By 2020 it is predicted that we will use mobile apps for banking 10 times more often than we will physically visit a branch.
According to a study by CACI Consultancy, the number of branch visits in the UK is expected to drop to 268 million by 2020, while app usage will rise to 2.3 billion.
With banking apps such a crucial feature for our smartphones, you would expect them to be cutting edge, yet independent banking research firm MyPrivateBanking said in a report last year that most global banks were “not responding adequately” to clients’ digital expectations nor innovating enough, particularly for millennials.
While most have a “solid track record” for must-have features such as an account overview and payment methods, they are lacking chat and messaging, interactive educational content and digital tracking and forecasting tools, the report said.
According to a mobile banking survey run by Nielsen late last year, facial recognition software and cheque scanning and deposit technology are the features mobile users most want to see in future banking apps.
But the future is already arriving thanks to some innovative apps. We round up five of the best internationally, and inspect the features they offer that we hope will be coming to a UAE banking app near you very soon.
Chase
Chase has been voted the best mobile banking app in the US for the second year running by MagnifyMoney, which has run the study for five years based on user rankings from the Apple and Android app stores. Bill Wallace, head of digital banking, says Chase wants to offer convenience and “remove friction”.
The app includes fingerprint sign-on, mobile cheque deposit and views of deposited cheques, as well as standard features you would expect like a branch and ATM locator and bill payments.
What we liked
Person-to-person payments with Chase QuickPay with Zelle, which allow customers to send and receive money in minutes, transacting with 86 million customers of a dozen financial institutions.
User comments
Google Play user: “This is by far the most used app on my phone. It's so easy to use and understand and not to mention convenient. Say goodbye to going into the bank from here on out (unless of course you need to make withdrawals).”
Could be better
One user complains on Google Play that online deposit of cheques does not work properly as the photo of the back of the cheque tends to fail, while another says the monthly deposit limit by phone (which varies by account) is too low.
Competitors
Capital One only just missed first place and Citibank’s app was judged most improved. In the UK, Moneywise has shortlisted Barclays, First Direct, Halifax, Metro Bank, NatWest and Royal Bank of Scotland (RBS) for its 2017 best app award. RBS and NatWest offer a neat feature – a temporary four-digit passcode if you are at a cash machine and realise you’ve forgotten your debit card to get £250 (Dh1,200) a day out.
Atom Bank
Atom is one of the UK’s "challenger" digital-only banks. Launched in 2015, it does not have any high-street branches and operates purely via a smartphone app, offering fixed-term savings accounts and mortgages. Current accounts, debit cards, overdrafts and instant access savings planned soon.
It’s squarely aimed at millennials and Black Eyed Peas musician will.i.am, a strategic board adviser to Atom, says it has a “progressive” approach to banking and is trying to educate young people about saving.
What we liked
Atom is one of the first banks to offer biometric security – you can log in via face, voice or fingerprint recognition. It has gone for a very simplistic interface, with floating bubbles showing your account balances and a vault for your documents. Some of its features are purely gimmicks, such as choosing your colour palette or having your own named bank after login.
User comments
Google Play user: “Wholly impressed, not sure what's not to love. Very modern, good-looking app that seems to do what it's meant to do. No issues with it whatsoever. Highly recommended for intelligent people.”
Could be better
The voice recognition fails regularly.
Competitors
Starling, Tandem and Monzo in the UK, Simple, Moven, Discover in the US.
iAllowance
Dubbing itself Piggy Bank 2.0, iAllowance is a tool where you can set and track your children’s chores then pay out their pocket money based on what they complete. You can even track screen time. iAllowance claims it has been used to complete 20 million chores and pay 12 million allowances.
Start off by setting up weekly or monthly allowances, savings and even charity accounts then add chores from a list (empty trash, make bed, put away groceries plus negative chores like bad behaviour or talking back) and schedule them. There are more than 50 listed and you can also add custom chores. You can incentivise with stars instead of money – and convert to cash later if you change your mind.
What we liked
iAllowance supports 150 currencies and you can mix and match them between banks – so this is one you could start using now. You can also turn on parental controls so your children can view only rather than tinker with the results. The app syncs across devices and DropBox.
