Executive officials .. Financial technology reformulates the relationship between financial institutions and clients
Dubai, May 12 / WAM / The financial services sector is witnessing a fundamental shift driven by accelerating innovations in the field of financial technology “Al -Fintak”, re -drawing the traditional relationship that has always brought together customers and banking institutions.
The banks are no longer alone that provide financial services, but rather technology companies entered the scene, to contribute to the digital operations digital and make them more streamlined and available around the clock.
A number of executives participating in the third edition of the Dubai Financial Technology Summit, which takes place on May 12 and 13, 2025, in Dubai, under the slogan “Financial Technology for All, in statements to the Emirates News Agency” WAM “, confirmed that financial technology has played a pivotal role in shaping the future of the financial sector, pointing out that traditional banking institutions have been strongly involved in developing their business models through partnerships with technology companies to remain capable To meet the aspirations of customers.
The relationship between banks and customers is witnessing a deep shift, as customers expect an immediate financial experience, specially designed for them.
He added that some companies, for example, contribute to customers obtaining loans and principle approval immediately and in less than 90 seconds, compared to the traditional methods through which the customer may need days or weeks to obtain this service.
For its part, Chiffon Peron, CEO of the President of Comprehensive Banking Services at Vinacra, indicated that financial technology has become an integral part of the daily life of users, and contributes increasingly to reshaping the relationship between individuals and banks, by providing smoother, private and effective experiences.
“We are already in the features of this transformation. With smart devices and modern banking applications, the customer experience has become more streamlined, not only by facilitating transactions, but by allocating the service to suit the preferences of each user,” she said.
Monica Long, President of “Ripple”, stressed that the UAE, especially the Emirate of Dubai, represents a leading global model in embracing and developing the Financial technology system “Vinci”, noting that the flexible organizational environment and close cooperation between the government and the private sector constitute a crucial factor in this rapid growth.
She explained that the use of blockchain technology to improve the financial infrastructure contributes to accelerating the movement of funds across the border and reducing the costs of transfer significantly, while enhancing transparency and reliability, instead of international transfers that take several days and cost between 7 to 10% of the value of the transaction, thanks to the blockchain can be implemented in seconds or minutes, at a much lower cost.
Eric One, Vice President of “Ali Baba Claude” and General Manager of the Middle East, Turkey and Africa in “Ali Baba Claude Intels”, stressed that the financial technology sector is witnessing rapid growth worldwide, so years ago, obtaining a banking service required long, but today everything changes, thanks to artificial intelligence that facilitated the user experience, where anyone can open an account, transfer money, or download documents of identity Or even investing in stocks through smart applications supported by advanced algorithms without the need for extensive financial experience.
In the same context, Prabperit Singh Jill, Chairman of the Bay Ten Company, stressed that artificial intelligence and financial technology are the formation of every moment in our daily life, whether as individuals or as business owners, as these technologies contribute to improving efficiency and facilitating access to financial services.
It touched on the concept of “open banking services”, noting that this technology is one of the most prominent features of the financial future, as it allows consumers and merchants to obtain financing and financial services faster and more accurate, as well as facilitating immediate payments and limiting complex operations.
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