With the boom in financial technology in the Middle East, many financial services and products have been created that provide convenience to consumers, so new trends in financial technology have emerged to further develop and enhance them. You can learn more about financial technology trends in the Middle East.
Important Financial Technology Trends in the Middle East
Financial Technology Trends- Artificial intelligence
Artificial intelligence is used in the means and techniques of financial technology to provide a great and simple customer experience. It is expected to reduce the number of employees in banks such as Mashreq Bank by providing artificial intelligence systems to perform simple tasks.
Emirates NBD also used the first virtual help based on artificial intelligence in customer service, which can understand both Arabic and English, and performs simple banking transactions.
Artificial intelligence systems increase the efficiency of banks and transactions that are carried out 24 hours a day, thus providing a precise, safe and fast experience for the customer, but will face some challenges to change the behavior of the client to use electronic systems.
Encryption of encrypted currencies
Where some countries such as China have resorted to prevent the circulation of currency coded, as South Korea is considering to take this decision as well, as there has been a decline in the prices of coded currencies, resulting in huge losses to investors, and thus need the currency market encrypted to develop a law from governments to control and legalize currency trading Encrypted, while providing security and protection to customers during trading.
Therefore, there is a codification of coded currencies in the Middle East due to fear of investing in counterfeit currency, so governments in the Middle East need to set strict laws to protect customers when buying encrypted currencies, and codify the methods of the trading encrypted currency.
The boom in the use of electronic portfolios on mobile phones
Due to the increase in the percentage of purchases made through mobile phones, e-wallet services have flourished on mobile phones, so the electronic portfolio is one of the most important trends in financial technology in the Middle East, so the Apple Pay and Samsung Pay portfolio was launched to be loaded on smartphones in the East Middle East.
The Middle East is witnessing a significant boost to mobile e-payment, which is carried out on a daily basis. Awareness is also being developed for merchants and customers to use mobile payment, which is one of the easiest ways to buy and pay quickly and securely.
Use of automated consultant
An automated consultant is one of the most convenient means for people to deal with. It is one of the cheapest ways to hire people to perform individual consultation tasks. The automated consultant can support investors and provide the best investment solutions according to client funds, market and performance records for different asset classes.
It also helps to provide a clean and clear view of the investment results and risks to which the client may be exposed, and helps the client to manage his or her financial wealth even if it is limited in the safest way.
Finance is one of the most important financial technology trends in the Middle East. It provides people with solutions to provide the capital needed to set up businesses, with the lowest commissions and fees, compared to bank financing, which costs the customer high additional funds and high interest rates when financing From the bank, financial technology provides financial services that link companies that need capital with investors at the lowest prices.
Has shown you the most important trends in financial technology in the Middle East, where most companies and financial institutions are heading, to develop the financial technology industry, provide new services that meet customer needs, save time and effort while providing security during financial transactions.