User comments
MyMacMommy.com: “I use most all of the banking features and my second-grader has a pretty clear picture of his total net worth right now – which is more than I can say for many college grads.”
Could be better
Usability could be improved – it takes a while to work out how to set up the system. You will need to pay US$3.99 to upgrade to the pro version for more than one child.
Competitors
Allowance Manager, Tykoon (US), GoHenry, Osper (UK)
Money Dashboard
This free budget planner for UK users aggregates all your bank accounts and credit cards in one secure portal. It won best personal finance app at this year’s British Bank Awards.
You add all internet-enabled bank accounts and credit cards by inputting your login details. Money Dashboard then creates a read-only service that allows you to see all your income and outgoings in one place. Most transactions are automatically tagged – for instance, groceries or public transport – and you can tag those that the app does not recognise or create custom tags.
The app shows you what categories you are spending money in, and your balances and spending today versus last month. If you set financial goals, the budget planner can tell you what you are "allowed" to spend (for instance on dining and drinking) or how much you can save.
What we liked
Graphs are colourful and easy to read. You can filter transactions to view only outgoings, one account or category, or sort by date, description or amount.
User comments
Google Play user: “This does the trick for me. I haven't had any problems as such… but the team have been excellent at responding with genuinely helpful information.”
Could be better
Not all banks and cards can be added. If you transfer savings to an account not in your dashboard, it will skew your balances.
Competitors
OnTrees, Mint.com, Wally.
Bitcoin Wallet by Coinbase
Bitcoin is still seen as the Wild West of currencies – mainly thanks to being the ransomware currency of choice – but with one Bitcoin today worth over $2,400 (almost Dh8,900), many are looking to transact in the new cryptocurrency. The Dubai government aims to move all its transactions to blockchain (the technology behind Bitcoin) by 2020, so it’s worth getting clued up now.
Coinbase is probably the leading platform on which to buy and sell Bitcoin and says it has assisted $20 billion worth of digital currency exchanges. It is available in 32 countries, mostly Europe and North America, although Singapore is included; you must reside in one of these countries to buy, sell and create a local currency wallet connected to your bank account, debit or credit card. But even in the UAE you can send and receive funds using Coinbase or store Bitcoin securely in its vault.
What we liked
You can create recurring buys and sells of Bitcoin every week or month (dollar cost averaging) to slowly buy Bitcoin, purchasing more when the price is low and less when the price rises.
User comments
A Google Play user: “My go-to. Fees suck for instant purchases... However Coinbase has allowed me to purchase Bitcoin with near zero in fees when I plan ahead.”
Could be better
You need to take care to secure your wallet; Bitcoin.org recommends two-factor authentication, backing up and encrypting your wallet, keeping only small amounts of Bitcoin in your wallet and keeping an offline (cold storage) wallet that is not connected to the network. It also warns you to tell your family the locations and passwords of your Bitcoin, possibly as part of your will.
Competitors
Coin Jar (UK), Xapo, Mycelium, Bitcoin Wallet by Blockchain Luxembourg
Company%20Profile
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SPECS
Engine: Two-litre four-cylinder turbo
Power: 235hp
Torque: 350Nm
Transmission: Nine-speed automatic
Price: From Dh167,500 ($45,000)
On sale: Now
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
APPLE IPAD MINI (A17 PRO)
Display: 21cm Liquid Retina Display, 2266 x 1488, 326ppi, 500 nits
Chip: Apple A17 Pro, 6-core CPU, 5-core GPU, 16-core Neural Engine
Storage: 128/256/512GB
Main camera: 12MP wide, f/1.8, digital zoom up to 5x, Smart HDR 4
Front camera: 12MP ultra-wide, f/2.4, Smart HDR 4, full-HD @ 25/30/60fps
Biometrics: Touch ID, Face ID
Colours: Blue, purple, space grey, starlight
In the box: iPad mini, USB-C cable, 20W USB-C power adapter
Price: From Dh2,099
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
COMPANY%20PROFILE
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From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
The specs
Engine: Dual 180kW and 300kW front and rear motors
Power: 480kW
Torque: 850Nm
Transmission: Single-speed automatic
Price: From Dh359,900 ($98,000)
On sale: Now
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Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
if you go
The flights
The closest international airport to the TMB trail is Geneva (just over an hour’s drive from the French ski town of Chamonix where most people start and end the walk). Direct flights from the UAE to Geneva are available with Etihad and Emirates from about Dh2,790 including taxes.
