The Director General of the UAE Banks Federation told Al-Bayan: Digital banking transactions in the UAE are among the highest in the world

By David Sadler Last updated Jun 5, 2023

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Jamal Saleh, Director General of the Emirates Banks Federation, said: The acceleration of digital transformation in the UAE contributes to providing many new jobs in the banking and financial sectors and developing the nature of some of the current jobs in the two sectors.

Saleh expected, in an interview with Al-Bayan, that the need for financial technology experts will increase in order to evaluate partnerships, identify emerging trends, and direct banks in implementing financial technology solutions to enhance competitiveness and improve customer experience, indicating that digital banking transactions in the UAE today reach more than 95%. Of the total banking transactions, which are among the highest rates in the world, the following is the text of the dialogue:

artificial intelligence

What jobs will banks need in the next phase and why?

At a time when there is increasing talk about the uses and effects of advanced technologies and artificial intelligence, it must be noted that this trend and these discussions are not new in the banking and financial sector, but rather began years ago, as we are witnessing a growing demand for digital services, which prompted the banking sector in the UAE to accelerate and increase its efforts in developing and employing digital solutions in order to provide the best services to customers in a safe and reliable banking environment.

I note here that local banks have invested more than 3.7 billion dirhams over the past five years in this field, modernizing the technical infrastructure, improving application programming interfaces, cloud computing, and improving digital channels. We believe that the acceleration of digital transformation in general, and in the banking and financial sector in particular, contributes to providing many new jobs and developing the nature of some existing jobs.

smart phones

How has the digital transformation process affected digital banking transactions?

The digital transformation journey, which took place under the supervision and guidance of the Central Bank of the United Arab Emirates, undoubtedly contributed to increasing reliance on digital banking services, as the percentage of digital banking transactions reaches more than 95% of total banking transactions, which is one of the highest rates in the world. The percentage of services provided through smart devices is more than that, and some of them are close to 100%, as the percentage of dependence on digital channels is constantly increasing.

Rehabilitation of cadres

How do banks prepare human capital to adapt to new business requirements in the sector?

Indeed, the digital transformation in banks prompted the banking sector to invest in qualifying human capital, especially Emiratis, to keep pace with the requirements of transformation, develop appropriate solutions and employ technology in an innovative way, as it attracted, qualified and trained the cadres required by the digital age such as designers, engineers and data scientists.

With the increased trend for digital solutions, it is possible to point out some jobs that dependence and demand is expected to increase in the banking and financial sector, such as data analysis experts, artificial intelligence, and machine learning experts, with the aim of benefiting from massive data in improving risk management, accelerating operations, enhancing customer experiences, and developing financial and banking services for individuals. Enterprises, marketing and customer service.

We anticipate an increasing need for FinTech experts to assess partnerships, identify emerging trends and guide banks in implementing FinTech solutions to enhance competitiveness and improve customer experience.

Likewise, the rise in cyber risks enhances reliance on cyber security specialists to protect customer data and protect against cyber attacks in general, and to ensure compliance with local and global standards, systems, and regulations.

As blockchain technology gains broader acceptance, we foresee an increased need for blockchain professionals in the industry to develop and implement solutions for secure and transparent transactions, smart contracts, and identity verification.

There is no doubt that the focus on sustainability and social responsibility will prompt banks to increase interest in hiring experts to assess environmental, social and governance factors for various aspects of banking work, and to develop strategies that are in line with the concepts of investment and sustainable financing, and banks have begun to focus on these aspects during the last period.

Despite technological development and reliance on digital solutions, human expertise will remain very important in providing direct financial and investment advice, customer service, regulatory compliance with regulations, standards, laws, transparency, government and risk management. It can be said that the rapid pace of technological progress and the growing requirements of customers will lead to a change in the nature of many current jobs as well, so that these jobs require the importance of keeping pace with technological development and developing the talents and capabilities of workers.

Attracting talent

How did modern technologies – especially artificial intelligence – affect the recruitment process in banks?

Modern technologies contribute to improving the recruitment process in the banking and financial sector, and overcoming the ways in which banks anticipate and anticipate requirements, attract talents and expertise and evaluate them, such as the wide and accurate capabilities of these technologies in searching for suitable candidates in many digital platforms to identify potential candidates based on specific criteria, Efficiently examining and analyzing resumes, identifying skills, experience, and qualifications. In addition, chatbots and virtual assistants supported by artificial intelligence technologies can deal with job applicants, answer frequently asked questions, and provide information about job opportunities, requirements, and application procedures.

data analysis

AI can help analyze vast amounts of data to identify trends in successful hires and employee performance, and assess candidates’ cognitive abilities and skills or analyze the results of these assessments, supporting recruitment and human resource departments in making data-driven decisions and improving recruitment strategies.

