The banking sector in the UAE has expanded in providing electronic services during the past three years in a way that meets more than 98% of customer requirements to complete their transactions through secure applications on the Internet without the need to go to bank headquarters to accomplish them through the traditional methods that prevailed in the past.
The studies conducted by the Federal Competitiveness and Statistics Authority showed that the percentage of users of digital electronic banking channels in the UAE increased to 90%, which reflects the extent of demand for this type of banking services, knowing that the largest proportion of citizens and residents in the country use mobile phones to complete their banking transactions.
In light of the great development witnessed by the electronic transactions of the sector, its online services are no longer limited to depositing, withdrawing funds, transferring them and other facilities, but rather there are virtual banks that have no headquarters except on the web where customers can complete all their transactions.
The "Love", "New" and "Express" platforms launched by national banks during the last period are a vivid example of the integrated virtual banking digital platforms that pave the way for dispensing the work of traditional banks.
A previous study prepared by the company "McKinsey" showed the willingness of 48% of the UAE population to open bank accounts in a virtual digital bank, which strengthens the trend towards establishing more virtual banking platforms during the next stage.
The banks' approach to using technology to facilitate customers comes in line with e-government plans in the smart transformation of all services provided by the public and private sectors.