The trek
The Tour du Mont Blanc takes about 10 to 14 days to complete if walked in its entirety, but by using the services of a tour operator such as Raw Travel, a shorter “highlights” version allows you to complete the best of the route in a week, from Dh6,750 per person. The trails are blocked by snow from about late October to early May. Most people walk in July and August, but be warned that trails are often uncomfortably busy at this time and it can be very hot. The prime months are June and September.
SERIES INFO
Afghanistan v Zimbabwe, Abu Dhabi Sunshine Series
All matches at the Zayed Cricket Stadium, Abu Dhabi
Test series
1st Test: Zimbabwe beat Afghanistan by 10 wickets
2nd Test: Wednesday, 10 March – Sunday, 14 March
Play starts at 9.30am
T20 series
1st T20I: Wednesday, 17 March
2nd T20I: Friday, 19 March
3rd T20I: Saturday, 20 March
TV
Supporters in the UAE can watch the matches on the Rabbithole channel on YouTube
Results
2.30pm: Handicap (PA) Dh40,000 1,700m; Winner: AF Mezmar, Adam McLean (jockey), Ernst Oertel (trainer).
3pm: Maiden (PA) Dh40,000 2,000m; Winner: AF Ajwad, Tadhg O’Shea, Ernst Oertel.
3.30pm: Handicap (PA) Dh40,000 1,200m; Winner: Gold Silver, Sam Hitchcott, Ibrahim Aseel.
4pm: Maiden (PA) Dh40,000 1,000m; Winner: Atrash, Richard Mullen, Ana Mendez.
4.30pm: Gulf Cup Prestige (PA) Dh150,000 1,700m; Winner: AF Momtaz, Saif Al Balushi, Musabah Al Muhairi.
5pm: Handicap (TB) Dh40,000 1,200m; Winner: Al Mushtashar, Richard Mullen, Satish Seemar.
Super Rugby play-offs
Quarter-finals
- Hurricanes 35, ACT 16
- Crusaders 17, Highlanders 0
- Lions 23, Sharks 21
- Chiefs 17, Stormers 11
Semi-finals
Saturday, July 29
- Crusaders v Chiefs, 12.35pm (UAE)
- Lions v Hurricanes, 4.30pm
COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
FIGHT CARD
1. Featherweight 66kg
Ben Lucas (AUS) v Ibrahim Kendil (EGY)
2. Lightweight 70kg
Mohammed Kareem Aljnan (SYR) v Alphonse Besala (CMR)
3. Welterweight 77kg
Marcos Costa (BRA) v Abdelhakim Wahid (MAR)
4. Lightweight 70kg
Omar Ramadan (EGY) v Abdimitalipov Atabek (KGZ)
5. Featherweight 66kg
Ahmed Al Darmaki (UAE) v Kagimu Kigga (UGA)
6. Catchweight 85kg
Ibrahim El Sawi (EGY) v Iuri Fraga (BRA)
7. Featherweight 66kg
Yousef Al Husani (UAE) v Mohamed Allam (EGY)
8. Catchweight 73kg
Mostafa Radi (PAL) v Abdipatta Abdizhali (KGZ)
9. Featherweight 66kg
Jaures Dea (CMR) v Andre Pinheiro (BRA)
10. Catchweight 90kg
Tarek Suleiman (SYR) v Juscelino Ferreira (BRA)
COMPANY%20PROFILE
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The specs
Engine: Long-range single or dual motor with 200kW or 400kW battery
Transmission: Single-speed automatic
Max touring range: 620km / 590km
Price: From Dh250,000 (estimated)
The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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The specs
Engine: 3.9-litre twin-turbo V8
Power: 620hp from 5,750-7,500rpm
Torque: 760Nm from 3,000-5,750rpm
Transmission: Eight-speed dual-clutch auto
On sale: Now
Price: From Dh1.05 million ($286,000)
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Stage 3 results
1 Adam Yates (GBR) Mitchelton-Scott 4:42:33
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:03
3 Alexey Lutsenko (KAZ) Astana 0:01:30
4 David Gaudu (FRA) Groupama-FDJ
5 Rafal Majka (POL) Bora-Hansgrohe
6 Diego Ulissi (ITA) UAE Team Emirates 0:01:56
General Classification after Stage 3:
1 Adam Yates (GBR) Mitchelton-Scott 12:30:02
2 Tadej Pocagar (SLO) UAE Team Emirates 0:01:07
