UAE Banks Review AI, Open Finance and Cybersecurity Priorities

Artificial intelligence, Open Finance, cybersecurity and compliance are among the priorities being examined by leaders of the UAE banking sector as financial institutions adapt to new technology and regulatory requirements.

The CEOs Consultative Council of the UAE Banks Federation held its second regular meeting of 2026, reviewing developments affecting the country’s banking and financial industry as well as projects being pursued by the federation.

The meeting was chaired by Mohammed Omran Al Shamsi, Vice Chairman of the UAE Banks Federation and Chairman of RAKBANK. The council reviewed achievements during the first nine months of 2026 and discussed initiatives intended to keep the industry aligned with changes in financial services.

The agenda reflects how the competitive environment for banks is broadening. Traditional measures such as deposits, lending, capital and asset quality remain fundamental, but institutions are also investing heavily in digital infrastructure and preparing for new models of data sharing and customer interaction.

Open Finance is one such shift. By enabling regulated sharing of financial data and services, Open Finance can support more personalised products and greater competition among banks and fintech companies. It also raises questions around consent, data protection, cybersecurity, technology integration and responsibility across increasingly connected financial ecosystems.

AI creates another layer of opportunity and risk. Banks can apply artificial intelligence to customer service, fraud detection, compliance, credit analysis and internal operations. The potential productivity gains are significant, but institutions also need governance frameworks capable of managing model risk, data quality, security and appropriate human oversight.

Cybersecurity becomes more important as those systems grow more interconnected. Digital banking has expanded rapidly across the UAE, increasing customer convenience but also widening the potential attack surface for fraud and cyber threats. Banks therefore need to combine innovation with continued investment in security and customer awareness.

Compliance remains central to the same agenda. UAE financial institutions operate within an evolving framework covering anti-money laundering, sanctions, consumer protection, digital assets and other areas. The banking industry’s ability to innovate depends partly on integrating those requirements into technology and product development from the outset.

The federation said the UAE banking sector remains supported by the policies and supervision of the Central Bank of the UAE and continues to contribute to the country’s strategic objectives.

For customers and businesses, the practical result of these developments is likely to be a banking market that becomes more digital, interconnected and data-driven. For banks, however, the transformation requires more than launching new apps. Competitive advantage increasingly depends on the ability to combine technology, security, regulatory compliance and customer trust within the same operating model.