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Abu Dhabi Islamic Bank (ADIB) has become the first bank in the UAE to offer SMEs the convenience of remote account opening services through a mobile app by deploying Emirates Face Recognition (EFR) technology.
This new feature will allow businesses to apply for a business account without visiting a branch or submitting physical documents or signatures. With this technology, ADIB can perform highly secure identity verification for businesses prior to opening new accounts in less than 24 working hours.
In the initial phase, the rollout will only consist of opening accounts for single property owners with a Dubai Mainland license. The same scheme will be developed for companies in Abu Dhabi following the signing of a partnership agreement with the Abu Dhabi Department of Economic Development (ADDED). After completing the application digitally using the ADIB Direct Business App, clients will be able to open a business account in AED currency.
Digital accounts opened on the app replace paper documents, eliminating the need for repeated data entry and enabling customers to complete their know-your-customer (KYC) requirements digitally. The focus on fully digitizing the customer journey is a testament to ADIB’s commitment to digital product and service innovation.
Real-time verification of trade licenses and customer data, facial recognition and the use of OCR and NFC technology are used to verify and capture UAE ID and passport information. Electronic signatures are also used to facilitate the digital execution of documents. A dedicated team has been formed to verify compliance-related items to complete the process. After verification, a text message will be sent to the applicant to confirm account activation.
The new feature enables small business owners to open an account through the ADIB Direct Business app from the comfort of their home and office. As the pace of technological change accelerates, ADIB is constantly adapting and improving its products to remain at the forefront of digital banking in the region.
In addition to the digital account opening solution, ADIB has launched ADIB Direct – Online and Mobile Banking, which automates various services for companies, resulting in significant cost and time savings. Currently, around 90% of ADIB UAE’s online commercial banking transactions are done through digital channels.
The digital business account opening follows ADIB’s announcement that it is the first bank in the UAE to use facial recognition to open accounts for retail customers. To date, 40% of New Retail customers have opened accounts digitally. – trade arab news agency
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