banking in the uae
We all have seen many digital banking solutions that can assist organizations to improve their customer onboarding experience. Digital Banking in UAE is coming in demand faster than ever before; what is digital banking and how it is utilized in UAE? In this article, we will discuss digital banking in UAE.
In the old days banking used to be very time-consuming and cash was needed. For example, people have to go to the bank branch to collect cash by handing over a cheque and wait until the cashier called their number. People had to wait for a long time when there was a crowd in the bank. This all hazel was in the past and now the banking is improving its mechanism. Digital banking has transformed the way of banking because now you have to get to the nearest ATM and use your debit card for cash withdrawal.
If you are going to switch to digital banking, then it will reduce your paperwork. In paper banking experience, you no longer need to keep the track of your banking history or transactions which can be a disadvantage for a company in UAE.
Digital banking in UAE has completely changed banking in today’s time, with digital banking in UAE you can transact with higher speed, convenience, and ease.
What Is Digital Banking In UAE
Digital banking is the digitization of all the previous traditional programs services and activities. These services were physically available for the customers in the branches of the banks but now everything is moving towards e-banking.
banking in the uae
These are the primary bank activities:
- Checking and saving account management.
- Money Deposits, transfers, and withdrawals.
- Apply for a credit card.
- Loan management.
- Bill Pay.
- Account Services.
- Apply for a personal loan.
Digital banking in UAE is sometimes referred to as e-banking and has emerged over time. Digital banking portals allow banks to provide the services of traditional banking via their smart devices and PC. These e-services help customers save their time and money and give all the other benefits also.
Difference Between Online Banking And Digital Banking
Digital banking and online banking seem synonymous but online banking is defined a bit more narrowly than digital banking. Online banking mostly focuses on remote deposits, bill pay, money transfers, and basic online management of accounts. Online banking is also known as internet banking, e-banking, and virtual banking. It will be good for the companies who open their business bank accounts in UAE and avail the digital banking services. Therefore, online banking focus on the core aspects of banking but digital banking digitizes every program and activity undertaken by customers and financial institutions.
Advantages Of Digital Banking In UAE
Looking at all the advantages of digital banking, it is easy to know why digital banks in UAE offer digital banking to their clients. Digital banks in UAE provide high-tech integration and these advantages:
- Apply for loans, and credit cards online.
- Open bank accounts online.
- Check the account summary.
- Apply for credit cards and loans online.
- Get an e-statement.
- Avail of banking services online 24/7.
- Funds transferring to other accounts.
- Maintain different accounts easily.
- Get debit/credit cards or checkbooks delivered to your preferred location.
- Get banking services during weekends and holidays.
- Get in touch with the officials of the banks on any queries.
- No charges for availing of digital banking in UAE.
These are some of the best features of digital banking:
- Process automation
- Application programming interfaces
- Cryptocurrency and gold purchase
- Stock market investment
- Web-based services
Digital Bank And Neobank
Digital banks in UAE and Neobanks both provide digital banking services but have some distinctions between them. A digital bank is an online branch of a traditional bank whereas a neobank exists independently of a traditional bank.
| Digital Bank in UAE | Neobank in UAE |
|---|---|
| An online arm of a traditional bank. A fully licensed financial institution. Offers a wide range of services such as savings accounts, credit cards, personal loans, mortgages, etc. No Physical location so may be able to save costs and offer higher interest rates. | A startup or fintech operates independently and relies on innovative business models. May or may not be fully licensed. Offers fewer or more personalized services such as currency exchange, payment transfers, online account opening, budgeting tools, and debit cards. Offers customers lower fees because of no physical location and provides higher interest rates. |
Conclusion
As we know that banking is very important nowadays and it can be daunting for people to physically go to the banks and get all the work done. Now the world is moving towards digital banking in UAE. There are many digital banks in UAE to provide you with the best facilities.
Digital banking is rising and does not seem to come to halt as customers are preferring the ease digital banks in UAE provide. There are plenty of great digital banking options in the UAE, whether you are interested in the specialized services from neobank or the new digital online options.
Most of the UAE digital banking services are available to UAE residents and if you are interested in buying and investing in real estate then digital banking will give you an advantage. We are an accounting and bookkeeping firm in Dubai, UAE. Our expert team is assisting UAE residents and even foreigners to establish their businesses in UAE and make a solid business plan. We are providing a variety of services such as accounting and bookkeeping services, CFO services, auditing services, accounts payable outsourcing, payroll outsourcing, and many more. Our team of professionals goes beyond the basics to bring value and ensure that auditing plays a productive role in your business. If you are looking for accounting and bookkeeping services in UAE, then don’t hesitate to contact ebs.