The Emirates Banking sector is facing a transformational era, which is sure to boom to newer heights in the near future. Strong economic fundamentals are being followed. The transformational technologies seem more readily accessible, more powerful and economical and the regulatory environment, too, seems conducive than ever before. This rapid evolvement is catching the attention of economists from all across the globe.
However, to further define and shape the nature of this evolution of the banking sector on Islamic soil, these undermentioned five major trends should be adopted.
- Captivating and capitalising everything digitally- The banking sector in the UAE is presently a mixed bag in terms of technology as well as infrastructure. It has not been able to render satisfactory online services for easy access to its customers. Where some banks do extend better digital products and services than others, on a rating scale from 1 to 10, it would not be incorrect to range their quality between 2 and 6, 10 being for super-tech-enabled options. These varying degrees of success is due to the lack of regulation to keep up with the rapid pace of developments in the banking sector. The need of the hour is to reform and revamp rules and laws that make it build a ‘smart market’ and a niche for itself on the global platform in this sector.
- Building a brand loyalty- The banking sector is facing a challenging environment in UAE. It is focusing more on retaining old customers rather than getting newer ones Into their loop. This means the concentration and focus has shifted from increasing the ‘quantity’ of customers to maintaining a brand ‘quality’ which would take them to greater heights of success in the near future on the global financial market. Hence, the need to build loyalty through a fantastic banking experience becomes paramount.
- Higher expectations- Customers in every sector, including the banking sector in UAE, expect to get an extra Midas touch over and above the regular products and services from their banking partners. This may include more free stuffs, higher ethical extensions like helping cancer patients, building more trees etc., thereby showcasing more social responsibilities. Only a handful of banking institutions have managed to achieve this relevantly and credibly at present. What is required is ethical companies who are willing to address these social concerns more meaningfully and seriously.
- Human touch- Following the policy ‘different strokes for different folks’, banks in UAE have begun to offer personalised and quality services to their clients, based on the quantum of business received from them. Adding a human touch to their quality of services only ensures customer retention and loyalty in the long run.
- Transparency- Customers now expect transparency from their banking and financial partners in terms of profit making, their future goals, the social causes they support and so on. The overall benefit that these banking companies can provide to the country and its residents as a whole is what embraces them and puts them on a higher platform as compared to their counterparts.