Business

The Board of Directors of UAE Banks Federation (UBF), a professional representative body consisting of 48 member financial institutions operating in the UAE, has actually recently held its conference to review the progression of the initiatives the Federation launched in 2017, and took on the top priorities and activity prepare for 2018.

Rising customer expectations, increasing cyber hazards and a number of significant developments forming the banking regulatory atmosphere have produced a higher demand for more cumulative initiatives to enable financial institutions to stay relevant while improving their business strategies. Our 2nd meeting this year was to evaluate numerous efforts launched earlier this year, intending to bring modern innovative adjustments to the nation's monetary sector and to mull over the best methods for the year ahead," stated H.E AbdulAziz Al Ghurair, Chairman of UBF.

The board has reviewed the progress of the key efforts of 2017 like the Cyber threat knowledge sharing platform launched in September with the objective of securing the banking sector from cyber risks. BoDs also pondered on the execution of the structures developed by the Federation, in line with global ideal methods, on moral selling practices in the retail banking and wide range monitoring industries, as well as handling customers complaints framework.

The board likewise resolved progress on financial institutions application of the Nationalization method along with SMEs financing validating banks dedication and support to improve Emiratization and rise financial institutions finance to SMEs.

Moreover, the board additionally talked about the new brand identity of UBF, which was released recently, as part of its initiatives to reinforce its essential role in driving the continual growth and advancement of the country's banking sector.

Ultimately, the board discussed latest advancements in the banking industry and fads like Expert system, big data, and fintechs.

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