Just think about this, Why wait in long queues for opening an account when you can do the same within minutes from the comfort of your home? In a country like the UAE with 96% of the population using the internet, it only makes sense to have digital banks in UAE. When it comes to digital banks, the competition is pretty high as there are so many banks formed with each offering similar offers to customers. Therefore, if you have been looking to open a bank account digitally, we’ll list some of them so that you don’t have to do all the heavy lifting, let’s get started.
Advantages of digital banks in UAE
Before we dive into getting to know about the various digital bank Dubai, let us understand why they are immensely popular and beneficial for the people. Having a digital bank allows customers to
- Apply for the account online
- Submit fewer physical documents for the application
- Apply and track the account from anywhere
- Get debit card delivered at home
- Get exclusive discounts and offers
- Do quick money transfers
- Get quicker customer support
Some of the top UAE digital banks worth knowing
The first one on the list is Zand. It is one of the Dubai-based independent challenger digital banks in UAE offering corporate banking and retail services. Even though it is yet to be launched, Zand may have the potential to be the first neobank with a full banking license in the UAE. When launched, it will offer a wider range of banking services that include cards, loans, accounts and personal financial management, etc.
YAP is another independent branchless app launched in March 2021 offering digital banking services. The specialty of this app is that it offers its banking services through a partnership with RAK Bank. Speaking of services, it enables payments, remittances, bill payments, as well as spending and budgeting analytics. Customers can open a free basic account and opt for YAP packages that offer various banking experiences.
As the first two digital banks were launched pretty recently, the next one is a well-known player and has been in the competition for quite some time. Launched in 2017, Mashreq Neo is a digital-only neobank UAE by Mashreq Bank. Customers can open different accounts ranging from smart, salary, savings accounts, etc. An interesting feature of this bank is that it integrates a facial recognition system for account opening which is neat and the first for a digital bank. By scanning your Emirates ID and using facial recognition, you can authenticate your identity and open an account. The verification can be either done at a branch, or by a bank representative at home.
Abu Dhabi Islamic Bank (ADIB) launched its digital bank “Amwali” in 2021. This is the world’s first Islamic digital bank unveiled specifically for the youth. Like all other digital banks, this offers similar services such as paperless transactions, debit card delivery, mobile wallets and more. What makes this bank interesting is that only parents can open an account on the ADIB app and they have to be ADIB customers in the first place to access Amwali. Several features are planned to launch such as gamified education and task-based allowances.
Emirates NBD’s corporate digital banking solution, E20 was launched in 2019. This new digital bank in UAE is available for entrepreneurs, freelancers, SMEs and various other businesses. Customers can open their accounts instantly however, the payments take about 3-5 days to be activated. For business accounts, it will be chargeable and there will be a minimum balance requirement and a monthly subscription fee.
Commercial Bank of Dubai (CBD)
Want to open an account without many hurdles? CBD Digi Account is what you need. Being one of the top-rated banks in the UAE, in less than 5 minutes, you can easily open your account through the CBD mobile app. Some of the perks you can enjoy include free remittances & ATM withdrawals, budget tracking and you also get several discount offers which is a nice touch. There is no salary transfer requirement to open your account in CDB.
For customers residing in the UAE doing business, entrepreneurs, freelancers, and startups, Xpence is a great option for digital business banking. The specialty of Xpence is the availability of a digital current account that suits many many different financial needs. Using this digital bank’s advanced platform, account holders can capture receipts, do invoicing and save time on bookkeeping activities. What’s more, they can also issue Visa business cards for themselves and their teams.
Dubai Islamic Bank
As most digital banks have been in service for quite a few years, if you are looking to open your digital account in a bank having a long history and some mega achievements, the Dubai Islamic Bank is worth considering. Launched on September 15th 1975, this bank has achieved various milestones over the years. What’s more, the DIB ranks 11th among the top 150 banks in the Middle East, how’s that for an achievement? With over 5 million active customers, opening a single digital account for personal or business purposes gives you access to multiple services.
When it comes down to digital banks, OG Pay is another neobank UAE is one of the most secure and affordable options around. It offers many features that make it a powerful digital banking solution. Opening an account on OG Pay can be done online or through their official app. The account holders will get a virtual debit card once registered, which can be used immediately. The option to order a physical card is available and will be delivered within a few days. Another major advantage is that users can buy and sell various cryptocurrencies through the digital platform.
Created by Emirates NBD, Liv is designed exclusively to meet your lifestyle requirements. This online platform provides a pretty straightforward and hassle-free banking experience while understanding customer preferences. The digital bank offers a variety of services that include Liv Credit Card, Liv Prime, Liv Young, etc. The perks of opening your account in Liv are the access you get to various attractive lifestyle offers, 1.5% interest on your savings, personal budgeting tools, and more importantly, the option to transfer funds through social media channels. If you are an international shopper, Liv bank doesn’t charge for international debit card spending and international transfers.
The concept of digital banks is simple, offering convenient banking services to customers anytime in their comfort. Even though digital banks in UAE make banking a lot easier and are secure, it is important to maintain confidentiality when using passwords, card details, PINs and OTPs to access the online account.
To know more, Connect with GTECH.