75% of customers in the UAE prefer online banking, study

Monday 30 September 2019 10:37 CET | News

A Banker Middle East Industry Awards survey has revealed that 75% of bank clients in the United Arab Emirates prefer online banking to physical branches.

A majority of bank customers’ visits to physical locations has decreased to 0-2 times per year, according to a study conducted by New Perspective Media Group. The survey revealed that an increasing number of people prefer digital banking services due to their satisfactory safety features, omnichannel experience. An overall change in customer behavior and preferences has also led to more people using online banking services.

New Perspective’s survey of 2,200 UAE residents found that 83% regularly use online banking platforms and banking apps due to the high level of security and convenience. UAE’s citizens also prefer internet-based banking services because of their 24-7 availability.

According to the survey, consumers primarily use online services to pay utility bills, conduct money transfers, settle credit card payments and view bank statements. The survey also found that 45% of the respondents still prefer human interaction and visiting physical bank locations when dealing with more complicated banking services such as open new accounts, cash deposits, cheque encashment, loan procedures, credit card applications, and credential changes. In response to a question about which bank service they use regularly, the survey respondents said they regularly use ATMs, banking apps, bank outlets, and phone banking.

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Keywords: Banker Middle East Industry Awards, New Perspective Media Group, online banking, banking, online finance management, United Arab Emirates, digital banking, ATM, bank account
Countries: World