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UAE’s financial services sector ranked best globally

 UAE’s financial services sector ranked best globally

globalbizmag.com

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The UAE’s financial services sector has been rated as top in the world for showing high levels of confidence among 15 global markets.

The Institute of Chartered Financial Analysts, which released its Fifth Study on Confidence in the Financial Sector for 2022 under the title “Enhancing Investor Confidence” as part of a series of studies conducted every two years to determine levels of confidence and factors that enhance confidence in financial services, said the UAE’s solutions among the most trusted markets globally in the financial services sector.

The study cited five factors linked to boosting confidence in the financial services sector, including strong market performance, lower fees, technology-backed transparency, increased market access, and new customized products.
It also highlighted the impact of the increasing use of technology on levels of trust, as it facilitates investment operations by increasing access to markets and information. Half of individual investors and more than 80% of institutions indicated that the increasing use of technology solutions has increased their trust in advisors or asset managers, respectively.

The study clarified the role of product customization in supporting levels of trust, as advisors can provide more value to clients by directly understanding them or offering investment products that match clients’ personal requirements.

UAE Took Many Steps

William Tohme, regional head of the CFA Institute in the Middle East and North Africa, said: “The UAE is one of the countries that enjoy the highest levels of confidence in the financial services sector at the global level, and it has taken many steps aimed at accelerating the pace of establishing a resilient and diversified economy to maintain the stability and integrity of the financial services sector.”

He further said: “The high levels of confidence in the financial services sector today is a positive indicator, as our latest report, “Enhancing investor confidence”, clarifies the important role of a number of different factors in gaining and maintaining investors’ confidence. Technological solutions and the alignment of values and personal ties emerge as key factors to enhance levels of flexibility. and confidence.”

“The way is being led, millennials, by their use of technology and their desire for customized products. This group of investors shows relatively high confidence in online financial advice, digital applications and targeted digital tools, such as alerts about new investment opportunities, as they use digital platforms to implement investment strategies, and with that, human communication remains more important in the consulting field,” he added.


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