Case Studies
min read

How Open Banking is Driving Financial Literacy in the Wealth Tech Industry

Published on
May 24, 2023
Updated on
January 24, 2024
Razza Ahmed
Marketing Lead
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Case Studies

Download the case study here.

The United Arab Emirates (UAE) faces challenges when it comes to residents' investment habits and uncertainty in achieving financial goals. Surprisingly, a staggering 75% of the population in the UAE are not saving for their future retirement. Furthermore, a significant majority are uncertain about the initiatives and actions required to achieve their financial goals. With the emergence of open banking and wealth tech companies such as Lean and Sarwa in the UAE, the way people invest and manage their finances is rapidly evolving for the better.

Providing Personalized Investment Experience

Open banking has simplified and streamlined the investment process for individuals in the UAE. By leveraging open banking, wealth tech companies like Sarwa, can offer seamless and user-friendly experiences to their customers. Through open banking APIs, users can fund their investment accounts nearly instantly, optimizing the account funding experience to be faster, smoother, and more secure. Furthermore, open banking breaks down barriers to entry by offering a collaborative platform where financial institutions integrate their services. This integration allows wealth tech companies to provide a broader range of investment options, including stocks, ETFs, crypto trading, and high-yield cash accounts. 

Driving Financial Innovation

Open banking has revolutionized the wealth tech industry in the UAE, addressing the challenges faced by individuals in achieving their financial goals. By leveraging open banking, wealth tech companies like Sarwa, provide streamlined and personalized investment experiences, promote financial inclusivity, and drive innovation. With open banking at the forefront, individuals in the UAE can take control of their financial future and work towards achieving their financial goals with confidence and ease. The era of uncertainty is giving way to a prosperous future empowered by open banking in the wealth tech sector.

Read more about the partnership between Sarwa and Lean in our case study here.

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