Dubai: The UAE Banks Federation’s (UBF) 4th CEOs Advisory Council met in Dubai on Monday discussed progress in developing a unified approach to customer complaints the industry’s preparedness in cybersecurity domain and reviewed latest developments in the banking sector.
“As the industry nears the end of the year and looks ahead to welcome new beginnings, it was important that we assessed key trends and developments that impact the domestic banking sector. UBF is dedicated to building a resilient industry that incorporates insights, and takes a strategic approach to challenges such as customer experience, fraud and threat to cyber security,” said Abdul Aziz Al Ghurair, Chairman, UAE Banks Federation.
During the meeting, The CEOs discussed a study prepared by an independent consultant, which aims to strengthen UBF’s efforts in designing a unified framework for addressing customer complaints. The body initiated a sector-wide study to explore the scope and structural improvements necessary to build a robust framework that can be incorporated by all banks.
According to Al Ghurair, the UAE’s banking sector may soon benefit from having a unified system in place that is aimed at managing and reducing customer complaints.
“Providing a unified framework for customer complaints will bring greater transparency and efficiency when dealing with grievances and make the process of redressal more meaningful and time-bound.” He further added: “Effective implementation of such a framework will translate into more empowered customers. We welcome participants to use this platform, where banks share commitment towards a stronger banking industry and happier customers,” he said.
In a bid to enhance preparedness against threats to sensitive information, the Information Security Committee at UBF proposed a strategy that assesses standards of maturity levels across UAE’s banking industry in dealing with cyber security. In his presentation, Rinaldo R Oliveira, Vice-Chairman, UBF Information Security Committee and Head of IT Security in Commercial Bank of Dubai, outlined ways to transition from a tactical to a strategic approach to boost awareness and security architecture of banks.
The need for dedicated efforts to promote ‘ethical selling’ in the industry was part of the discussions. The council addressed the issue of Ethical selling of banks products and services and agreed on the need that banks, while conducting business, should adopt high ethical standards.
The meeting also touched upon the recent findings of this year ‘Trust Index’ survey whose final draft was shared with the CEOs to identify key indicators that can be collectively improved to boost trust in banking sector among customers in the country.
The meeting also included a lecture on ‘Growth & Productivity Slowdown’ by Professor Tom Cooley, Professor of Economics at the New York University Leonard N. Stern School of Business.