ADIB Bank

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Do you know about ADIB?

The most well-known Islamic bank in the United Arab Emirates (UAE) is ADIB or Abu Dhabi Islamic Bank. It was founded as a publicly traded joint stock company in 1997, with its headquarters in Abu Dhabi. ADIB provides a variety of Islamic-compliant banking and financial services and conducts business in compliance with Islamic Sharia principles.

For consumers, companies, and corporate clients, ADIB offers a wide range of goods and services. 

Essential products and services involve:

  1. Personal Banking: ADIB provides various private banking such as credit cards, savings and checking accounts, wealth management tools, and investment products.
  2. Business Banking: ADIB assists larger and smaller corporations and SMEs with their banking requirements. In addition to other corporate banking services, it offers business accounts, trade finance services, working capital loans, and treasury solutions.
  3. Wealth Management: For individual and institutional clients, ADIB provides wealth management and investment services. These services include portfolio management, mutual funds, Sukuk investments, and financial planning.
  4. Corporate Banking: ADIB provides services for big businesses, the government, and financial institutions. Project financing, cash management, trade financing, and advisory services are all included in its corporate banking offerings.
  5. Digital Banking: ADIB offers online and mobile banking platforms that let users effortlessly access their accounts, carry out transactions, send payments, and carry out other banking tasks.

In addition to supporting moral and responsible banking practices, ADIB is committed to upholding respect for Islamic beliefs. It has received prizes and commendations for its dedication to Islamic banking and finance.

Do you know ADIB has started an online remote account opening service through a mobile app?

ADIB is using Emirates Face Recognition (EFR) technology, that’s why Abu Dhabi Islamic Bank (ADIB), a renowned Islamic financial institution, became the first bank in the UAE to offer small and medium-sized enterprises (SMEs) efficient remote account opening services through a mobile app. Businesses can submit a business application account using this new tool without having to go to a branch or provide physical documents or signatures. They also offer their clients a flawless and user-friendly mobile app experience; ADIB has teamed up with an iPhone app development company. With the help of this technology, ADIB can open a new account for businesses in less than 24 business hours after performing highly secure identification verification. 

The launch would initially only cover establishing accounts for lone owners with a Dubai mainland license. However, following the signing of a collaboration agreement with the Abu Dhabi Department of Economic Development (ADDED), a similar program will be created for businesses with headquarters in Abu Dhabi. After applying digitally via the ADIB Direct Business App, customers can open a Business Current account in AED currency. Digital account opening via the app removes the need for repetitive data entry, replaces paper-based documentation, and allows customers to satisfy Know Your Customer (KYC) standards digitally. A testament to ADIB’s efforts to focus on innovation in digital products and services is the emphasis on a digital customer journey.

The information on Emirates IDs and passports is validated and captured using facial recognition, optical character recognition (OCR), and near-field field communication (NFC) technology. Trade licenses and customer data are also continuously verified. Using electronic signatures makes it easier to execute papers digitally. A specialized crew checking compliance-related items will conclude the operation. Candidates will get an SMS following the verification to confirm account activation.

The introduction of this solution confirms ADIB’s dedication to assisting small and medium-sized enterprises with cutting-edge digital solutions that improve banking accessibility and convenience. With the help of this most recent addition, small business owners may now use the ADIB Direct Business app to open an account from the comfort of their homes and offices. To maintain its position as the region’s leader in digital banking, ADIB is evolving and adapting its offers as technological development quickens.

Along with the electronic account opening solution, ADIB has also released ADIB Direct – Online & Mobile Banking, which automates several services for businesses and saves them a lot of money and time. Currently, more than 90% of ADIB UAE’s online business banking transactions happen through digital channels.

The opening of the digital business account follows ADIB’s announcement that it was the first bank in the UAE to open accounts for retail clients using facial recognition. 40% of recent retail consumers have started their bills online.​

Conclusion

That’s why ADIB became the first bank in the UAE to offer small and medium-sized enterprises (SMEs) efficient remote account opening services through a mobile app. Are you considering building your own iOS or Android app? If so, top mobile app development companies in Dubai can assist you in creating your app.

By Ankit Singh

Ankit Singh is a seasoned entrepreneur, who has crafted a niche for himself at such a young age. He is a COO and Founder of Techugo. Apart from holding expertise in business operations, he has a keen interest in sharing knowledge about mobile app development through his writing skills. Apart from sailing his business to 4 different countries; India, USA, Canada & UAE, he has catered the app development services with his team to Fortune 200, Global 2000 companies, along with some of the most promising startups as well.   

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