UAE Survey Reveals Major Leap in Financial Inclusion, 94% Now Have a Personal Bank Account
It found that 94% of respondents now have a personal bank account, marking a significant jump from 85% in 2021 ( World Bank Global Findex Database ). This increase in financial inclusion would put the UAE in the upper echelons of banking, on a par with the USA.
PK Shrivastava, CEO at Daleel said, 'More people than ever before have access to a personal bank account in the UAE, demonstrating the success of the 'We the UAE 2031' vision and UAE Digital Economy Strategy, towards digital transformation and financial inclusion.
We wanted to understand how people use financial services – from initial research into different products, through to the level of confidence in their choices. It is very positive there is such a high level of financial adoption, while there is still a huge opportunity for more personalized products instead of 'one-size-fits-all' finance.'
Surveying was conducted by a third-party researcher (YouGov), across a representative proportion of UAE residents.
Nearly two-thirds of bank account holders were happy and confident in their personal bank accounts. However, more than three-quarters (76%) lacked confidence in one or more of their financial products. The survey found: 65% of mortgage holders doubted they had the best plan, 62% lacked confidence in their personal or auto loans, 50% were uncertain about their credit card selection
Women polled twice as likely to never review their financial products than men
Nine out of 10 people periodically review and switch their financial products – with a similar number open to more personalized financial options
Eight out of 10 Emiratis ensure they check their financial products every year, the most frequent among all demographics and nationalities surveyed 'Consumers need the right information presented in a clear manner that cuts through the technical jargon. Financial products do not need to be so complicated or hard to understand. This year, finance in the UAE will embrace greater transparency and personalization, consumers will be able to make faster, more informed decisions and ultimately we will see a rise in confidence in their chosen financial products,'
said Ridaa Shah, COO at Daleel.
Daleel was founded in Bahrain and launched in the UAE in Q1, at a ceremony at Visa's CEMEA region Market Support Center in Dubai. The financial platform is backed by major names including Visa, Flat6Labs and Salica.
News Source: duke + mir
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