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Sat 28 Sep 2019 12:07 AM

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Revealed: how popular is online banking in the UAE?

New research shows three out of four bank customers in the UAE prefer online banking over traditional bank visits

Revealed: how popular is online banking in the UAE?
A study commissioned by Banker Middle East Industry Awards revealed that a majority of customers’ visits to a bank have decreased to 0-2 times per year.

Three out of four bank customers in the UAE prefer online banking over traditional bank visits, according to new research.

A study commissioned by Banker Middle East Industry Awards revealed that a majority of customers’ visits to a bank have decreased to 0-2 times per year.

The survey, conducted by New Perspective Media Group, showed that the changing customer behaviour, satisfactory safety features, and omnichannel experience have encouraged the adaptation of digitalisation in the UAE banking industry.

The survey of 2,200 UAE-based respondents showed that 83 percent use online banking platforms and banking apps due to their 24-7 availability, security and convenience.

Nigel Rodrigues, CEO of CPI Financial, the organiser of the Banker Middle East Industry Awards, said: “There is no denying that digitalisation is the future. Organisations that embrace rapid advances in technology, will meet and exceed the expectations of their customers and shareholders and deliver healthy returns.”

The winners of the Banker Middle East Industry Awards will be announced at a gala dinner on November 26 at The Ritz-Carlton Hotel, DIFC.

The survey said that top features that entice consumers towards digital banking is its 24-7 availability, security and convenience, with 82 percent of the respondents saying they feel that online banking and banking apps provide security.

It also revealed that consumers mainly use online services for utility bill payments, money transfers, credit card payments and bank statements.

While consumers today prefer online banking, the survey also revealed that nearly half (45 percent) of the respondents still favour human interaction and bank visits when it comes to more complicated banking services like cash deposits, opening a new account, cheque encashment, loan procedures, credit card applications, and credential changes.

When asked which bank service they use regularly, ATM topped the list followed by banking apps, bank outlets and phone banking.

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