UAE Online Loan Aggregator Market Major Players - Ken Research

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UAE Online Loan Aggregation Industry Holds Potential 7x Revenue Growth By 2024. Will UAE Online Loan Aggregation Industry Stand On This Projected Figure? Ken Research

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1. With rich, diverse & unparalleled infrastructure, the UAE Loan Industry driven by high corporate loan demand.

UAE Online Loan Aggregator Market

Trends and Developments in UAE Online Loan Aggregator Industry

  • Lending majorly dominated by national banks with wide distribution network, occupying >90% of all banks credit disbursal.
  • With major investment in hydrocarbon projects & other infrastructure projects, credit demand by government has been rising & expected to further rise in future as well.
  • Traditional methods of lending (Friends/family) are still preferred choice for availing loans by people with below avg credit history.
  • Banks are undertaking consolidation activities thereby reducing number of branches, cash offices & promoting digital banking services.

 2. Technological Evolution in UAE Banking Services.

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Adoption of Blockchain technology in enhancing “Know- Your-Customer” processes, useful in client onboarding, cross border transfers, payments & compliance reporting.

Tasharuk Platform: Launched by UBF to fight against cyber-attacks on banks. Platform enables cyber threat information sharing, identify threats & enhance defense systems.

Incorporating Artificial Intelligence in data analytics, combatting fraudulent activities & compliance improvement, further increasing focus on customer dealing & decision-making processes.

Increased penetration of virtual banking channels including Mobile (>85%), Online Banking (>90%), Branch/Call center (>90%) and ATMs (~100%).

Noticeable shift among customers to online medium for undertaking non-cash transactions of balance enquiries, fund transfers etc.

3. Housing Loan, one of the fastest growing retail loan segments.

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  • In 2019, average house price in Dubai decreased by ~12% reaching to ~AED 2.58 Mn, thereby, shifting from investor led market to owner-occupied market.
  • While borrower’s previously preferred fixed interest rates but with Fed Reserve Predictions (2019), noticeable trend was observed for variable rate schemes.
  • Customers rising preferences for loan providers/aggregators offering other benefits like property management services & post-handover assistance services.
  • Dubai is dominated by expat population (11 times of Emirati population), who are observed to be preferring indirect channels due to high documentation & eligibility requirements.
  • Current lending process in The UAE is partially offline; however; with advancements & relaxations in regulations could help in making the process online.

For more insights on the market intelligence, refer to the link below:-

UAE Online Loan Aggregator Market

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