Fintech PR
Banking in the United Arab Emirates stands at an inflection point between the traditional branch-based model and a digital AI-enabled future – new Capco survey
Nine in ten UAE survey respondents want apps that provide personalized insights into their finances
73% say they are comfortable having AI guide day-to-day financial decisions
DUBAI, UAE, Sept. 2, 2024 /PRNewswire/ — A desire for more insights into personal finances, a willingness to share data to unlock individually tailored services, and a high level of comfort with AI-driven guidance are key themes to emerge from the new survey of UAE retail banking customers conducted by Capco, the global management and technology consultancy.
As the UAE pushes forward with ambitious plans to grow its digital economy, Capco’s Bank of the Future survey of over 1,200 UAE banking service users aged between 18 and 65 found that 89% have become more confident in using mobile and digital banking services over the last two years. Eight in ten (83%) now use mobile apps to access banking, offering a solid foundation for future banking innovation.
In addition, 87% of respondents say they would be attracted to an app that offered personalized insights into their finances, including 41% who say this would be ‘extremely attractive’. The survey also reveals that 72% would ‘definitely’ or ‘probably’ share additional personal data – such as social media profiles or wearables data – to unlock personalized products, services or offers.
In support of its main survey, Capco conducted more focused polling of 500 consumers that looked specifically at the adoption of digital-first banking services. This found that nine in ten UAE respondents (89%) now have digital-first accounts, including both international and UAE-based firms. Three-quarters (76%) have an account with a UAE-based digital-first provider.
Capco’s survey findings highlight opportunities for UAE banks and fintechs to capitalize on positive attitudes to data sharing and innovation to deliver the products and services that consumers say they want. It also offers recommended paths forward for banks as they explore how best to apply the latest approaches to data analytics and AI to address customers’ aspirations.
James Arnett, Managing Partner, APAC & Middle East at Capco, said: “Consumers in the UAE are looking for products and services that provide a more bespoke user experience, including personalized financial insights. Seizing this opportunity will require an ever more nuanced understanding of individual consumer’s aspirations, and banks and other providers will need to prepare by investing in improved data management and advanced analytics.”
Naim Alame, Managing Partner, Middle East at Capco, said: “Consumers want convenient, integrated financial services and seamless digital journeys enabled by improved connectivity, data analytics and AI. Delivering the products and experiences that consumers want will require more agile banking models and significantly greater collaboration with third parties in order to embed value-added financial services ever more deeply into customers’ lives.
“For the bank of the future, collaboration may prove to be as important a priority as disruption. Offering a mobile-first experience that embeds payment aggregations, finance options and other ecosystem services to provide a more seamless and holistic experience will be the key to keeping customers engaged.”
Other key findings in Capco’s UAE survey report include:
86% of respondents would be attracted by a banking app that integrates financial services with the non-financial services they use in their daily lives, such as ride hailing and e-commerce.
- 37% would find such an app ‘extremely attractive’.
The characteristics that would convince a respondent to use a specific bank or financial institution include ‘a wide range of services’ (51%) and ‘more accessible services’ (45%).*
- ‘Trust in the company’ (39%) and ‘highly personalized products’ (34%) are also seen as important.
Four in ten of respondents (41%) cite cashback options as a value-added feature they consider when selecting a new card or account.*
- Other important features respondents would consider include discounts on travel (33%), monthly offers such as retail discounts (32%) and the ability to use points to make purchases (32%).
As digitalization accelerates, 72% of those using payment services identify online payments as a preferred payment method and 69% mention digital wallets.*
- Cash remains a preferred payment method for 51% of respondents, and cheques continue to be preferred by 28%.
- In Capco’s recent Kingdom of Saudi Arabia (KSA) banking survey, online payments (65%) and cards (65%) were the leading preferred methods of payment, while 57% of respondents cited digital wallets, 55% mentioned cash, but only 11% chose cheques.
The UAE played host to the COP28 global climate conference in late 2023, and almost nine in ten respondents (88%) say it is important that their primary bank has a proactive stance on ESG issues.
- In our KSA banking survey, 80% of respondents stated that this is important.
*Multiple responses permitted
Capco’s UAE survey report can be accessed here.
