Emirates NBD expects 30% of customers to use digital banking services in 2014

UAE-based Emirates NBD is planning to increase the number of customers using internet and mobile banking services by 4% in 2014 and expects to reach 30% by the end of the year.

UAE-based Emirates NBD is planning to increase the number of customers using internet and mobile banking services by 4% in 2014 and expects to reach 30% by the end of the year.

Emirates NBD retail banking and wealth management general manager, Suvo Sarkar, said mobile banking is one of the fastest growing segments of their business, with around quarter of its customers using smartphones and other devices to check balances, pay bills or keep track of purchases.

"Customers increasingly adopt technologies that enable them to conduct faster, more cost-efficient and secure financial transactions using a mobile device.

"Emirates NBD has now reached about 26 of its customer base banking via online and mobile. We expect our mobile banking customers to continue to grow by double digit through 2014," Sarkar added.

The expectations from Emirates NBD are based on the increasing usage of mobile phones and internet by customers in UAE, where mobile phone penetration ratio is estimated to be at 171.8%.

Sarkar said customer convenience and growing confidence in the security of e-banking transactions are two of the key drivers for the growth in digital banking customers.