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Changing Customer Behaviour Redefining Age-old Real Estate Sector Practices

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Francis Alfred

The dynamic real estate market is undergoing a tremendous shift, which is being driven primarily by changing customer behaviour and preferences. In the modern era of new-age customers, the industry that has been infamous for its traditional practices is now seeking convenience, personalization, and sustainability while purchasing and selling property. The real estate industry participants have been ensuring restructuring of their strategies to meet customers’ needs and offer properties that satisfy the expectation of every segment of the populace.

Presently, there has been an increase in the number of knowledgeable and experienced clients seeking value, not just in monetary terms but also in regards to the amount of time spent traveling and the quality of life associated with their property transactions. The evolving market conditions have resulted in a scenario where property developers are compelled to elevate their performance and devise strategic resolutions to meet customer requirements.  From leveraging technology to enhancing customer engagement in every phase of a project, the industry players are now reshaping their strategies to maintain a competitive edge in this competitive sector with significant emphasis on customer centricity.

With the relentless efforts of the industry players to stay agile in the market, the industry has been witnessing the emergence of several new trends such as increased investment in customer relationship management (CRM) systems. In the past few years, the real estate industry players have enhanced their efforts to deliver exceptional customer experiences. Since the new-age customers prefer bespoke and engaging experiences, industry players are adopting more customer-centric approaches and CRM systems that help gain detailed customer insights and offer personalised services. The current real estate market trends indicate that fostering prompt communication, transparency and responsiveness is essential to satisfy modern customers. Consequently, CRM technologies and platforms have improved their capabilities to enable organizations to adapt their customer journey processes to the requirements as well as expectations and inclinations of the contemporary customer segments. New-generation customers are tech-savvy and frequently favour online interactions over face-to-face meetings.  Organisations naturally need to modify their strategy to sufficiently focus on the online spaces where these customers prefer to engage in, rather than trying to draw them to a channel of the organisation’s choice. Besides advanced CRM systems, real estate companies are investing more time and money in incorporating digital technologies designed to listen, comprehend, and interact more effectively with their customers.

Another notable trend in the industry is the growing inclination towards sustainability and eco-friendly projects. Driven by the evident shift to environmentally conscious practices, real estate companies are integrating sustainability into their projects, by opting for energy-efficient and eco-friendly features in every stage of the development of the project. By following sustainable modes of construction, developers are not only catering to customer needs but also contributing to long-term cost savings and sustainability.

In addition, real estate companies are increasingly integrating technology into their operations to provide seamless buying and selling processes. Market trends indicate that industry players are increasing their investments in advanced technologies like virtual reality (VR), augmented reality (AR), artificial intelligence, payment technologies, document management, digital signatures etc. to transform customer engagement with real estate companies. With technological advancements, the real estate industry has evolved to a great extent and now online platforms and mobile apps are being developed to further popularise and boost trust over online property search, digital documentation, and online transactions.

The influence of technology is also clearly apparent in building construction. With evolving customer demands, real estate developers are enabling their projects with state-of-the-art home automation such as Mobile Video Door Phones, Internet of Things (IoT), and appliances and security systems controlled by sensors, etc. The concept of smart homes has gained immense popularity in the real estate and construction sector worldwide.  To stay agile in this highly competitive market, companies are actively integrating cutting-edge technologies at different stages of their projects.

Similarly, technology enhances the community living experience of homeowners and tenants. Real estate enterprises are also empowering their customers with technology that caters to their everyday necessities within the community. Mobile applications enable proprietors to reserve community facilities, handle visitors, submit and monitor grievances, service requests, and so on.

In essence, digitally advanced real estate organizations are striving to transform the entire customer journey into a unified, effortless, and fulfilling experience for the customer.

The new era of property firms has vast potential to revolutionize traditional methods and bring innovation to the industry, while also prospering in a market influenced by customer preferences.

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THIRD EDITION OF BENTLEY’S EXTRAORDINARY WOMEN INITIATIVE WELCOMES STUDENTS FROM THE UK AND QATAR TO CREWE

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Extraordinary Women

The third edition of Bentley Motors’ Extraordinary Women initiative has concluded with students from universities in the UK and Qatar spending a week at the luxury car brand’s headquarters in Crewe, England. As part of a specially designed schedule, they met with Bentley experts and executives, went behind the scenes of its manufacturing operations, and tackled individual tasks.

Designed to encourage and develop the next generation of young female leaders, the 2024 edition of the Extraordinary Women programme has seen the students receive one-on-one mentorship over the past three months from a selection of inspirational Pioneers from the fields of technology, engineering, design, and business.

The students, who passed through a structured selection process focused around these four specific fields, came from a variety of participating universities: including The University of Doha for Science and Technology in Qatar, and the Universities of Bath, Loughborough, and Manchester Metropolitan in the UK.

Noora Al-Hajri, University of Doha for Science & Technology student, commented, “This experience has been nothing short of life-changing. Through the programme, I have gained invaluable knowledge and skills that will significantly impact my personal and professional growth. The opportunity to learn from inspiring mentors in both Qatar and the UK has been particularly enriching. Their guidance has broadened my horizons, challenged me to think critically, and empowered me to pursue my dreams with renewed confidence. The opportunity to visit the Bentley headquarters at the end of the programme has also been truly awe-inspiring. Thank you, Bentley, for believing in us and for creating such a transformative programme.”

The Pioneers were equally carefully selected. In the UK, entrepreneur Sara Davies MBE, founder and owner of Crafter’s Companion and TV personality from BBC One show Dragons’ Den, provided business mentorship, with Cecilia Harvey, founder of Tech Woman Today, offering the same in the field of technology.

