Banking in the UAE Is Adjusting to Meet The Needs of a New Generation

Banking in the UAE is seeing a rise in terms of the usage by a younger generation. In turn, their expectations are heightened as technology advances to offer a more convenient lifestyle. Across the UAE there are traditional brick and mortar branch locations that are still offering traditional services. These usually require banking to take place at the actual location and seldom offer smart banking services. This doesn’t mean they will be left behind. Banks, old and new, must look ahead in order to remain in service for a younger generation. The best way to adjust your banking model to fit new standards is to invest in expanding your services, updating your physical location and offer easy customer service.

Expand Your Services

There are still banks in the UAE that don’t have websites let alone mobile banking. This is a fatal flaw and can lead to lost revenue in the future. The new generation is into technology, convenience. So, it’s imperative to invest in programs aimed at developing online banking services and smart banking services via mobile applications.

According to an EY report, 47 percent of banks in the GCC have a planned $5-20 million budget to increase mobile services to meet the demand of consumers. All banks should consider this route. Banks like FAB are already offering these services to their customers and are excelling for it.

Also, offer direct deposit as a service so that your customers can get their paychecks faster and without the need to deal with paper checks.

Your customers should be able to conduct banking business via their apps for almost everything they would require a physical trip to the bank for. Your mobile app should include:

  • Balance inquiries
  • Mobile deposit
  • Ordering, activating, blocking cards
  • Opening accounts
  • Balance transfers
  • Payments and more

The idea is to create a more convenient lifestyle for your bankers. Mobile is the way we live now, banking should be no different.

Consider lowering your operating costs by going paperless. This means you can send your customers their banking statements via secure email. You can also opt to have their banking receipts sent to them via SMS or email as well. Paperless banking saves thousands in operating costs every year.

Offer Easy Customer Service

Your customers should not have to go to your branch to get answers to simple questions. Even if you don’t yet have an up-and-running online banking portal, you can create a simple webpage that includes your contact information, business hours, your mission statement and a FAQ section where customers can get answers to their questions. As your changes expand, consider offering mobile and desktop chat services so your customers can contact your CS representatives and resolve issues quickly and easily.

As voice-activated smart devices make their way to the UAE, like Alexa and Google Home, you can work with developers to offer secure banking services through these devices. These smart speakers are capable of making telecom connections. You can also offer the ability for customers to reach a bank representative via the device.

If you’re not ready for online chat, offer basic phone customers services.

It isn’t easy to expand services all at once. A way to slow down the process would be to offer premium services to priority customers who account for large portions of the bank’s revenue. Alternatively, these services can be add-ons to accounts by way of voluntary monthly subscriptions or fees.

Update Your Physical Location

Banks can do with an overhaul in terms of design. The younger generations don’t like having to go places or interact with people unnecessarily. However, if they do, they would be more inclined to continue going if the experience is agreeable. There are a few ways to change the design of your branch to appeal to bigger crowds.

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