‘Digital Spring’ and Its Impact on Banking in the Emirates As The Emirates ups the ante on mobile internet, M2M, cloud technology and embraces future generation genomics, the banking sector obviously is feeling the positive reverberations. The moment bank accounts dropped in nicely on our smart phones, banking was revolutionized. What has happened since then is constant evolution. And the banks which fail to keep up with the evolution will suffer. Consumer Driven: Just like most services, banking is, was and always will be consumer driven. And so, as consumer digital technology continues to revamp itself, banks would have to follow suit. Consumers are embracing smart phone technology, and as that evolves, banking would have to continue transforming itself to meet the consumer needs. With the Middle East, and of course the UAE, collectively exploring smart phone technology, banks would now have to work on ensuring that they have the latest technology in place that caters to the ever changing needs . The digital revolution, spearheaded by smart phones and tablets, is massively influencing consumer behavior. If technology is dictating lifestyles, social lives, where everyone’s dining out, how we shop and pay bills to educating us about our surroundings, it will also dictate our preferred means of transaction. And consumers are indeed driving the mobile banking, and as long as the consumer is at the driver’s seat, any banks not keeping themselves up to date would perish into extinction… Digital Spring: Around 85 percent of the world’s population uses mobile phones, according to a United Nations study. And a look towards the Arab world reveals that the Middle East – and the Emirates in particular – is increasingly becoming more tech savvy. A GSMA research revealed 391 million mobile connections in the Arab world alone at the tail end of the year 2012. This is a hike of 2,000 percent over the past 10 years! And the region’s ever escalating numbers point to what can undoubtedly be dubbed the Digital Spring in the Middle East. Spearheading this Digital Spring undoubtedly is UAE where 75 percent of the population owns a smart phone, which is the highest smart phone user percentage in the world. And just like most revolutionary ‘springs’ the vanguard of the Digital Spring also happens to be the youth of the UAE, with those under the age of 34 showcasing the highest percentage of smart phone users. The same age group also pointed to smart phones as their preferred device according to a Cisco survey. Even so, while the youth might be orchestrating the Digital Spring, all age groups are making the most of mobile technology. According to Analysys Mason, 87 percent of the people in the Arab world use tablets or smart phones to connect to the internet. Banking on the Internet:
Published on Mar 20, 2014
As The Emirates ups the ante on mobile internet, M2M, cloud technology and embraces future generation genomics, the banking sector obviously...