Net banking growing in UAE
Dubai, August 26, 2012
Preference for internet banking is growing among consumers in the UAE, with more than 44 per cent of respondents in a survey opting for net banking, a report said.
The survey conducted by Western Union said about 76 per cent felt safe undertaking their banking over the internet.
The findings, part of a lifestyle survey launched by Western Union, demonstrate the popularity of internet banking in the region and are a firm indicator that Western Union’s recently launched Account Based Money Transfer (ABMT) service is yet another step in the right direction for the company, the company said.
ABMT is a web-based facility that enables customers to send money through Western Union directly from their bank account – from the comfort of their home and at the click of a button.
Sobia Rahman, Western Union’s regional vice president for Pakistan, Afghanistan and the Gulf, said: “There appears to be an extremely positive wave of feeling towards internet banking and the security associated with it. And, this research clearly shows that our customers want the convenience of sending money via electronic channels.
“Our Account Based Money Transfer (ABMT) service not only allows a customer to easily move money from one location to another, but opens our money-transfer services to a new generation of consumers. We have already announced a strategic partnership with UAE- based Emirates NBD and our ABMT service is available through Emirates NBD online channels. We are currently looking to extend our ABMT footprint with other banks across the Gulf through various banking channels such as online, ATM and mobile.”
Other highlights from the survey include:
• 32 per cent of those who replied use internet banking for transferring funds; 35pc use the internet to pay utility bills and 31pc use it for paying their credit card bills.
• 46pc of respondents still prefer the personal touch when it comes to their banking needs.
• 13pc prefer telephone banking.
• Only 9pc use the internet to pay their mortgage suggesting that consumers prefer more traditional methods of payment for settling their larger bills.
• 14pc of respondents use the internet to manage their investment portfolios.
• 72pc of those surveyed keep their personal or family finances up to date, the remaining 28pc saying that they tend to put it off. Interestingly, women tend to be more on top of their finances than their male counterparts.
• Of those surveyed who procrastinate regarding their personal finances, 26pc claim it is because they are too busy, 10pc find it boring, 9pc say that they are too frightened to do it, another 9pc would rather watch TV and 5pc reckon they have more interesting things to do. – TradeArabia News Service
More Finance & Capital Market Stories
- Saudi economic growth picks up in Q3
- GIH picks ex-Barclays banker as investment head
- Jeddah Economic Company names new CEO
- Saudi real GDP growth surges to 3.1pc in Q3
- UAE business activity growth hits record high
- Global Islamic banking assets ‘set to top $1.7trn’
- Egypt back in business, says new survey
- United Arab Bank backs UAE-Turkey business
- Islamic finance 'facing integration challenge'
- Bahrain tops in developed Islamic finance sector