6
vritti
December 2018
The Digital Financial Services Guide
What Customers Want
What customers require from digital banking,
as per a study conducted by McKinsey, are
simplicity and security. In a more physical
brick and mortar banking processes what
customers are looking out for is simple and
secure digital way of getting over their day to
day banking needs. As per the report, while
banks typically focus on digitising high-cost
processes such as loans, customers tend to
value vanilla features as well. This may be,
partly, due to the absence of seamless, easy-
to-use, end-to-end loan-related solutions. If
banks start offering quick loan applications,
for example, they might raise customers'
interest and increase digital sales.
UAE Leads on the Regional Stage
The United Arab Emirates has arguably the
most favourable of ecosystems for the growth
and sustenance of digital banking. The
advancement digital technology infrastructure,
the higher percentage of internet users, social
media users, smart phone penetration etc are
key factors driving this. In fact, select leading
banks have already begun paving the way.
According to EuroMoney, for instance, over 90
per cent of transactions executed at Mashreq
Bank are being done through digital channels.