The Banking Executive Magazine - May Issue

ADIB TO PROVIDE INSTANT ACCOUNT OPENING FOR SMES Abu Dhabi Islamic Bank (ADIB) has become the first bank in the UAE to provide small and medium-sized en- terprises (SMEs) with convenient re- mote account opening services through a mobile app by deploying Emirates Face Recognition (EFR) technology. This new feature will allow busi- nesses to apply for a business ac- count without the need to visit a branch or submit physical docu- ments or signatures. Through this technology, ADIB can perform highly secure identity verification before opening a new account for busi- nesses in less than 24 business hours. In the initial phase, the launch will encompass only the account open- ing for single owners with a Dubai mainland licence. The same pro- gramme will be developed for com- panies based in Abu Dhabi after signing a cooperation agreement with the Abu Dhabi Department of Economic Development (ADDED). DIGITAL JOURNEY Customers will be able to open a Business Current account in UAE currency after completing the appli- cation digitally using the ADIB Direct Business App. The digital account opening on the app replaces paper- based documentation, eliminates the need for repetitive data entry and en- ables clients to digitally complete their Know Your Customer (KYC) re- quirements. The focus on an entirely digital customer journey is a testa- ment to ADIB’s efforts in concentrat- ing on innovation in digital products and services. Real-time verification of trade li- cences and customer data, facial recognition, and the use of OCR and NFC technology is used to validate and capture Emirates ID and passport information. Electronic signatures are also used to facilitate the execution of documents digitally. A dedicated team has been formed to verify compliance-related items to complete the process. Following the verification, an SMS will be sent to applicants to confirm account activa- tion. DIGITAL BANKING LEADER The launch of this solution reaffirms ADIB's commitment to supporting small and medium businesses with innovative digital solutions that make banking more accessible and con- venient. This latest feature provides small business owners with the capa- bility to open an account from the comfort of their homes and offices through the ADIB Direct Business app. As the pace of technological change accelerates, ADIB continues to adapt and evolve their offerings to remain a digital banking leader in the region. In addition to the digital account opening solution, ADIB has also in- troduced ADIB Direct - Online and Mobile Banking, which automates a variety of services for companies, providing significant cost and time savings. Currently, around 90 per- cent of ADIB UAE's online Business Banking transactions are fulfilled through Digital Channels. The digital business account opening comes after ADIB announced that it was the first bank in the UAE to use facial recognition to open accounts for retail customers. To date, 40 per- cent of new retail customers have opened their accounts digitally. ISSUE 173 MAY 2023 the BANKING EXECUTIVE 31