Moving Towards a Digital TomorrowApril 21, 2020
The world of financial services is undergoing a revolution with innovations strengthening its presence globally and, particularly, in the UAE. Emerging technologies are driving change in the financial services industry that have given rise to a host of new products which are poised to change the way consumers handle money.
The convenience of digitalization will enable us to move slowly away from the physical need for cash. Technology, in the form of digital systems, will have the ability to rewrite economic development. It will enable financial access which will attract global market players that will result in increased businesses.
The growth story of UAE has also enhanced the flow of money in and out of the region. Services like currency conversion, transfer of fund between banks accounts, remittances, personal or business loans, financing, and future savings, have all vastly increased over the past few years with technological advancements assisting them.
In relation to the increased need for financial services, companies in the region have evolved likewise. Al Fardan Exchange, with easily accessible and widely networked branches across the UAE, the company is today the go-to financial services outlet for expats and locals alike.
Technology and financial services go hand in hand and will over the years help in shifting from brick and mortar establishments to a more virtual space, if not completely but at least to a sizeable portion. The evolving landscape of financial services depends on the demands of the customers and their involvement with technology.
This will not only enable the expansion of the financial services market, but also help in getting money to places where it is most required. Rise in technology and the widespread use of smartphones have also helped accelerate the movement of money. Transfers occur almost instantaneously due to these technological marvels.
Harnessing the power of the latest in fintech in data security and hyper-connectivity, which allows super quick and easy money transfers to your loved ones, Al Fardan Exchange remains at the forefront of technological innovation in this sector. The company is also in line with the UAE Government’s plans to be the first Blockchain-powered government in the world by 2020. Blockchain operates on a distributed ledger technology, ensuing a reliable record of secure and transparent financial transfers. Al Fardan Exchange is one of the early adopters of this technology and continues to look at various innovative solutions to include in its services.
The future will see ambitious disruption in financial services, driven by continuous technological innovation. This innovation will drive valuable customer insights enabling the development of new products and services. The transformation of systems and process will enable organizations to respond to competitive threats. Markets and consumers will greatly benefit from the dynamic financial environment.