About Capco
Capco, a Wipro company, is a global management and technology consultancy specializing in driving digital transformation in the financial services industry. Capco operates at the intersection of business and technology by combining innovative thinking with unrivalled industry knowledge to fast-track digital initiatives for banking and payments, capital markets, wealth and asset management, insurance, and the energy sector. Capco’s cutting-edge ingenuity is brought to life through its award-winning Be Yourself At Work culture and diverse talent. To learn more, visit www.capco.com or follow us on LinkedIn, Instagram, Facebook, and YouTube.
Fintech PR
Robert Rahman Joins Dinosaur Group Holdings to Head its New Global Corporate Credit Securities Market Unit in the US, Europe & Asia
NEW YORK, Nov. 25, 2024 /PRNewswire/ — Dinosaur Financial Group LLC. (DFG), a New York based Investment Firm and Dinosaur Merchant Bank Ltd. (DMBL), a London based Institutional Brokerage announced the joining of Robert Rahman as the Global Head of the newly created Global Corporate Credit Securities (GCCS) unit.
Dinosaur Group’s new GCCS initiative seeks to provide clients with an alternative to the bulge bracket that will not compete with clients and seeks to offer those clients, a partner that can deliver reliable and trustworthy execution capabilities in a difficult liquidity backdrop. Robert’s new unit will complement the firm’s existing global footprint in Fixed Income.
Robert will oversee the sales, trading, and research business globally for Corporate Investment Grade, High Yield, Distressed, Stressed, Special Situations, Levered Loans, Re-Org Equities, Trade Claims, Private Credit and Converts within the GCCS unit.
Before Dinosaur, he was the Head of High Yield, Distressed and Loans within the capital markets division of Oppenheimer and Co (OPY) where he worked for the last 16 years. He has also been a senior member of Morgan Stanley’s High Yield sales team and has over 30 years of experience in all aspects of Institutional Credit. Robert started his career as a Credit Analyst within Salmon Brothers revered “Corporate Bond Research” team and at Donaldson, Lufkin & Jenrette’s “Leveraged Finance Research” team.
Announcing his appointment, Glenn Grossman, CEO, Dinosaur Group said, “Robert’s deep client and issuer relationships along with his previous success in leading and building global credit teams will help the group to provide institutional clients with an additional liquidity platform for one stop credit trading across the world. We are very excited to see the new business grow under his leadership.”
Elliot Grossman, Managing Director added, “With Robert’s leadership, the group seeks to help institutional investors by providing capital to help facilitate trades versus being another riskless agency credit shop.”
Speaking about joining the Dinosaur group and his plans for the new business, Robert said, “I was attracted to the group given its established track record of providing client solutions in Fixed Income, globally for the past 25 years. My focus will be to provide institutional investors with an enhanced global liquidity platform for the US, European and Asian markets. I look forward to building this business at DFG.”
He also stated, “Sourcing trading block paper is nuanced and requires deep and long-standing client relationships from the trader, analyst, PM and CIO level. The new team will look to gain Fixed Income clients’ trust, add value and provide liquidity while so many competitors retrench.”
About Dinosaur Group Holdings
Dinosaur Group Holdings (DGH) is the holding company for Dinosaur Financial Group LLC. (DFG), an investment firm registered with the SEC and a member of FINRA and SIPC, Dinosaur Merchant Bank Ltd. (regulated by the FCA) and New York-based SEC-registered investment firm DCM Advisors, LLC.
Deploying a team of approximately 150 professionals, the overall organization provides global execution services, financing and advisory expertise/insights for equities, fixed income, commodities and derivatives, investment management as well as a suite of investment banking services providing financial solutions and capital markets execution to the middle market client base, both domestically and globally. Clients and counterparties spanning six continents are primarily institutions, family offices, asset managers, hedge funds, and corporations. Dinosaur Group takes pride in the business’ stable management, strong compliance, solid operations, and diverse talent.
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View original content:https://www.prnewswire.co.uk/news-releases/robert-rahman-joins-dinosaur-group-holdings-to-head-its-new-global-corporate-credit-securities-market-unit-in-the-us-europe–asia-302315687.html
BIRMINGHAM, England, Nov. 25, 2024 /PRNewswire/ — Each year 32% of small businesses experience a legal issue but only 25% of these are able to access professional help. Of those who did engage lawyers, many had to draw on personal savings just to meet fees. The current legal system is unaffordable with the balance tipped against those without vast financial resources.
GitLaw.co, launching this week, is looking to change that. GitLaw has published hundreds of legal document templates which are entirely free to download or customize through its platform. GitLaw is built by a group of tech entrepreneurs including Nick Holzherr who previously founded Whisk.com, a software platform acquired by Samsung in 2019.
