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.”

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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.

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RegVerse, a leading provider of compliance solutions, has announced a significant update to its Avery platform, designed to enhance compliance support for Registered Investment Advisors (RIAs). The latest update brings new features and functionalities that address the evolving regulatory landscape, helping RIAs stay compliant with the latest rules and regulations.

What’s New in the Avery Platform Update?

The Avery platform update introduces several enhancements aimed at making compliance easier and more efficient for RIAs. These updates are designed to help firms navigate complex regulatory requirements, reduce compliance costs, and improve overall operational efficiency.

Key Features of the Avery Platform Update:

1. Enhanced Regulatory Reporting: The updated platform includes new reporting capabilities that allow RIAs to generate detailed compliance reports quickly and accurately. This feature is particularly useful for meeting the reporting requirements of regulators such as the SEC.
2. Automated Compliance Checks: Avery now offers automated compliance checks that monitor for potential violations in real-time. This proactive approach helps RIAs identify and address compliance issues before they become significant problems.
3. Improved Document Management: The platform’s document management system has been upgraded to support secure storage, retrieval, and sharing of compliance-related documents. This helps RIAs maintain organized records and ensures that they can provide necessary documentation during audits.
4. Customizable Dashboards: The update includes customizable dashboards that provide RIAs with a comprehensive view of their compliance status. Users can track key metrics, set alerts for potential issues, and gain insights into their overall compliance performance.

Benefits of the Avery Platform for RIAs

The Avery platform update is designed to address some of the most pressing challenges faced by RIAs in today’s regulatory environment. By providing advanced compliance tools and streamlined processes, Avery helps RIAs achieve the following benefits:

• Reduced Compliance Burden: Automated compliance checks and streamlined reporting reduce the manual workload for compliance teams, allowing them to focus on more strategic tasks.
• Enhanced Risk Management: Real-time monitoring and proactive alerts help RIAs identify and mitigate risks early, reducing the likelihood of regulatory violations and associated penalties.
• Improved Client Trust: By maintaining high compliance standards, RIAs can build trust with their clients, demonstrating a commitment to operating with integrity and transparency.

The Future of Compliance for RIAs

As the regulatory landscape continues to evolve, RIAs must stay vigilant and proactive in managing their compliance obligations. The latest update to the Avery platform reflects RegVerse’s commitment to supporting RIAs with innovative solutions that simplify compliance and reduce risk.

Looking ahead, RegVerse plans to continue enhancing the Avery platform with new features and integrations that address emerging regulatory challenges. By staying at the forefront of compliance technology, RegVerse aims to help RIAs navigate the complexities of the regulatory environment with confidence and ease.

For RIAs seeking a comprehensive compliance solution, the updated Avery platform offers a powerful toolset that can help them achieve their regulatory goals and maintain a strong compliance posture in an increasingly complex market.

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Source: Investment News

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Jumio, a global leader in digital identity verification, has announced that its solutions are now available on AWS Marketplace. This move aims to simplify the process for enterprises looking to integrate advanced identity verification services into their operations, enhancing security and compliance in the digital age.

Why Jumio’s Presence on AWS Marketplace Matters

AWS Marketplace is a digital catalog that makes it easy for businesses to find, purchase, and deploy software solutions in the cloud. By making its solutions available on AWS Marketplace, Jumio is streamlining the procurement process for enterprises, allowing them to quickly access its industry-leading identity verification services.

Key Benefits of Jumio on AWS Marketplace:

1. Easy Integration: Jumio’s presence on AWS Marketplace simplifies the integration of its identity verification services with other AWS-powered applications. Enterprises can quickly deploy Jumio’s solutions without the need for complex configurations or lengthy setup processes.
2. Scalable Identity Verification: As businesses grow, their identity verification needs become more complex. Jumio’s solutions are designed to scale with businesses, providing robust verification capabilities that can handle high volumes of transactions with ease.
3. Enhanced Security and Compliance: Jumio’s identity verification services help businesses comply with regulatory requirements, such as KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations. By using AI and biometrics, Jumio ensures that identity verification is both secure and reliable.
4. Cost Efficiency: Purchasing through AWS Marketplace allows businesses to take advantage of flexible pricing models, including pay-as-you-go and annual subscriptions. This cost-effective approach helps businesses manage their budgets more effectively while accessing cutting-edge technology.

The Role of Identity Verification in Digital Transformation

As more businesses undergo digital transformation, the need for reliable identity verification solutions has never been greater. Identity verification is crucial for preventing fraud, ensuring compliance, and building trust with customers. Jumio’s solutions, available through AWS Marketplace, provide businesses with the tools they need to navigate the challenges of the digital economy.

Applications of Jumio’s Identity Verification Solutions:

• Financial Services: Banks and fintech companies can use Jumio’s solutions to onboard customers securely, reduce fraud, and meet regulatory requirements.
• eCommerce: Online retailers can enhance their customer experience by using Jumio’s verification services to streamline account creation and payment processes, ensuring that transactions are legitimate.
• Healthcare: Jumio’s identity verification solutions help healthcare providers protect patient data and comply with regulations like HIPAA, ensuring that only authorized individuals have access to sensitive information.

Looking Ahead: The Future of Digital Identity Verification

The availability of Jumio on AWS Marketplace is a significant step forward in the evolution of digital identity verification. As cyber threats continue to evolve, businesses must prioritize security and compliance, making solutions like Jumio’s an essential part of their digital strategy.

Looking ahead, Jumio plans to continue expanding its offerings on AWS Marketplace, providing businesses with even more tools to protect their operations and build trust with their customers. As the demand for secure, scalable, and compliant identity verification grows, Jumio’s presence on AWS Marketplace positions it as a leader in the digital identity space.

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Source: Fintech News Singapore

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