Banks in the UAE, the second-biggest Arab economy, are digitising their services, cutting paper trails and human interactions to reduce costs and boost efficiency.
Thursday 03, October 2019 BY MUZORIWA KUDAKWASHE
Standard Chartered Bank’s UAE unit has slashed more than 100 jobs in its retail business increasing digital banking operations and outsourcing back-office work to low-cost locations such as India, reported Reuters.
The lender said that it continuously reviewing its businesses and is accelerating its shift towards digital and consumer preference, without confirming the job cuts.
Earlier this year, Dubai’s Mashreq Bank announced plans to spend around AED 500 million over the next five years on digitisation, amid plans to shut half of its branches in the UAE this year. The bank will cut about 10 per cent of its workforce of more than 4,000 as part of its digital drive.
Recently, Emirates NBD and Mashreq Bank unveiled their online banks for SMEs, entrepreneurs and start-ups as they invest in digital transformation to address challenges faced by new businesses.