UAE Retail Banking Sector Gains Rapid Momentum, States Verdict Retail in In-demand Report Available at MarketPublishers.com27 May 2016 • by Natalie Aster
LONDON – The UAE’s retail banking sector is gaining rapid momentum owing in part to the rising expatriate population.
The domestic banking industry is less concentrated as against other developed countries, with the 3 leading providers holding just over two-fifths of running accounts.
In the UAE, 30% of account keepers have swapped banks over the past year. The country has the highest swapping rate in the region, which is well in excess of the worldwide average.
The UAE’s savers are cautious, with two-thirds saving to safeguard themselves from uncalculated events, with over half being retirement savings. The growth of Islamic banking is playing a pivotal role, leading to an increase in the attractiveness of Islamic deposit services.
The national mortgage market is comparably small-sized but is gathering speed. UAE mortgage balances outstanding totaled USD 0,079tn as of 2014, up from around USD 0,055tn in 2009.
Over a third of the Emirati people have a consumer loan, and the payday lending is currently gaining traction driven by a surge in bank competition and changing demographics on the back of the soaring expat population.
New research report “Retail Banking Country Snapshot: UAE” elaborated by Verdict covers the domestic retail banking sector, focusing notably on the running account, savings, mortgage, and consumer loan sectors. The study gives an unbiased overview of the market; provides deep, unprejudiced insights into the Emirati customers’ preferences for financial products and uncovers the reasons for choosing them alongside keeping track of how this has developed over recent years. It discloses details about the top providers dominating each of the market sectors in question, in tandem with giving a look at the various factors motivating consumers to choose them. The research publication evaluates the degree to which customers are exploiting online and mobile channels to investigate, scope out, and avail themselves of their financial products.
More insightful studies by the publisher are available at Verdict Retail page.