There is no doubt that investment in the development, modernization and digital transformation of many countries around the world over the past years has been effective in meeting challenges and repercussions such as those imposed by the new COVID-19 pandemic. This pandemic has shaken the whole world, and many countries have found themselves facing unprecedented conditions and new challenges in terms of efficiency of work and services in various sectors, most notably the banking and financial sectors.
However, the countries that faced these challenges and efficiently overtook them have adopted digital transformation in all areas of life, and in this sense, UAE has developed several plans and strategies that have made it the forefront of technology and digital transformation in various sectors. UAE looked ahead early by moving forward to the digital world through a sophisticated technological infrastructure that allows for transfer and exchange of knowledge and services on a global scale, and Covid-19 pandemic has reinforced and emphasized its importance.
Hence the importance of strengthening the partnership between banks and fintech companies for mutual benefit, supporting digital transformation and facilitating access to financial services, in addition to strengthening the role of banks in improving and developing technological infrastructure to provide the right environment for the requirements of this transformation and enhance financial inclusion with the importance of continuous improvement of risk management in accordance with those applications. Banks are studying ways to take advantage of Blockchain technology applications in the implementation of some of their activities, in addition to developing strategies to secure customer data, where information security is one of the main challenges facing digital transformation, in addition to the importance of developing a strategy to educate customers about digital financial services, and how to secure their use while verifying the security of financial technology applications before launching them to customers.
The services provided by digital platforms range from account opening and attracting new customers to completing payments, purchases, money transfers, online transactions and mobile phones. Banks have sought new applications to communicate with customers directly to facilitate the work of these platforms and to keep pace with the tremendous and rapid developments in the technology world and the communications revolution in the global economy, particularly with regard to the banking sector and financial institutions
H.E. AbdulAziz Al Ghurair, Chairman of UAE Banks Federation, commented: "UBF is always keen to urge its members to invest in time and effort to facilitate the efficient access of banking services and financial products to customers, in light of the digital transformation we are witnessing today, as well as the urgent need to invest in innovation within a specialized legal and supervisory environment, UBF places a precise and strategic agenda in this area to strengthen the country's plan in this regard, in addition to activating the central bank's initiatives in digital transformation, and this transformation may be accompanied by some challenges represented by the human element and level of practical efficiency and need for early training of banking employees capable of keeping up with successive developments in light of digital transformation and achieving its requirements and adapting to it, so that we are able to deal with modern innovations in a highly competitive future environment.”