UAE – Mubasher: Major banks in the UAE are adopting digital services to be able to compete in the market and meet their customer needs, according to a recent analysis by Bloomberg Intelligence.

Through digital adoption and high IT spending, the banks would expand their market share, create flexible and cost-effective activities, pave the way for fintech catalysts, as well as consolidate smaller banks.

The analysis referred that Emirates NBD was the first bank in the Gulf area to use an application programme interface (API) based infrastructure, backed by its AED 1 billion ($272.3 million) investment budget, topping the other Gulf peers in digital transformation.

The Emirati bank also launched E20, the first digital bank for small and medium enterprises (SMEs).

Bloomberg Intelligence’s analysis further concluded that Al Hilal Bank’s integration with Abu Dhabi Commercial Bank (ADCB) allows it to have a full digital Islamic banking offering.