En route to a cashless society
Digital banking and mobile apps add convenience to residents’ lives
Banking has globally transformed from a dreadful timeconsuming task to simple transactions completed at the click of a button. The digital era brings in a wave of convenience, making it easier for people to manage their hard-earned cash or even seek financial assistance in times of need.
To date, banks around the world are complemented by websites with online tools and social media pages to keep customers engaged with the latest financial products and keep them up to date with all banking needs.
Besides opening accounts and checking current balances, residents can also sort out regional and international amount transfers, and apply for personal, auto and home loans. Adding convenience to busy lifestyles, customers can also pay utility bills, house rent and even recharge their mobile phone subscription at any time of the day from the comfort of their homes.
Banks, such as Abu Dhabi Islamic Bank (ADIB), are constantly updating platforms to provide a user-friendly experience for clients. In any case customers prefer to speak to a banking officer, they can simply apply for a queue token prior to reaching the branch in order to save time.
Another advantage of digital banking is that customers can access their accounts from anywhere in the world, bringing a sigh of relief to travel-addicted residents and businesspeople. In addition, apps such as Traveller International by IMC Holding helps users save with discounts on dining, entertainment, wellness and lifestyle.
Digital banking also supports e-commerce and opens up secure forms of payment for online purchases for both retailers and customers. Most banks in the UAE also offer special cards designed exclusively for those who enjoy shopping on the web. A double secure password that requires confirmation through the cardholder’s mobile phone further ensures customer accounts are protected from misuse.
Mobile apps also come with additional rewards. Union National Bank (UNB), for example, is giving away the chance to win an iPhone device everytime customers use its app.
Digital banking is here to stay, further complemented by mobile apps. UAE residents are no strangers to the phenomenon, as a global SAP study centred on technology in banking further reports that the UAE ranks as one of the world’s top three countries in mobile banking adoption. Another research noted that around 42 per cent of the population has more than five apps installed on their smartphones.
The trend of using handheld devices to complete errands and banking needs on the go is here to stay.
— farhana@khaleejtimes.com