Abu Dhabi Islamic Bank (ADIB) has become the first bank in the UAE to offer small and medium-sized enterprises (SMEs) 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 the Abu Dhabi Department of Economic Development (ADDED).
Customers will be able to open a Business Current account in UAE 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 theirs 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 its 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 and Mobile Banking, which automates a variety of services for companies, providing significant cost and time savings.
Currently, around 90 percent 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 percent of new retail customers have opened their accounts digitally.
Benefits of ADIB’s Digital Account Opening for SMEs
- Convenience: Businesses can open an account from the comfort of their homes or offices without having to visit a branch.
- Speed: Account opening is completed in less than 24 business hours.
- Security: Identity verification is performed using Emirates Face Recognition (EFR) technology.
- Cost savings: Businesses can save time and money by using digital account opening.
How to Open a Business Account with ADIB Digitally
- Download the ADIB Direct Business App from the App Store or Google Play.
- Create an account and log in.
- Select “Open a Business Account”.
- Complete the application form and submit your documents.
- Verify your identity using EFR technology.
- Sign your documents electronically.
- Wait for your account to be activated.
Contact ADIB for More Information
For more information about ADIB’s digital account opening for SMEs, please visit their website or contact their customer service team.
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