Banking in the UAE: What Your Bank Should Be Offering You in 2019

Technology advances and services have to advance with them to stay ahead of the curve. Banking in the UAE is no different. In 2017, Google conducted its Connected Consumer Survey which proved the UAE has the highest smartphone usage in the world. Furthermore, the 2015 GCC Digita Banking Report by EY concluded that 81 percent of banking customers in the UAE would transfer to a different bank if it offered mobile banking services.

What does this mean for the future of banking in the UAE? It means that banks now have the task of developing more user-friendly services outside of desktop online banking, specifically, they need to develop mobile apps to meet the demand of consumers.

Already, 47 percent of GCC banks have allotted $5-20 million for the development of smart banking practices and services. Is your bank one of them?

Standard Banking Services You Should Have in 2019

Going into 2019, there are a few standard services you should have offered to you by your bank, if you don’t, it may be time to start looking for a new bank.

Your bank should already offer an online banking experience that meets your needs for simple banking actions so that you don’t have to travel to a branch to conduct your business. Your online banking system is usually provided through a credential-based desktop site that may also have a mobile site version as well.

Online banking should include balance transfers, balance details, activation of new banking cards and the registration of new accounts.

These are all services that can be conducted in a physical bank but are so easy, you shouldn’t have to do so.

Online banking can also consolidate your accounts so you can access your checking, savings and retirement accounts, and in some cases, insurance accounts provided by your bank.

In this new era, your bank should also be providing you with mobile banking (smart banking) or at least working toward this goal.

Mobile Banking in the UAE

The demand for smart banking in the UAE has skyrocketed with the increased usage of smartphones in the country. Mobile banking is smart banking and it is when a bank offers its members with a mobile app on which to conduct banking business. Most global banks provide smart banking options.

In the UAE, local banks are rising to meet this demand as well. Among them is the First Abu Dhabi Bank, which already offers mobile banking services through their app, available on the iOS App Store for iPhones and Google Play for Androids.

If your bank offers a mobile app, here’s what you should already be getting through it:

  • Access to checking, savings and credit card balances
  • Transfers to and from accounts
  • The ability to activate or block a lost or stolen card
  • Make utility payments
  • Send cash via SMS
  • Locate nearby ATMs
  • Register for new accounts
  • Order replacement cards
  • Mobile deposit of checks
  • Access to investment portfolios
  • Contact the bank with the tap of your finger

Emirates NBD has a mobile app that allows the user to request important documents. Their app is also enabled with Smart Touch, which allows users to login via Face Pass or Fingerprint ID. This bank has a myriad of trademarked mobile services like Shake n Save and mePay and they add more as the need arises.

As you go into 2019, it is a smart idea to choose a bank that offers you convenient banking through online an mobile portals. If your bank doesn’t already offer mobile banking, check with them to see if they are one of the 45 percent of banks already on track to do so.

If not, make a switch. The UAE’s demand for smart banking will increase in the coming year and there are banks willing to meet the demand of busy, on-the-go consumers.

If you have any questions, please ask below!