UAE ahead of West in fintech adoption: survey
dubai — The UAE ranks among the top global markets in terms of positive attitudes towards technological innovation in financial sector, a survey by HSBC revealed on Wednesday.
The UAE has the third highest adopters of fingerprint technology at 25 per cent, after China (40 per cent) and India (31 per cent), versus nine per cent in France and Germany, and 14 per cent in Canada, said the survey which was released as HSBC UAE announced the launch of its 10-minute digital account opening solution.
The new global research report, “Trust in Technology,” which includes research from over 12,000 people in 11 countries, finds people in the UAE are ahead of the West when it comes to adoption of new technologies due to greater understanding and optimism.
Some 77 per cent prefer doing most things with new technology when they can, the third highest after India and China, versus 49 per cent in Canada and 51 per cent in Germany, said Marwan Mohd Hadi, Head of Retail Banking and Wealth Management, UAE, HSBC. A 2016 United Nations report shows that the UAE is listed among the world’s leading countries in terms of the level of progress in e-governance and e-participation.
Hadi said the UAE continues to create a fertile environment for innovation, both on the consumer and regulatory side. “Through its electronic and mobile Government services, the UAE has brought innovative technologies to the mainstream early on, which has helped drive understanding and consumption among the public. This encourages banks like HSBC to launch new tech-based services to make customers’ experiences simpler, better, faster and more secure.”
“HSBC’s Trust in Technology report indicates that 84 per cent of people in the UAE expect technology to make life easier. “Our new online account opening solution is designed to offer a truly paperless experience and works on mobile, desktop and tablets for Android and IOS. We have worked closely with the Al Etihad Credit Bureau to link our systems to the credit score report,” said Hadi.
Kunal Malani, Regional Head of Customer Value Management, Retail Banking and Wealth Management, MENA & Turkey,
With accelerator programmes like FinTech Hive at DIFC, we have developed a FinTech ecosystem that is improving the way financial services firms operate and shaping the future of this industry as a whole
Raja Al Mazrouei, Acting Executive Vice President of FinTech Hive at DIFC
HSBC, said the digital platform provides customers an account number instantly online. Eligible customers can also request a credit card or overdraft facility with limits approved instantly. A complete toolkit with cheque book, secure key, debit and credit card is delivered to customers within 24 hours upon successful on-boarding.
HSBC built the digital journey using FinTech design principles combining smart technology and intelligent design to deliver function, speed, security and simplicity. It reduces account opening time from weeks to 10 minutes, said Malani. HSBC is an Executive Sponsor of the DIFC FinTech Hive. The programme enables start-up and early-stage companies to develop their products and solutions with top banks in the UAE.
Raja Al Mazrouei, acting Executive Vice President of FinTech Hive at DIFC, said there is an increasing willingness from leading financial institutions to integrate FinTech innovations to enhance their customer experience and day-to-day operations.
“The launch of HSBC’s new digital platform is a perfect example of how FinTech can gradually transform the financial services sector to deliver speedy, convenient and cost-effective solutions. With accelerator programmes like FinTech Hive at DIFC, we have developed a FinTech ecosystem that is improving the way financial services firms operate and shaping the future of this industry as a whole,” said Al Mazrouei.
Al Mazrouei said while digital technology has created room for new competition outside the traditional banking industry, it has also provided a massive opportunity for banks and FinTechs to collaborate more, to bring cutting-edge financial service solutions.
— issacjohn@khaleejtimes.com