Financial Inclusion Expansion in UAE Unveiled: 94% of Population Now Own a Personal Bank Account
In a groundbreaking reveal, Daleel, the Middle East's tailored financial marketplace, unveiled the outcomes of an independent survey delving into the UAE's financial habits. The findings were eye-opening!
With an astounding 94% of respondents now owning a personal bank account, marking a massive leap from 85% in 2021 (World Bank Global Findex Database), we're looking at a remarkable surge in financial inclusion for the UAE. This remarkable growth positions the UAE alongside giants like the USA in the banking landscape.
PK Shrivastava, the CEO at Daleel, gleefully announced,
“The rising tide of personal bank account ownership in the UAE demonstrates the success of our nation's ambitious vision, 'We the UAE 2031' and the UAE Digital Economy Strategy. Our curiosity was piqued—to gain insights into how folks utilize financial services, from exploration of various products to confidence levels. It's heartening to witness such a high level of financial adoption, yet we recognize immense potential for more customized financial products rather than the one-size-fits-all approach."
The survey, carried out by a third-party researcher (YouGov), sampled a representative portion of UAE residents.
Almost two-thirds of bank account holders expressed satisfaction and trust in their personal accounts. However, more than three-quarters (76%) expressed doubts about one or more of their financial products. The survey shed light on:
- 65% of mortgage holders expressing uncertainty about getting the best deal, 62% feeling apprehensive about their personal or auto loans, and 50% questioning their credit card choices
- Women were twice as likely to shun reviewing their financial products in comparison to men
- A whopping 9 out of 10 people occasionally evaluate and switch their financial products, with a similar number open to more customized financial options
- 8 out of 10 Emiratis diligently examine their financial products annually, the most dedicated group, reflecting diverse demographics and nationalities surveyed
Ridaa Shah, COO at Daleel, stated,
"Financial jargon can be confusing, and products shouldn't be so impenetrable. This year in the UAE, finance will embrace greater transparency and customization. Consumers will be equipped to make quicker, wiser decisions, eventually boosting confidence in their chosen financial products."
Daleel, founded in Bahrain, made its presence felt in the UAE during Q1, at Visa's CEMEA region Market Support Center in Dubai. The financial platform is backed by notable brands such as Visa, Flat6Labs and Salica.
The news source: duke + mir.
- PK Shrivastava, the CEO at Daleel, highlighted that the success of the nation's ambitious vision, 'We the UAE 2031' and the UAE Digital Economy Strategy, is demonstrated by the rising tide of personal bank account ownership in the UAE, positioning the country alongside banking giants like the USA.
- Ridaa Shah, COO at Daleel, stated that this year in the UAE, finance will transcend toward greater transparency and customization, enabling consumers to make quicker, wiser decisions, ultimately boosting confidence in their chosen financial products.
- The survey carried out by a third-party researcher, YouGov, revealed that although almost two-thirds of bank account holders expressed satisfaction and trust in their personal accounts, more than three-quarters (76%) expressed doubts about one or more of their financial products.
- The survey also shed light on the financial habits of UAE residents, showcasing that 9 out of 10 people occasionally evaluate and switch their financial products, with a similar number open to more customized financial options, and 8 out of 10 Emiratis diligently examining their financial products annually.
