Challenges

Common challenges faced by SME Businesses are cash flow management, lack of efficient payment systems, access to better technology & advisory, and managing account receivables and payables. businessONLINE is the complete comprehensive digital cash management ecosystem that gives control to SME businesses on all their financial relationships, accounts, and activities. All this is combined in a one user-friendly platform simplifying day-today operations and business processes. The key features of businessONLINE are as follows;

1. Comprehensive Payment processing Suite
Complete corporate payment processing suite with multiple payment processing capabilities - including international and domestic funds transfers along with corporate payroll processing.
2. Easy receivables Management
Introduction of a new collection product suite including virtual accounts.
3. Notifications and alerts
Real-time notification and alerts through multiple channels.
4. Detailed Account and statement reporting
Complete view of reports and dashboards with analytical capabilities.
5. Administration capability
Completely re-designed administration with wizard-based navigation, quick onboarding, and detailed user profiling.
6. Complete visibility
Multi-bank reporting with visible counter-party bank accounts.
7. businessONLINE App
Businesses can access their financial accounts in the palm of their hands with our Mobile Banking App.

Primary target

Which group does your product/service primarily target?

Description of Innovation

Simplify day-to-day tasks:
- On-the-go mobile banking that is accessible across digital platforms
- Detailed account & statement reporting
- Comprehensive payments and collections suite
- Customized dashboards to cater to different roles
Comprehensive Payments Suite:
SWIFT for Corporates
Remote cheque printing
Multi-currency capabilities
Receivables Management
ICCS Collect Remote Cheque Deposit
Direct Debit- UAE DDS
Payment Gateway Services (UAEPGS) businessONLINE, as an integrated digital platform of Emirates Islamic

Results

businessONLINE has proved to be a cost-effective channel. This is mainly attributed to reduced number of working hours due to significant reduction in processing time.
Furthermore, it has increased efficiency while enriching customer experience providing convenience through easy and rapid execution of transactions.

Lessons Learnt

The following fators to be considered to replicate this initiative:
- Security features
- Accessibility
- Account and Product Options
- Competitive Pricing
- System efficiency
- Core Banking system

Growth Drivers for businessONLINE:
1) Changing customer behavior & preferences
2) Supportive government policies
3) Growth of the ecommerce industry
Challenges:
1) Everchanging regulatory requirements and translation into digital framework
2) Rising cyber security concerns resulting in huge investments in information security services to protect sensitive information and ensure customers’ trust.