking meets consistent ease of use and security tests to pick up an aggressive edge over others. Personalization, Biometric checks, exhaustive functionalities are some of the mobile banking trends that are being taken after.
Blockchain is a distributed database, wherein a list of records continuously widens up, in the form of blocks and is secured via cryptography. It has the capacity to record anything of value and ensure an unrivalled degree of transaction security.
A few major players have just started trail projects to measure the attainability of adopting blockchain into their ecosystems. It is Dubai who is driving the blockchain charge. The emirate has sketched out its intend to become a first blockchain-powered government in the world by 2020 as part of a move to make government services more effective and empower a huge number of business openings in the private sector.
Cryptocurrency wallet is a safe digital wallet with different blockchain to enable users to monitor their digital currency balance, send, receive, and conduct other operations. Cryptocurrencies will soon be a part of the international trading system. Considering this, the UAE set to get its own mobile wallet soon with the take-off of the Emirates Digital Wallet, the pace and degree of digitisation in the country is ready to quicken further.
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