Consumer confidence in the UAE banking sector has risen from 84% in 2022 to 90% in 2023, according to Abdulaziz Al Ghurair, Chairman of UAE Banks Federation, (UBF), the sole representative and unified voice of the UAE banks,
The UAE ranks above the global average in the Trust Index and higher than prominent international financial centres, Al Ghurair added, speaking at a press conference with local and international media organised by the UAE Banks Federation at Mashreq Bank’s headquarters in Dubai.
“The banking sector is striving for excellence, accelerating digital transformation and developing innovative solutions that leverage artificial intelligence, blockchain, and data analytics to provide services that meet and exceed customer expectations, while enhancing the digital infrastructure and improving cybersecurity to provide a secure and seamless banking experience,” Al Ghurair said,
The performance of UAE banks over the past years and the first quarter of this year confirms the banking sector’s strength and resilience and its ability to overcome challenges and achieve growth.
“We have witnessed a significant increase in net profits, operating profits, revenues, and assets with sound financial indicators characterised by high capital efficiency ratios, provisions, and reserves that exceed the requirements of Basel 3 principles followed by the global banking system,” Al Ghurair added.
The UBF Chairman stressed the transformation of the UAE banking sector, which is currently transitioning towards more digital solutions, to meet the rapidly changing demands of the end-users and keep pace with the technological revolution. UAE Banks are also modernising digital infrastructure to offer specialised services while enhancing APIs, cloud computing, and digital channels.”
