Today's Edition
KHALED AL KHAWALDEH (ABU DHABI)
Financial inclusion hit an all-time high in the UAE, with a new survey showing that 94% of residents now hold a personal bank account. The independent poll - commissioned by Daleel, a Middle East-based personalised financial marketplace - comes amid consistent government efforts to streamline transactions and digitalise the economy.
The findings of the survey, conducted by YouGov, mark a significant rise in bank account participation from 85% in 2021, as recorded by the World Bank's Global Findex Database. This puts the UAE on par with some of the world's most banked nations, including the US.
"More people than ever before have access to a personal bank account in the UAE, demonstrating the success of the 'We the UAE 2031' vision and UAE Digital Economy Strategy towards digital transformation and financial inclusion," said PK Shrivastava, CEO of Daleel.
While the data reflects growing confidence in financial adoption, Shrivastava noted there is still room for improvement when it comes to personalising financial products.
"We wanted to understand how people use financial services - from initial research into different products, through to the level of confidence in their choices. It is very positive that there is such a high level of financial adoption, while there is still a huge opportunity for more personalised products instead of 'one-size-fits-all' finance," he added.
Despite near-universal banking, the survey revealed a significant confidence gap in how residents view their financial products. While nearly two-thirds of account holders expressed satisfaction with their bank accounts, 76% admitted to lacking confidence in at least one of their other financial products.
A majority (65%) of mortgage-holders reported uncertainty over whether they had secured the best available plan. Similarly, 62% of respondents expressed doubts about the suitability of their personal or auto loans, while half of all credit card users said they were unsure if they had chosen the right product.
The data also highlighted a gender gap in financial engagement. Women were found to be twice as likely as men to have never reviewed their financial products, suggesting a need for more targeted financial education and advisory services to support informed decision-making across all demographics.
Seeking Better Financial Solutions
Encouragingly, the survey found that nine out of 10 people said they periodically review or switch their financial products. An equally high number expressed openness to more personalised financial options, moving away from generic, one-size-fits-all offerings. Daleel said this shows that while confidence may be lacking in some areas, consumers are actively seeking better financial solutions.
Emirati nationals were identified as the most financially engaged demographic, with eight out of 10 reviewing their financial products annually, far exceeding other groups surveyed.
Ridaa Shah, COO at Daleel, emphasised that consumers need clear, jargon-free information to navigate a growing array of financial products.
"Consumers need the right information presented in a clear manner that cuts through the technical jargon," Shah said.
"Financial products do not need to be so complicated or hard to understand. This year, finance in the UAE will embrace greater transparency and personalisation. Consumers will be able to make faster, more informed decisions and ultimately, we will see a rise in confidence in their chosen financial products," she added.
