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  • 17-11-22

    Senior official: UAE banks’ incomes to reach USD25B by 2030 due to digital alteration

    (MENAFN) Banks in the UAE are preparing to see 52 percent expansion in their income to nearly USD25 billion by the end of this decade as the economic field deals with extensive digital alteration practices to develop customer experience, as stated by a senior representative of the UAE Banks Federation.

    While giving a speech at the Abu Dhabi Finance Week previously this week, Abdulaziz Al-Ghurair, head of the UAE Banks Federation, announced that the alteration has led to the region’s top banks listing almost 95 percent of digital dealings, out of which more than 90 percent was finalized through mobile phones.

    Quoting the Central Bank of UAE figures, Al-Ghurair issued that last year the stake of cash payments in total transactions dropped from 69 percent to 20 percent, even as the overall stake of digital accounts jumped from 7 percent in 4 years ago (2018) to 51 percent last year (2021).

    MENAFN17112022000045014228ID1105196338

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