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In our latest research, Mobile Banking Review UAE 2024, we integrated insights from three key sources. First, we conducted in-depth interviews with a diverse group of expatriates living and working in the UAE. These participants represented a wide range of backgrounds, including individuals from different countries, income brackets, and levels of professional expertise. Their experiences ranged from a junior hotel manager from South Africa and a freelancer from Sudan to a senior IT director from Eastern Europe and a seasoned finance executive from France. These discussions revealed their banking journeys, challenges, needs, and expectations, offering real stories that helped us better understand mobile banking from the user’s perspective.
We also analyzed the functionality, interfaces, and user journeys of 11 leading local mobile banking apps, chosen based on their popularity in the region. Using a mystery shopping approach, we explored essential scenarios such as opening accounts and obtaining balance certificates, assessing both how these solutions address expatriates’ needs and how they compare to one another.
Finally, we leveraged our global expertise in evaluating digital banking experiences. Using a proprietary framework with over 1,000 criteria and a database of best practices from banks worldwide, we benchmarked UAE mobile banking apps against global standards, identifying how they align with or diverge from international trends.
The result of this research is a set of identified gaps - both between user expectations and actual offerings, and between the capabilities of different mobile banks in the region. Our goal was to deliver practical, actionable insights. The outcomes are not abstract trends but specific recommendations that can directly inform product backlogs and drive service improvements. Let us share one of these insights with you now - the challenge of transparency in UAE mobile banking and its solution in Markswebb research.
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The state of mobile banking in the UAE is best understood within a broader global context.
Globally, mobile banking apps for private clients dominate the financial services category. On average, 8 out of the top 10 most-used financial apps are mobile banking platforms from traditional large banks rather than trendy neobanks. While there are exceptions, such as the United States, this trend is consistent across most regions.
This dominance is significant, particularly because much of the public discourse focuses on innovative fintech startups. However, traditional mobile banks continue to exert the most influence due to their larger user bases, greater resources, and ability to innovate at scale. They remain the primary digital financial product for the majority of consumers.
This trend is especially pronounced in the so-called "Western world" (Europe, North America, and countries like Australia). In contrast, regions like Asia and Africa present a different picture, where a significant portion of the population lacks access to banking services or smartphones. In these areas, digital wallets and payment platforms, which do not rely on banks for storing funds, are more commonly among the most-used financial apps.
The UAE occupies a unique position at the crossroads of the "Western" world and regions like South Asia and Africa. This duality is reflected in the fact that only 4 of the top 10 most-used financial apps in the UAE are mobile banking platforms.
Banks in the UAE face significant competition not only among themselves but also from major regional fintech and big tech players like PhonePe and TapTap.
The future of mobile banking in the UAE will depend heavily on how this competition evolves and whether local banks can accelerate the development of their digital services to retain their audience.
Focusing on the key gaps - where current implementations fall short of client needs and expectations—we can identify five critical areas for development.
Let’s take a closer look at the second area - transparency in UAE mobile banking in client interactions. We will come back to the rest of these issues in the next publications - stay tuned for more news.
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A significant area for improvement in UAE mobile banking lies in the lack of transparency regarding the terms of engagement between banks and their clients. This issue extends beyond account opening processes and becomes particularly pronounced in areas like service costs and product conditions.
Here are a few real-life examples from expatriates we interviewed, illustrating how this lack of transparency impacts their banking experiences:
These examples highlight the pressing need for UAE banks to prioritize clarity and transparency in their interactions with clients, particularly through their mobile banking interfaces.
Our research revealed that 8 out of 11 banks in the UAE do not provide clients with detailed information about fees, account maintenance costs, or other charges directly within their mobile apps.
While three banks do offer this information, their implementations still highlight challenges faced by clients:
Al Hilal Bank: The app allows clients to access a PDF file with fee details. However, the document is not optimized for smartphone viewing. The small text and extensive tables require constant zooming, making it time-consuming and difficult to locate specific information.
Liv: The app presents fee information in a format well-suited for mobile devices, but the content often includes irrelevant details. For example, a client might see information about fee waivers for students under 23, even when the bank already has the client’s age on record and knows they don’t qualify for this condition.
WIO: The issue here lies in navigation. WIO refers to fees as "subscriptions," and the information is buried within the “Settings” section. This unconventional terminology and placement make it challenging for clients to locate fee-related details, as they don’t naturally associate account and card fees with "subscriptions" or "settings."
Another significant issue is the lack of clarity around transfer fees before initiating a transaction. While 8 out of 11 mobile banks do display the fee amount prior to completing the transfer, problems still arise when clients need fee information at specific moments.
For instance, in the FAB app, clients fill out a transfer form, specifying the transfer amount and choosing who will pay the fee (themselves, the recipient, or split between both). However, the app does not display the fee amount during this selection process. The fee is only shown in the transfer summary after the user has entered their authentication code.
One respondent shared a frustrating experience: they needed to transfer their entire account balance to another bank. After entering the full amount in the transfer form, they received an error stating insufficient funds. The app did not display the fee or its amount at this stage, forcing the client to guess the transfer amount that would accommodate the fee within their account balance.
This lack of transparency stems not only from the failure to display fees within the app but also from presenting this information at the wrong time, leading to unnecessary client actions, confusion, and frustration.
Let’s look at a few examples of mobile banks from other countries that illustrate how information can be made accessible and clear, ensuring clients feel informed and confident.
A standout example is the UK-based neobank Monese and its approach to presenting fee details in its app.
This user-centric approach simplifies interactions and sets a benchmark for how transparency can enhance the mobile banking experience.
At Markswebb, we continuously update and expand our comprehensive database of global best practices in fintech. This allows us to identify and recommend innovative solutions tailored to various markets. Drawing on our extensive experience, we have successfully adapted and implemented these practices to address diverse challenges, ensuring that our clients benefit from the latest advancements in the industry.
Transparency isn’t just about fees - it’s also about thoughtful UX design. The Spanish bank BBVA exemplifies this by helping users make informed decisions about their credit card interest payment dates. Through a comparative table of options, the bank provides clear and accessible information, enhancing transparency and allowing clients to better understand the terms of service.
Even in simple card blocking, transparency matters. In the NatWest app, clients are informed about which transactions will be blocked and which will remain active when they freeze their card. This clarity prevents confusion, eliminates false expectations, and strengthens client trust in the bank.
The good news for UAE banks is that many expatriates report an overall improvement in their digital banking experience after moving to the UAE compared to their home countries. Mobile banking in the region is often viewed as more advanced and user-friendly. However, these same users also highlight a range of challenges that need attention.
We believe the key to successful digital product development lies in leveraging global expertise, fostering healthy competition, and actively engaging with end users to address their needs and ultimately enhance their experience.
Through Mobile Banking Review UAE 2024, our goal is twofold: to provide the fintech community with a clear vision of what a future-ready digital banking service should look like, and to introduce proven practices from other markets. Reusing and adapting existing solutions, rather than reinventing them from scratch, has consistently proven effective in overcoming common challenges.
Having conducted research across 25 countries, including the UAE, we bring extensive experience in evaluating and improving mobile banking experiences. We pride ourselves on being experts in creating superior customer journeys and driving the digital growth of retail banking services. We are ready to share our insights and collaborate to shape the future of mobile banking in the region.
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