Survey reveals strong progress in financial inclusion, but confidence gap in financial products persists
Published: Monday, 12 May 2025, 8:11 PM
The UAE has cemented its place among the world’s most banked nations, with 94% of residents now owning a personal bank account—up from 85% in 2021—according to a new YouGov survey commissioned by personalised financial marketplace Daleel.
This surge reflects the country’s commitment to digital transformation and financial inclusion, aligned with national strategies such as ‘We the UAE 2031’ and the UAE Digital Economy Strategy. The progress highlights the success of initiatives led by the Central Bank of the UAE (CBUAE), including its Financial Inclusion Framework.
According to recent CBUAE data, total bank deposits rose 1.2% month-on-month, from AED 2.84 trillion in January 2025 to AED 2.87 trillion in February. Resident deposits increased 0.8% to AED 2.63 trillion, while non-resident deposits surged 5.1% to AED 249.1 billion. Private sector deposits grew by 1.4%, and non-banking financial institutions saw a 5.6% increase, although government deposits declined 4.0%.
“This near-universal access to banking is a reflection of forward-looking policies and digital readiness,” said PK Shrivastava, CEO of Daleel. “However, there remains a significant opportunity to evolve from generic products to more personalised financial solutions.”
The survey explored how UAE residents engage with financial services, uncovering both positive trends and areas for improvement. Notably, 76% of respondents expressed a lack of confidence in at least one financial product they use. Concerns were particularly high among mortgage holders (65%), loan users (62%), and credit card users (50%). Many cited unclear terms, complex structures, and a lack of consumer education as reasons for uncertainty.
Women in the UAE are leading the way in financial vigilance—twice as likely as men to regularly review financial products. In total, 90% of participants said they review or switch products, with a growing preference for tailored solutions. Emirati nationals stood out as the most financially proactive, with 80% reassessing their portfolios annually.
“There’s a strong appetite for simplicity and transparency,” said Ridaa Shah, COO of Daleel. “In 2025, we expect the financial sector to focus heavily on user-friendly, customised offerings that help residents make more confident financial decisions.”
Fintech platforms like Daleel are rising to meet this demand by using data analytics to deliver personalised recommendations. Banks are also investing in intuitive digital experiences, supported by the CBUAE’s 2024 Consumer Protection Regulations, which mandate transparency, fairness, and clear product disclosures.
Industry experts agree: the UAE’s strides in financial inclusion are impressive, but bridging the trust gap in financial products is essential to maintaining momentum. Continued emphasis on innovation, clarity, and personalisation will reinforce the UAE’s standing as a global financial services leader.
