The current global health crisis has raised the question of just how important face-to-face relationships are for retail banks. The crisis has also highlighted the importance of digital transformation for the future of banking across the Middle East.
In competitive markets like those in the United Arab Emirates, the industry is looking to reduce branch footprint and move toward self-service offerings. Consumers in the UAE have been moving online and are increasingly using digital payments. These changes are likely to continue. A survey in June from Dubai Police, Dubai Economy and Visa shows 71 percent of respondents are using digital payments over cash in stores. The majority is using contactless cards (54 percent) and mobile wallets (46 percent). Sixty-eight percent of respondents surveyed in the UAE have decreased shopping in store since the pandemic’s outbreak and 49 percent have increased online shopping. All this comes as retail banks say they want to improve their customer experience.
Here are three ways retail banks in the UAE can improve customer experience and accelerate their journey towards becoming digital.