Several banks in the country have started providing monthly and annual financial summaries to their customers through smart applications. These summaries include detailed information on money movements, receipts, and expenditures, as well as any investment or savings components. This initiative is part of an effort to promote financial awareness. According to announcements published by the banks on their apps, the summaries categorize financial movements into 'incoming' and 'outgoing' transactions, listing the number of operations, amounts transferred, their type (local or international), and the main beneficiaries. They also provide total spending and its categories, such as education, shopping, and transportation. Additionally, the reports analyze shopping habits and spending patterns, highlight the largest stores used, and detail all transactions on the bank account. Other banks also offer a supplementary summary on financial market movements, featuring popular stocks, their returns, and available investment opportunities in bonds, gold, and precious metals. Banker Tamer Abu Bakr told 'Emirates Today' that all banks have been updating their smart applications since the middle of last year, striving to provide a wide range of services while promoting financial literacy. He explained that these updates help customers track their spending, allowing them to better manage and balance their expenses. Abu Bakr noted that banks often faced issues where clients disputed unauthorized deductions or withdrawals, only to later discover they had made the transactions themselves. Therefore, providing detailed statements directly within the app, eliminating the need to request a separate account statement, streamlines the process of monitoring banking activities, including spending, transfers, and other operations. He added that smart apps are currently the most widely used tool for banking, with banks competing to make them user-friendly for all customer segments. These apps now include numerous educational and investment services alongside basic banking transactions. For instance, some banks offer investment opportunities in stocks, gold, and bonds, along with detailed market analyses. All of this is powered by artificial intelligence, a field in which UAE banks have made significant strides and are now regional leaders.
