Digital onboarding of accounts for individual customers Qorus Reinvention Awards - MEA 2023 - Winner

Bank's vision was to redefine personal account onboarding experience with a digital-first approach that enables acquiring new customers quickly, securely and with minimal friction. Below are few key USPs that Digital onboarding process at RAKBANK offers 1. Convenience and Streamlined user experience: Open accounts digitally in minutes from anywhere anytime and eliminates the need for customers to visit physical branches, saving them time and effort. 2. State of the art KYC solution with Electronic Facial Recognition: Leverages automation, electronic verification and risk assessment algorithms to mitigate potential risks or fraudulent activities 3. Instant virtual debit card: Customers can open accounts in minutes and receive instant virtual debit card for immediate usage, reducing waiting times significantly compared to manual account opening process. 4. Paperless and Digital documentation: Emphasizes a paperless approach, minimizing the need for physical documentation. Customers can upload and submit digital copies of required documents, reducing paper waste and making the account opening and verification processes more environment friendly.