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'SAMENA Daily' News

UAE ranks high in technology adoption in financial services
Category: Middle East
Publishing Date: December 7, 2017
 

The UAE embracing digital adoption faster than West in all areas of life including financial services, according to a recent HSBC research.

HSBC’s 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.

More than two-thirds of people (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.

According to the research, people in the UAE rank near the top of the markets surveyed in terms of positive attitudes towards technological innovation. UAE (25 per cent) has the third highest adopters of fingerprint technology, after China (40 per cent) and India (31 per cent), versus 9 per cent in France and Germany, and 14 per cent in Canada.

The global findings also suggest that trust in technology and its adoption are driven not only by consumer trends, but can be encouraged by wider governmental support. 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.
Technology is so popular among UAE residents that almost 3 in 10 (29 per cent) will switch bank if they find another with a better technology offering. However, only 38 per cent show extreme concern for their personal data being leaked.

Fifty-nine per cent of people in the UAE believe that in the next 10 years we will only use biometrics to access financial information. Fast paced awareness, trust and adoption of technologies including biometrics, chatbots and digital wallets in the UAE has seen the nation overtake the traditional Western technology trailblazers. For instance, 77 per cent people in the UAE prefer doing most things using new technology when they can versus just 49 per cent in Canada and 51 per cent in Germany.

The adoption of fingerprint recognition, a widespread consumer technology, highlights these contrasting perspectives. People in the UAE are the highest users of fingerprint recognition technology to unlock their devices across the markets surveyed, at 55 per cent. They also place extremely high levels of trust in available forms of biometric technology (fingerprint, voice and iris recognition), with 66% trusting it to replace their passwords.

The research suggests a nation which is ambitious and adventurous in the face of technological advancement, enthusiastic when it comes to new products, and open to using different types of technology.

This can be delivered through large global organisations, like HSBC, to ensure that the global adoption of technology continues to develop and enables the delivery of a simpler, better and faster banking service.

HSBC launches digital account

Dubai: HSBC UAE announced on Wednesday the launch of its 10-minute digital account opening solution, which 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 chequebook, 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.

“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. We are able to assess customers’ credit history and debt health in real time, so that within minutes they can get their account and credit card number, with approved credit and overdraft limits,” said Marwan Mohd Hadi, Head of Retail Banking and Wealth Management, UAE, HSBC.

HSBC this year launched Touch ID, Apple and Samsung Pay in the UAE. The latest 10-minute account opening is HSBC UAE’s first Fintech-inspired solution, developed by a combination of in-house and global experts.

 
Source: https://www.zawya.com/mena/en/business/technology/story/UAE_ranks_high_in_technology_adoption_in_financial_services-SNG_105104589/
 
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