Titi Oliyide CEng MIET, Senior Process Safety Engineer and winner of the 2023 Young Woman Engineer of the Year, mentored the engineering student, and renowned interior designer and Founder of Studioilse, Ilse Crawford provided design support.

The four Qatari Pioneers included Qatar’s UNESCO art ambassador, Muna Al-Bader, in the field of design. Dr Noora Fetais Al Marri, honoured by the Arab Women of the Year 2024 awards for her contributions to cyber security. Education and founding President of the Arab Association for Cyber Security, offered technology mentorship.

Covering the field of engineering was Dr. Hanan Farhat, founder of the Qatar Association for Women Engineers, and Dr. Buthaina Al Ansari in the field of business, who is a senior advisor at the organisation that established Tamkeen Training and Consulting Solutions.

Member of the Board for Human Resources at Bentley Motors, Dr. Karen Lange, commented, “With every year, the Extraordinary Women programme grows stronger, as exemplified by the quality of this year’s Pioneers, all who have generously given their time in the spirit of collaboration as we seek to build a legacy for young women. It has been a great honour to meet and engage with such talented young women during their visit – witnessing their energy and ability fills me with great optimism for the future.”

Launched in the UK and Middle East in 2022, the Extraordinary Women initiative has previously engaged students and Pioneers from the United Arab Emirates, Saudi Arabia, and the United Kingdom. It forms part of Bentley’s wider commitment to diversity, equity, and inclusion under its Beyond100 strategy, and was created to encourage women to explore a variety of career paths in the STEM and automotive sectors.

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Reem Finance signs with Network International to accelerate digital transformation

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Network International (Network) has announced the signing of a strategic partnership with Reem Finance, the leading financial services provider in the UAE. The strategic alliance aims to leverage Network’s expertise to provide a fully-fledged payment processing solution to support the digital transition.

The partnership with Network complements Reem Finance’s focus on offering customers with a unique banking experience in tune with the digital age. The scope of services includes a comprehensive range of products and services from transaction processing, card hosting and management, as well as value-added services. As the region’s largest payment solutions company, Network is committed to supporting the UAE financial services sector by providing innovative solutions to customers and enhancing the experience of consumers.

Navneet Dave, Managing Director & Co-Head of Processing – Middle East at Network International, commented, “We are thrilled to partner with Reem Finance as we jointly deliver innovative digital payment solutions that offer an effortless and secure experience for customers. Our collaboration builds on Network’s three decades of experience and expertise in creating world-class digital payments infrastructure and services for clients. It underscores Network’s commitment to empowering our partners with cutting-edge processing services and value-added solutions and driving growth in the UAE financial services industry.”

Mr. Seraj Faidi, CEO of Reem Finance,said: “As part of our ongoing commitment to enhancing the quality of our products and services for our esteemed clients, and in light of our recent collaborations with prominent service providers and partners, we are delighted to partner with Network International to explore innovative paths to accelerate digitizing our services to better serve our customers. This engagement is an important step for Reem Finance in expanding our capabilities to provide top tier, friendly and easy to use services to our customers. We are confident that with Network International, the processing of card transactions related to both consumer and commercial sectors will be state-of-the-art and seamless. We are committed to playing a vital role in elevating the financial system in the UAE, delivering value to our shareholders, and prioritizing the needs of our clients.”

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Wio Bank Redefines SME Banking with New Embedded Finance

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Wio Bank PJSC is introducing a new embedded finance service designed especially for the UAE’s small and medium-sized enterprises (SMEs). This initiative includes strategic partnerships with leading accounting software platforms Zoho Books, Fiskl and Wafeq, aiming to embed banking services into daily business operations and simplify financial management.

Wio Business, the bank’s first digital banking application, caters to micro, small, and medium enterprises (MSMEs), as well as freelancers and entrepreneurs. By directly integrating with accounting and financial management systems through APIs, Wio Business facilitates seamless financial workflows, enhancing management and eliminating the need for third-party intermediaries. This integration automates bookkeeping, significantly reducing manual labor and allowing businesses to concentrate on their core activities.

Jayesh Patel, Chief Executive Officer of Wio Bank PJSC, shares his vision for the new service: “By adopting Embedded Finance, we are transforming how businesses manage their finances. Our direct integration initiative simplifies how financial services are delivered and managed, making it easier and more transparent for SMEs.”

With over 94% of UAE businesses categorized as SMEs and significant contributors to employment, Wio Bank’s new service is tailored to meet a vital market need. This initiative, along with its strategic partners, is designed to simplify business operations, allowing them to thrive by focusing on growth rather than administrative financial tasks.

A New Era of Financial Management

Through Wio Business, companies can now link their accounts with selected software platforms such as Zoho Books, Fiskl, and Wafeq, offering a holistic view of their financial health. This integration eliminates the dependency on third-party intermediaries, simplifies financial workflows, ensures real-time financial insights with automatic updates, and streamlines accounting tasks with features like auto-reconciliation of bank statement. Additionally, integrating Wio Business APIs into Corporate ERPs and payment platforms facilitates automated account payables and instant transaction reconciliation, thus reducing manual labor and errors, and enhancing cost efficiency and operational gains.

Wio Bank was established to redefine banking in the UAE for both businesses and consumers. Its second digital offering, Wio Personal, is a day-to-day banking platform that changes how individuals see, manage, and grow their money. It provides users with unprecedented financial visibility and flexibility, serving as a foundation for achieving personal financial goals with an engaging experience that includes smart cards and exciting rewards.

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