Challenges

1. Ease of opening a business account - enabled through specialized onboarding team.
2. Convenient account maintenance and transactional benefits both through digital as well as physical channels.
3. Special account types depending on the nature of business / licensing requirement - online for businesses and start-up companies with customized account opening requirement and relationship charges.

Primary target

Which group does your product/service primarily target?

Description of Innovation

1. Easy step-by- step account opening process through a dedicated business client onboarding team with quick call back process (within minutes).
2. Option for the client to choose between different packages with free transactional benefits based on the relationship / zero or minimum monthly average balance.
3. Free transactional services viz. Cheque book, branch teller transactions and access to internet as well as mobile banking services.
4. Complementary free insurance made available to clients who fulfil required criteria
5. Access to account / relationship services through any ADCB branch. Customized transactional business account proposition for micro enterprises.

Results

1. Supported micro-SME businesses through the customized business banking account proposition; which includes women entrepreneurs, digital businesses, start-ups and small businesses which play a major role in the economic growth of the country.
2. Received positive feedback and high regards from clients on account of ease of opening a business account through a dedicated team which specifically serves the micro-SME customers and the efficiency of the account opening process as most of the accounts are opening within 2 days.
3. Minimized transactional friction by enabling digital channels as a default, both through internet as well as mobile banking which has resulted in most customers using digital channel for their day to day banking needs such as bill payments, money transfers, checking balance statement, etc.

Lessons Learnt

1. Focus on small enterprises as a necessary and key client segment from a business as well as economic sector enablement point of view supported by licensing, banking and operational enablers.
2. Creation / development of an ecosystem which enables seamless sharing for information between all stakeholders to enable the necessary financial infrastructure for micro-SMEs – viz. licensing authority (DED), banks, payment systems, Tax authority and other related service providers which would help the enterprises sustain and grow their business.
3. Customized services and financial products catering to specific needs of micro-SMEs, which includes ease of banking, efficient transactional services, etc.

1. Standardization of business licensing regime / framework across UAE.
2. Collaboration between the Central Bank and DED to enable ease of doing business for micro-enterprises through easier / clear framework.