Challenges

1) Branch Visit - Platform available on Web, Mobile and Smart watch for easy access available from the comfort of the offices to save time for customers from visiting the branches
2) Security and peace of mind - Secure Digital platform with two factor authentication and virtual tokens for approval providing better control over payments
3) Analysis & Cash flow - Providing customizable dashboard for real time up to date information solving the need for detailed analysis and forecasting of future cashflow
4) Quick payments - Straight through payments domestic and international reducing the time and security for remittance
5) Information & Analytics - Detailed status and information on all payments providing real time information to keep track of all invoices
6) User access and Limits - Setting up Users based on roles required with configurable transactional limits
7) Real time information - Regular alerts and notifications to keep customers aware of any transactions and payments
8) Service requests - Accepting Digital Customer requests for ease of services
9) Cheque book requests - Submitting new cheque book requests online without the need of visiting the branches

Primary target

Which group does your product/service primarily target?

Description of Innovation

ADIB has launched “ADIB Direct”, a new intuitive digital banking platform for SMEs and large corporates that integrates a suite of banking solutions into a single, streamlined interface. ADIB Direct automates many services delivering significant cost and time efficiencies. Business banking customers benefit from one central view of ADIB’s wide range of new banking features, and improved functionality to manage their finances locally and internationally. These features include customizable dashboards, a working capital view, cashflow forecasting, and trade finance management, which are accessible across all devices including a mobile app.
ADIB launched ADIB Office Banking which provides a number of remote access solutions for SMEs, such as cheque printing, cheque scanning, alongside other services, all of which allow ADIB customers to enjoy fast and secured 24/7 banking experience without leaving their office. The new integrated platform is also offering payment solutions, liquidity and account services, and collection solutions. ADIB Office Banking Digital Suite solutions include the following:
Online Banking - that enable the SME customers to full-fledge monitor their accounts and initiate and approve complex payments from anywhere at anytime
Mobile Banking - to monitor accounts and initiate and approve payments from mobile devices from anywhere at anytime ADIB Direct is a secure and centralized platform that allows to view account information

Results

More than 50 % customers enrolled for digital solutions on launch in 2019
10% increase year on year in the adoption of the platform from 2019
Reduction in total branch transactions from 33% in 2019 to 14% in 2022
Increase in online banking transactions from 5% in 2019 to 25% in 2022

Lessons Learnt

Understanding of customer needs and demographics
Evaluate the impact throughout the life cycle for customers
Identify and Addresses your known friction points
Integration required with all existing platforms, eliminating the need to upgrade other systems first or wait for industry standardization
Is the platform agnostic and accommodate all channels seamlessly so that no matter how or where vendors, customers or employees interact with it, their experience is consistent

The Central Bank of the UAE presented a “National Payments Strategy” in 2018 which focuses on better customer experience in local and international transactions with an aim to create safer, better regulated, less costly and more efficient payment systems and in 2020 it is becoming a reality
Government’s Wage Protection System, an electronic transfer system that requires all corporations to pay wages through approved financial institutions, and widely used e-wallets, a cashless society is not a target beyond reach with the help of upcoming initiative
Setting up of new free zones with tax exemptions
Compliance regulations around risk assessment of SME's
UAE Central Bank digital payments regulations