Digital Banks – The Future is here!

The digital revolution has given a face-lift to all types of industries around us. So, it’s not really surprising that the Banking and Financial Sector has also risen to the occasion and revamped the way it operates. Banks across the UAE have been moving towards offering almost all of their services online. They have been investing heavily in technology to provide a better customer experience and to also reduce costs. As a result, in the near future, most of the brick and mortar offices of banks will be replaced by virtual ones in the digital space. This is a win-win situation for both customers and the banks. Read on to find out how banking of the future will benefit one and all.

• Ease of Onboarding: You can now open an online account instantly in a completely paper-free environment. There is no need whatsoever for you to visit a branch. All you have to do is scan your Emirates ID and upload it to the app. Upon verification, within 24 hours your account will be opened and you will receive your debit card, chequebook and credit card by post, based on real-time credit bureau information. Accounts can be opened 24/7 from even the remotest part of the country.

• Accessibility: Start banking with Digital banks that provide seamless, convenient, secured and cost-effective banking services. You can now pay bills, receive funds, check balances and perform other activities instantly through your smartphone anywhere and everywhere – on the go, instead of going to the bank every time you wish to do so. In case of your card being lost, you can secure it by simply toggling between the “off” and “on” mode for the card from your app.

• Transfer funds: Easily scan details on your debit card from other banks and transfer funds into your digital account linked with the app at low charges. You can also make international transfers from your banking app for as low as AED 4 (ENBD liv).

• Bill Splits: As a consumer, we rarely carry the correct change or physical cash to pay one another. With Digital Banking, you can split bills with your friends with ease. Pay from your app after which you can send automated notifications to your friends through social channels (such as Facebook and Whatsapp). An open list of people who owe you money will be maintained and once they’ve repaid you, their names will be crossed off. No more awkward conversations on how much you’re owed!

• Exclusive services, products and offers: With certain digital banking services, doors will be opened to investment opportunities such as international stocks, gold and foreign currencies. Banks have also been promoting their digital platforms through incredible offers which you can cash in on. For instance, ADCB bank offers 17,000 touchpoints when you open your online account. Rewards with a cashback of up to AED 350 on your first credit card statement are also up for grabs. ENBD liv has recently offered a contest where maximum engagement with the app could win you a TESLA car!

• Enhanced customer service: No more waiting in queues to meet your branch manager or a bank teller. Digital banks assist you with video interactions through a virtual relationship officer. You could also engage in an AI-enabled live chat session and get resolutions to your queries.

• Smart Kiosks: Malls and shopping complexes across UAE are also being installed with Smart Kiosks, through which you can engage physically with automated devices of your bank. You could print cheques (limited to 6 a month), deposit cash into your account, replace debit cards, print account statements (albeit without a stamp) and much more.

• Perspective: You can get personal insights into where you spend and how frequently. Easily track and compare your expenses over months, merchants or categories. The apps provide you with real time analytics with insights on transactional history and spending patterns.

By now you might have a fair idea as to how much digitisation of banks would help you as a customer. Prepare to empower yourself with an enriched and sophisticated banking experience like never before. Bid adieu to long waiting hours in bank offices and embrace smart digital banking options. Welcome to the new age of ‘digital’ banking!