How effective is the banking and financial services sector in the United Arab Emirates in using technological innovations

Abstract

The paper’s goal is to determine the current state and trends of Fintech development in the United Arab Emirates’ (UAE) financial sector, customer satisfaction with financial technology implementation in the banking sector, and the impact of financial technologies on the efficiency and competitiveness of financial and banking institutions. Qualitative research conducted through a structured questionnaire is designed to collect data from 500 banking service clients in the UAE. The data was collected through email communication and WhatsApp using Google forms. The data was evaluated using the Likert scale of five-point: 1 = strongly disagree to 5 = strongly agree. According to the survey results, the majority of respondents are familiar with FinTech services. The most demanded FinTech service was an app for financial management. Furthermore, the majority of respondents stated that the services they supplied were innovative to them, and the same percentage stated that they were pleased with the services given by their banks. Hence, better service associated with FinTech is seen as a major incentive for them to leave their current bank to the digital one. In addition, when selecting a bank, reliability is the most important criterion, with ease of use of its services ranking in second.