UAE is becoming a major transaction hub and international trading center. The local markets are booming; and sectors like hospitality and tourism are emerging to be the leading players in the market. The global Islamic finance industry saw double-digit growth in 2014, and the Middle East financial sector was seen as one of the biggest investors in the Information Technology sector. The investments were seen to touch over US$32 billion. To answer this demand and growth in finance, banks are bringing in new technology to help channelize the demand into a more manageable volume.
The Aim of Technology Upgrade
With banking requiring no borders and seamlessly crossing boundaries; today, bankers in the Middle East and UAE are constantly updating their system. This also includes functionality of electronic platforms. So that, customers are always satisfied, remain at peace about their finances and get the best of the services. The key areas of improvement areas are as follows…
- Security Systems: An increase in technology advancements also puts customers in a situation of questionable threat of cyber-crime. So, online banking systems are updating their risk management framework, and also continuously improving and upgrading cyber-security frameworks, to protect critical system and customer information.
- Core Banking: Although the technology for core services is efficient, these financial institutions want to improve their efficiency. In order to, increase transaction speed, improve business performance, and fuse the system with better options. These options aim to increase and maintain customer satisfaction. This means quicker sanctioning of loans and deposits, effective redressal forums, handling more volumes, simultaneous processing and much more.
- Maximizing Return of Investment: Banks also need to look at their own profits and growth projectile. This means improving distribution channels, and initiatives for expanding the digital landscape. Thus, they will able to cater to more customers in many other countries, especially helping non-resident customers.
- Data Analytics: There is also an underlying plan to improve the data analytics technology through advancement in areas of information technology and digital financing software. This will help congregate customer demands and performance. This is aimed at private high-profile customers, and multinational organizations.
- Innovative Culture: Apart from adapting the latest technology available in the market, banks also aim at addressing the change within their system. This means enabling innovation with the organization, through a separate department, developing its own product, enabling diversity and originality in the competitive market.