Are growing ATMs killing bank branches in UAE?

By Eudore R. Chand

ABU DHABI 9 May 2019: Is there any need to go to a bank branch to do your everyday ordinary transactions?

For customers – apart from the time spent on the trip, the parking problems and waiting in queues, the choice of full-service ATMs (automated teller machines) seems very attractive.

For banks, having less branches means huge savings – less staff, less overheads, less space, less equipment, less rent…

So will bank branches be a thing of the past? You tell us.

In yet another indicator of the growth in economic sentiments in the country, the number of ATMs operated by banks in the UAE, increased to 5,279 by end of Q1, against 5,274 in the same period last year, statistics by the Central Bank of the UAE show, says Wam.

The continued rise in ATMs across the country reflects the UAE banking sector’s commitment to forging ahead with its plans to automate services in a way that optimises costs and streamlines business.

On a different note, CBUAE statistics released recently on the latest financial developments in the country indicated that the number of national banks stood at 22, with the electronic service units operated by these banks rising to 33 in March 2019 from 32 in March last year, said Wam.

Dubai Gazette