A recent survey commissioned by Daleel, the Middle East’s personalised financial marketplace, has revealed that 94 per cent of respondents in the UAE now hold a personal bank account.
This marks an increase from 85 per cent in 2021, according to data from the World Bank’s Global Findex Database, positioning the UAE on par with the USA as one of the most banked nations globally.
UAE financial inclusion soars
The survey, conducted by third-party research firm YouGov, aims to understand the financial behaviour of UAE residents. It examined not only account ownership but also confidence in the financial products being used.
PK Shrivastava, CEO at Daleel, said: “More people than ever before have access to a personal bank account in the UAE, demonstrating the success of the ‘We the UAE 2031’ vision and UAE Digital Economy Strategy, towards digital transformation and financial inclusion.
“We wanted to understand how people use financial services from initial research into different products, through to the level of confidence in their choices. It is very positive there is such a high level of financial adoption, while there is still a huge opportunity for more personalised products instead of ‘one-size-fits-all’ finance,” he added.
Key survey insights revealed that nearly two-thirds of bank account holders expressed confidence in their personal bank accounts, but 76 per cent reported a lack of confidence in at least one financial product they use.
Among mortgage holders, 65 per cent expressed doubts about whether they had the best mortgage plan.
Additionally, 62 per cent lacked confidence in their personal or auto loans, and 50 per cent were uncertain about their credit card selection.
The survey also revealed that women were twice as likely as men to review their financial products occasionally.
However, around 90 per cent of respondents indicated that they periodically review and switch financial products, with many open to more personalised options.
Emirati nationals were found to be the most proactive in reviewing their financial products, with 80 per cent checking them annually.
Ridaa Shah, COO at Daleel, said: “Consumers need the right information presented in a clear manner that cuts through the technical jargon. Financial products do not need to be so complicated or hard to understand. This year, finance in the UAE will embrace greater transparency and personalisation, consumers will be able to make faster, more informed decisions and ultimately we will see a rise in confidence in their chosen financial products.”
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