Latest news with #Daleel
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Surge in bank account ownerships positions UAE among most banked nations
The UAE has emerged as one of the world's most banked nations on the back of remarkable surge in bank account ownerships, according to a new independent survey. The YouGov study, commissioned by the personalised financial marketplace Daleel, reveals that 94 per cent of UAE residents now hold a personal bank account, a notable increase from 85 per cent in 2021, according to the World Bank's Global Findex Database. This positions the UAE among the world's most banked nations, rivaling the United States and reflecting the success of the UAE's ambitious financial inclusion strategies under the 'We the UAE 2031' vision and the UAE Digital Economy Strategy. The YouGov survey, which explored how UAE residents engage with financial services — from product research to confidence in their financial tools — highlights both progress and challenges in the nation's financial landscape. 'The UAE's near-universal bank account ownership is a testament to its forward-thinking policies,' said PK Shrivastava, CEO of Daleel. 'However, there's a clear opportunity to offer more personalized financial products to move beyond the 'one-size-fits-all' model.' The UAE's rise in account ownership aligns with its strategic goals to enhance digital transformation and financial inclusion. According to the Central Bank of the UAE (CBUAE), total bank deposits grew by 1.2 per cent, from Dh2,840.7 billion in January 2025 to Dh2,874.6 billion in February 2025. This growth was driven by a 0.8 per cent increase in resident deposits, reaching Dh2,625.5 billion, and a 5.1 per cent surge in non-resident deposits, totaling Dh249.1 billion. Within resident deposits, government-related entities saw a 3.8 per cent rise, private sector deposits increased by 1.4 per cent, and non-banking financial institutions recorded a 5.6 per cent uptick, though government sector deposits fell by 4.0 per cent. These figures underscore the UAE's robust financial ecosystem, supported by initiatives like the CBUAE's Financial Inclusion Framework, which promotes accessible banking services. The UAE's digital banking infrastructure, including mobile banking apps and fintech innovations, has also played a pivotal role in expanding access, particularly for underserved communities. Despite high account ownership, the survey reveals a significant confidence gap in financial products. While two-thirds of account holders trust their current accounts, 76 per cent lack confidence in at least one financial product they use. Specifically, 65 per cent of mortgage holders doubt they have the optimal plan, 62 per cent question their personal or auto loans, and 50 per cent are uncertain about their credit card choices. This uncertainty often stems from product complexity, opaque terms, and insufficient consumer education. Behavioural trends also emerged from the survey. Women are twice as likely as men to periodically review their financial products, reflecting greater diligence in seeking better options. Meanwhile, 90 per cent of respondents regularly review or switch products, with many prioritising tailored solutions. Emirati nationals stand out as the most proactive, with 80 per cent annually reassessing their financial portfolios. The findings signal a growing demand for transparency and personalisation in the UAE's financial sector. 'Consumers need clear, jargon-free information to make informed decisions,' said Ridaa Shah, COO of Daleel. 'In 2025, we expect the UAE's financial industry to prioritise transparency and customization, empowering residents to choose products that align with their needs.' The UAE's fintech sector is responding to this demand. Platforms like Daleel leverage data analytics to offer personalised product recommendations, while banks are investing in user-friendly digital interfaces. The CBUAE's 2024 Consumer Protection Regulations further support this shift by mandating clear disclosures and fair practices. Banking sector analysts said the UAE's near-universal bank account ownership marks a milestone in its journey toward financial inclusion, driven by strategic vision and digital innovation. However, addressing the confidence gap in financial products is critical to sustaining this progress. They said by prioritising transparency, simplifying product offerings, and leveraging fintech, the UAE can empower residents to make smarter financial choices, reinforcing its position as a global leader in financial services.
