Abu Dhabi - MENA Herald: Nearly three quarters of banking customers in the UAE would change banks because of the digital experience offered, the head of UAE retail banking at Abu Dhabi Islamic Bank (ADIB) told a recent conference organized by Asian Banker magazine about the Future of Finance.
Philip King told the gathering of banking executives in Dubai that ADIB research showed that bank customers valued simplicity and convenience over aspects such as competitive pricing of products and services, or a bank’s international footprint. Based on research, digital services are key, with some 72 percent of people saying that they would be willing to change banks for a better digital experience.
“Customers are finding it much easier now to migrate to other banks, and the digital experience is likely to be the main driving factor. We could see very rapid shifts of customers in the near future,” King said.
“The financial services world is changing fast thanks to the deployment of big data, social media, artificial intelligence, biometrics and blockchain, and with the entry of new players including fintechs, telcos and even hardware manufacturers. Rather than a threat, I see this as a big opportunity for banks to create new opportunities for our customers” he added.
“But there will be winners and losers. There is no middle place anymore -- we adapt to change or we don’t. The impact on our bottom line will be huge either way, positive or negative. ADIB has embraced new technology and is incorporating social media into its platforms” said King.
This year, ADIB launched a new breed of automated branch called “ADIB Express”, which has reduced processes such as account opening to minutes while freeing branch staff to provide high-value services to customers. It is also launching a new digital-only bank where people can connect through a community platform.
The bank’s investment in technology has been well-received by customers, with over 90 percent of transactions now conducted through automated or digital platforms.
