ADIB becomes the first UAE bank to provide instant and secure account opening for SMEs via deploying Emirates Face Recognition (EFR) technology

SME Banking
24/05/2023 News

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, becomes the first bank in the UAE to provide small and medium-sized enterprises (SMEs ) with convenient 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 the need to visit a branch or submit physical documents or signatures. Through this technology, ADIB can perform highly secure identity verification before opening a new account for businesses in less than 24 business hours. 

In the initial phase, the launch will encompass only the account opening for single owners with a Dubai mainland license. The same program will be developed for companies based in Abu Dhabi after signing a cooperation agreement with Abu Dhabi Department of Economic Development (ADDED). Customers will be able to open a Business Current account in AED currency after completing the application 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 enables clients to digitally complete their Know Your Customer (KYC) requirements. The focus on an entirely digital customer journey is a testament to ADIB's efforts in concentrating on innovation in digital products and services.

Real time verification of trade licenses 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 activation.

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 convenient. This latest feature provides small business owners with the capability 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 introduced ADIB Direct - Online & Mobile Banking, which automates a variety of services for companies, providing significant cost and time savings. Currently, around 90% 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% of new retail customers have opened their accounts digitally.​

Related news & insights

Digital Reinvention
15/07/2024 Article

Financial Innovation Spotlight – July 2024 edition

This global innovation journey begins in Singapore, where OCBC Securities offers AI-driven personalized stock recommendations. Then we head to the...

Digital Reinvention
11/07/2024 Interview

Creating the My World Super App: A peek into Yapi Kredi’s award-winning project

Yakup Doğan, Assistant General Manager responsible for Limitless Banking at Yapı Kredi, reflects on the Turkish bank's victory at the...

Digital Reinvention
11/07/2024 News

BNP Paribas and Mistral AI forge multi-year partnership to enhance banking services

BNP Paribas and Mistral AI have entered into a multi-year partnership agreement, enabling BNP Paribas to access and utilize Mistral...

Mobility
04/07/2024 News

CommBank launches car buying service in app

Partnering with carsales and Vyro, the service simplifies the car buying process for personal and business customers by providing tools...

SME Banking
04/07/2024 News

CaixaBank launches ‘MyBox Retirement’ service for self-employed workers

This service expands the benefits of CaixaBank's long-term savings program to address the unique financial needs and protection requirements of...

Digital Reinvention
04/07/2024 News

CommBank introduces innovative travel booking service via app

This service, powered by global online travel agency Hopper, aims to streamline travel planning, booking, and payment processes for over...

03/07/2024 Article

Adapting to change: Business transformation in the banking sector

Fatih Öğün regularly shares his thoughts and enlightened views with our members on the Qorus website, with articles dealing with...

ESG
02/07/2024 Study

Transforming banks into drivers of a positive future

By exploring the various strategies and initiatives that banks are implementing to enhance their social impact, we can gain insight...