3 Alexey Lutsenko (KAZ) Astana 0:01:35
4 David Gaudu (FRA) Groupama-FDJ 0:01:40
5 Rafal Majka (POL) Bora-Hansgrohe
6 Wilco Kelderman (NED) Team Sunweb) 0:02:06
BUNDESLIGA FIXTURES
Friday Hertha Berlin v Union Berlin (11.30pm)
Saturday Freiburg v Borussia Monchengladbach, Eintracht Frankfurt v Borussia Dortmund, Cologne v Wolfsburg, Arminia Bielefeld v Mainz (6.30pm) Bayern Munich v RB Leipzig (9.30pm)
Sunday Werder Bremen v Stuttgart (6.30pm), Schalke v Bayer Leverkusen (9pm)
Monday Hoffenheim v Augsburg (11.30pm)
How Apple's credit card works
The Apple Card looks different from a traditional credit card — there's no number on the front and the users' name is etched in metal. The card expands the company's digital Apple Pay services, marrying the physical card to a virtual one and integrating both with the iPhone. Its attributes include quick sign-up, elimination of most fees, strong security protections and cash back.
What does it cost?
Apple says there are no fees associated with the card. That means no late fee, no annual fee, no international fee and no over-the-limit fees. It also said it aims to have among the lowest interest rates in the industry. Users must have an iPhone to use the card, which comes at a cost. But they will earn cash back on their purchases — 3 per cent on Apple purchases, 2 per cent on those with the virtual card and 1 per cent with the physical card. Apple says it is the only card to provide those rewards in real time, so that cash earned can be used immediately.
What will the interest rate be?
The card doesn't come out until summer but Apple has said that as of March, the variable annual percentage rate on the card could be anywhere from 13.24 per cent to 24.24 per cent based on creditworthiness. That's in line with the rest of the market, according to analysts
What about security?
The physical card has no numbers so purchases are made with the embedded chip and the digital version lives in your Apple Wallet on your phone, where it's protected by fingerprints or facial recognition. That means that even if someone steals your phone, they won't be able to use the card to buy things.
Is it easy to use?
Apple says users will be able to sign up for the card in the Wallet app on their iPhone and begin using it almost immediately. It also tracks spending on the phone in a more user-friendly format, eliminating some of the gibberish that fills a traditional credit card statement. Plus it includes some budgeting tools, such as tracking spending and providing estimates of how much interest could be charged on a purchase to help people make an informed decision.
* Associated Press
The biog
Name: Salvador Toriano Jr
Age: 59
From: Laguna, The Philippines
Favourite dish: Seabass or Fish and Chips
Hobbies: When he’s not in the restaurant, he still likes to cook, along with walking and meeting up with friends.
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Last-16 Europa League fixtures
Wednesday (Kick-offs UAE)
FC Copenhagen (0) v Istanbul Basaksehir (1) 8.55pm
Shakhtar Donetsk (2) v Wolfsburg (1) 8.55pm
Inter Milan v Getafe (one leg only) 11pm
Manchester United (5) v LASK (0) 11pm
Thursday
Bayer Leverkusen (3) v Rangers (1) 8.55pm
Sevilla v Roma (one leg only) 8.55pm
FC Basel (3) v Eintracht Frankfurt (0) 11pm
Wolves (1) Olympiakos (1) 11pm
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Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