GitLaw’s name is inspired by Git technology and open source software development. This collaborative model allows legal documents to be freely available to use, modify or share, with complete version history transparency. GitLaw’s vision is to create a collaborative open source community for legal documents. GitLaw’s specialized features help users efficiently customize and finalize legal templates. Users can submit templates as well as suggest changes to existing documents, resulting in free community-driven standards for legal documents.
The service is initially targeted at small businesses in the US and UK. “As a startup founder I have first hand experience of having to navigate legal battles without budgets for lawyers and I wish I’d had something like GitLaw – a reliable repository of free legal documents” said Nick Holzherr, one of the founders of GitLaw. “We already have 300 documents that cover key contract types like NDAs (Non Disclosure Agreements), Employment Agreements and Privacy Policies, and we hope the community will continue to provide more documents”. Most of the documents on GitLaw today are created and contributed by reputable law firms, lawyers, investors and organizations.
While the platform targets the 400m global small businesses first, the company has a mission to bring GitLaw to wider audiences. “In the medium term I hope we’ll be able to cover a lot more areas of law like civil law.
Longer term, I can envision GitLaw being used to support the creation of national laws, enabling citizens to contribute, provide feedback, and transparently track every change made to their legislation.” said Holzherr.
GitLaw is free to use and available at www.gitlaw.co
Pictures available at https://gitlaw.co/press
View original content:https://www.prnewswire.co.uk/news-releases/new-gitlaw-platform-makes-creating-legal-documents-free-and-fast-302315630.html
Fintech PR
MarketsandMarkets Appoints Milan Rao as Chief Operating Officer and Chief Revenue Officer, Strengthening Apex Leadership in Line with Ambitious Growth Plans
DELRAY BEACH, Fla., Nov. 25, 2024 /PRNewswire/ — MarketsandMarkets, a prominent Indian-origin startup recognized by Forbes as one of ‘America’s Best Management Consulting Firms 2023’, has appointed Milan Rao as its Chief Operating Officer (COO) and Chief Revenue Officer (CRO). Milan’s appointment comes as the company continues to scale its innovative AI-based knowledge platform and consulting capabilities and strengthens its apex leadership team, in preparation for its future growth trajectory.
Milan has joined MarketsandMarkets from a distinguished career in the industry, bringing over 25 years of expertise in driving operational excellence and revenue growth at global firms. He has held leadership roles at top-tier organizations, such as Wipro, GE Healthcare and Airtel, where he was instrumental in spearheading transformation strategies for clients in diverse sectors. Milan also has extensive experience in scaling startups and working with PE firms in accelerating growth for start-ups in high-potential markets.
Sandeep Sugla, Founder and CEO of MarketsandMarkets, expressed his enthusiasm for Milan’s appointment: “We are thrilled to partner with Milan in this leadership role. His wealth of experience across large global firms and start-ups is a perfect fit to drive our growth and scale ambitions, globally. Milan’s expertise will be invaluable, as we continue our mission to enable businesses to identify and capitalize on megatrends, such as AI, clean-tech, IoT, and blockchain, which will create transformative opportunities across industries like Technology, IT, Semiconductors, Healthcare, Life Sciences, Energy, Chemicals, Industrial and Automotive sectors.”
Milan’s leadership will be critical in navigating the ongoing global disruptions caused by these megatrends. According to MarketsandMarkets, new revenue sources amounting to approximately USD 25 trillion are expected to emerge by 2030, creating significant growth potential for clients. His dual role as COO and CRO will see him overseeing operational efficiencies, while driving sustainable revenue growth through innovative market strategies and partnerships.
“I’m excited to have joined a company that is at the forefront of identifying and analyzing real-time megatrend impacts across major sectors,” said Milan. “MarketsandMarkets’ AI-based platform is unique in its ability to provide actionable insights to global leaders, enabling them to adapt to and benefit from disruptive shifts. I look forward to building on this foundation and helping our 13,000 global clients stay ahead of the curve in an increasingly dynamic business environment.”
Milan holds an MBA from IIM Calcutta and a bachelor’s degree in computer science from IIT, BHU-Varanasi, and has undertaken an advanced management program from Harvard Business School. He is an active supporter of several social initiatives, focusing on education and healthcare for the underprivileged.
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms, as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines — TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies — helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
1615 South Congress Ave
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/
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