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The Future of Digital Banking in the UAE 2021

The COVID-19 pandemic forced companies to adapt and learn to be agile quite quickly. It has fueled the digital banking industry in several dimensions as more people bank online and manage their personal finances from their smartphones. Last year, legacy banks and financial services pushed for innovation at record speeds to stay connected with customers.

While the banking industry faces a series of challenges as more consumers manage their personal finances from their smartphones, the more innovative and agile fintech companies and digital banks have explored new territories to help business operations, provide quick and easy access to capital, and enhance the overall customer experience.

The Digital Readiness of UAE Ensured a Swift Response to the Pandemic

There are many other avenues that banks and financial services are exploring in the UAE. The country is on the verge of starting a new journey towards a total digital transformation – creating even more disruption. Digitally native customers are placing higher priority on having a seamless and engaging digital banking experience, which includes data-driven technology and account security.

The next few years are significant for fintech and banking technology as the appetite for digital is likely to keep growing. Digital bank startups, like YAP, are disrupting the banking industry by creating new, innovative products for the new, modern, financially savvy consumer. 

Traditional modes of payments like cheques, cash, and credit cards, have become unmanageable due to the swift rise in contactless, digital payments. YAP has adopted non-cash payment solutions to ensure a secure and user-friendly online shopping experience.

Virtual cards have become part of the (digital) wallet. This innovation enables a more sophisticated control over expenses, because these virtual cards can approve a transaction before it takes place (through a two-factor ID via smartphone) and be frozen after each transaction, and the card details are safe from fraud.

Bank in a New Light with YAP’s Digital Banking App

YAP seeks to redefine the structure of digital banking and fintech. The YAP app is a digital banking platform – with a combination of high-security standards and rich features – for consumers seeking an experience that is sophisticated, simple and personalized. All of these services are available on Apple and Android phones. Users can sign up, create an account in seconds and begin using its features. YAP issues each user an IBAN from RAKBANK and delivers a MasterCard debit card straight to your door. 

Features of the YAP Digital Banking App:

  • Make spending and budgeting simpler with spending analytics.
  • Get real-time notifications on every transaction.
  • Manage your card’s usage and set limits. 
  • Make local and international money transfers.
  • Pay your utilities and manage bills easily.
  • Get access to remittances services.

YAP is revolutionizing the fintech space and providing consumers with a tech-friendly solution that is user-centered products and evokes the feeling of financial freedom. Feel what it’s like to bank in a new light – join YAP today! Connect with us! You can reach out to us via any of our social channels below. Or, you can reach us at [email protected]

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