In addition, advanced technologies and artificial intelligence can play an important role in training programs for new employees, and can improve tools for assessing employee satisfaction, identifying aspects that require development, and making recommendations to enhance employee performance. Despite the great benefits provided by modern technologies, the human element is essential to ensure optimal employment processes.

artificial intelligence

Could bank employees be more likely to lose their jobs in the next stage due to artificial intelligence?

It is important to point out that any technological development contributes to three basic trends with regard to jobs in various sectors, and these trends are first: the disappearance of the need for some jobs, second: changing the nature of some jobs, and third: creating new job opportunities. We have witnessed these transformations with the adoption of many technologies over the past decades, such as the great impact of the use of the computer itself on the various fields of work.

And because the banking sector was a pioneer in adopting technological developments and modern technologies, the banking and financial institutions that are members of the Federation of Emirates Banks have, and are still doing so far, rehabilitating and upgrading the human resources that were working in the fields that technologies have become widely used, so that these Human cadres are qualified and able to perform other tasks and are trained to take advantage of these technologies to increase the capabilities of workers in performing their tasks. Certainly, acquiring new skills is essential for all workers to keep pace with changing requirements.

As I mentioned in my previous speech, there are many new jobs provided by digital transformation and the use of advanced technologies such as artificial intelligence. Here, I would like to focus on the importance that the Emirates Banks Federation attaches to training and qualifying programs for workers in the banking sector, especially Emirati youth among them, under the direct supervision of the Central Bank of the United Arab Emirates, and in cooperation with all member banks in the federation, which contributes to enhancing performance and improving customer experiences in At the same time, which contributes to benefiting from the capabilities of workers and keeping pace with the rapid developments.

Improve productivity

How can AI tools like ChatGBT help bank employees improve their performance and productivity?

I cannot comment on a specific application, but I say, as I said, that employing advanced technologies such as artificial intelligence contributes to enhancing the capabilities of workers to carry out their tasks, and the method of this enhancement varies according to many factors, including the orientation of the institutions in which they work and the extent to which they depend on technologies, and the nature of the tasks that workers perform. .

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Can artificial intelligence help increase Emiratisation in the banking sector?

Yes, artificial intelligence can play a role in increasing Emiratisation in the banking sector by facilitating the development of skills, improving efficiency and providing opportunities for talents, and this is in line with developing the capabilities of various workers in the banking and financial sector.

We believe that this supports the efforts of the Emirates Banks Federation in its efforts to support the promotion of Emiratisation programmes, as we have adopted the UAE Central Bank plan that aims to employ 5,000 citizens until the year 2026, which enhances the base of citizens working in banks and insurance companies, and the members of the federation have developed advanced training plans And long-term aims to provide appropriate conditions for the rehabilitation of future leaders in the banking and financial sector.

I believe that the use of artificial intelligence can contribute to the development of training programs designed to develop the skills of workers and help them acquire knowledge and experience in several areas such as data analysis, cyber security and digital banking services. It can also support the employment of advanced technologies in identifying candidates with the appropriate capabilities and capabilities for various banking sector jobs and help in designing qualification programs to develop future leaders in the banking sector, as well as professional guidance and counseling programs, and provide an environment that promotes the development of Emirati talents and provides them with the skills, resources and opportunities necessary to thrive in The banking sector, which is characterized by rapid development.

Jamal Saleh confirmed that the number of employees in UAE banks exceeds 35,000 banking and financial competencies, indicating that there is a great demand for work in the banking sector at the present time, in addition to the current employees’ demand for training and qualification programs to keep pace with developments in the sector, including advanced technologies.

He added, “There is no doubt that the UAE’s ability to attract the best competencies and talents from around the world, and to qualify and train national cadres, has contributed to the consolidation of the country’s position as a leading financial and banking center in the region and in the world, as it is considered among the best 7 financial centers in the world.”

The Federation of Emirates Banks plays an important role in supporting the qualification and training of workers in the banking sector in various fields, as the federation’s agenda includes many courses and workshops that focus on developing capabilities and keeping abreast of developments for workers in the banking sector. The federation has also established specialized and pioneering training centers in cooperation with major Specialized global institutions such as Swift.

35 thousand qualified people in UAE banks