Al Etihad
11-05-2025
- Business
- Al Etihad
UAE financial inclusion hits new high as 94% residents holding bank accounts
11 May 2025 20:15 KHALED AL KHAWALDEH (ABU DHABI)Financial inclusion hit an all-time high in the UAE, with a new survey showing that 94% of residents now hold a personal bank account. The independent poll - commissioned by Daleel, a Middle East-based personalised financial marketplace - comes amid consistent government efforts to streamline transactions and digitalise the findings of the survey, conducted by YouGov, mark a significant rise in bank account participation from 85% in 2021, as recorded by the World Bank's Global Findex Database. This puts the UAE on par with some of the world's most banked nations, including the US."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," said PK Shrivastava, CEO of the data reflects growing confidence in financial adoption, Shrivastava noted there is still room for improvement when it comes to personalising financial products."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 that there is such a high level of financial adoption, while there is still a huge opportunity for more personalised products instead of 'one-size-fits-all' finance," he near-universal banking, the survey revealed a significant confidence gap in how residents view their financial products. While nearly two-thirds of account holders expressed satisfaction with their bank accounts, 76% admitted to lacking confidence in at least one of their other financial products.A majority (65%) of mortgage-holders reported uncertainty over whether they had secured the best available plan. Similarly, 62% of respondents expressed doubts about the suitability of their personal or auto loans, while half of all credit card users said they were unsure if they had chosen the right data also highlighted a gender gap in financial engagement. Women were found to be twice as likely as men to have never reviewed their financial products, suggesting a need for more targeted financial education and advisory services to support informed decision-making across all demographics. Seeking Better Financial Solutions Encouragingly, the survey found that nine out of 10 people said they periodically review or switch their financial products. An equally high number expressed openness to more personalised financial options, moving away from generic, one-size-fits-all offerings. Daleel said this shows that while confidence may be lacking in some areas, consumers are actively seeking better financial nationals were identified as the most financially engaged demographic, with eight out of 10 reviewing their financial products annually, far exceeding other groups Shah, COO at Daleel, emphasised that consumers need clear, jargon-free information to navigate a growing array of financial products."Consumers need the right information presented in a clear manner that cuts through the technical jargon," Shah said. "Financial products do not need to be so complicated or hard to understand. This year, finance in the UAE will embrace greater transparency and personalisation. Consumers will be able to make faster, more informed decisions and ultimately, we will see a rise in confidence in their chosen financial products," she added.
Arabian Business
07-05-2025
- Business
- Arabian Business
bank account
New independent survey data from YouGov and Daleel highlights growing financial inclusion, but also reveals gaps in consumer confidence and engagement
Arabian Business
07-05-2025
- Business
- Arabian Business
UAE reports 94% surge in bank account ownership
A recent survey commissioned by Daleel, the Middle East's personalised financial marketplace, has revealed that 94 per cent of respondents in the UAE now hold a personal bank account. This marks an increase from 85 per cent in 2021, according to data from the World Bank's Global Findex Database, positioning the UAE on par with the USA as one of the most banked nations globally. UAE financial inclusion soars The survey, conducted by third-party research firm YouGov, aims to understand the financial behaviour of UAE residents. It examined not only account ownership but also confidence in the financial products being used. 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 personalised products instead of 'one-size-fits-all' finance,' he added. Key survey insights revealed that nearly two-thirds of bank account holders expressed confidence in their personal bank accounts, but 76 per cent reported a lack of confidence in at least one financial product they use. Among mortgage holders, 65 per cent expressed doubts about whether they had the best mortgage plan. Additionally, 62 per cent lacked confidence in their personal or auto loans, and 50 per cent were uncertain about their credit card selection. The survey also revealed that women were twice as likely as men to review their financial products occasionally. However, around 90 per cent of respondents indicated that they periodically review and switch financial products, with many open to more personalised options. Emirati nationals were found to be the most proactive in reviewing their financial products, with 80 per cent checking them annually. Ridaa Shah, COO at Daleel, said: '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 personalisation, consumers will be able to make faster, more informed decisions and ultimately we will see a rise in confidence in their chosen financial products.'
Hi Dubai
07-05-2025
- Business
- Hi Dubai
UAE Survey Reveals Major Leap in Financial Inclusion, 94% Now Have a Personal Bank Account
Daleel, the Middle East's personalized financial marketplace, has revealed the results of an independent survey into the UAE's financial behaviour. 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
