Page 63 - AAE PR REPORT - January 2024

1/15/24, 9:18 AM UAE's biggest banks turn apps into stock trade platforms - is this next big battle in financial services? | Banking – Gulf News
the most active stocks on DFM and ADX, including the stocks of Gulf Navigation, Al

Ansari, Union Properties and Amlak, among others.

Yes, the ‘battle’ is on

“Banks are taking the battle with (standalone) stock trading platforms very seriously,”

said Suvo Sarkar, founder and CEO of the consultancy 3D Advisory and until recently, a

top official at one of the leading banks in the UAE.

“Banks like Emirates NBD, Mashreq and (digital-only) Wio have invested significantly

in their mobile apps to enable stock trading across various exchanges, both regional and

international. Customers can buy and sell not just stocks, but mutual funds and ETFs

(exchange traded funds) at the click of a button - 24x7.

“There are three advantages that banks have over independent trading platforms.

1. One is that they have a wide base of existing loyal customers.

2. Two is that the customer funds are already lying in bank accounts, so trading is

convenient.

3. The third is the inherent trust that customers have in their banks – they know their
money is safe.

The battle for wealth management is going
to be won through user experience

- Suvo Sarkar of 3D Advisory

Plus, if banks can offer a platform to trade at zero commissions, that too can win them

favours with clients.”

It’s all in the CX

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