In the UAE, a nation with a population of around 10 million, a significant portion consists of expatriates who are not citizens but who live and work there on a permanent basis. Given this demographic, the UAE government prioritizes creating comfortable conditions for these expatriates, a goal that extends into major service industries, including banking.
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Here is some naked statistics:
Considering these facts, the fintech sector in the country is rapidly developing towards the adaptation of expats to capital circulation in the country - that's why improving the onboarding process for expatriates in UAE banks become so vital. This aim is supported by both a government priority and significant investment in technology.
It is worth noting that the UAE has seen significant growth in the fintech sector over the past few years, with investments increasing by approximately 20% annually. The sector is forecast to continue its upward trajectory, potentially growing at an even faster pace.
It has become more important than ever not to miss the moment of an uptrend - for this we have prepared a valuable insight.
The onboarding process for new-2-bank expatriate clients in UAE banks is designed to address specific challenges and comply with the regulatory and cultural landscape of the UAE. While individual banks may vary in their specific procedures, the fundamental steps for onboarding expatriates typically include the following key aspect: documentation and identity verification.
To successfully onboard as a new client, expatriates are required to submit several important documents for identity verification, including:
While gathering and submitting these documents may be cumbersome, the true challenges of onboarding do not necessarily lie in this initial step. The deeper complexities are often found in navigating the broader regulatory and integration issues that follow.
There is a notable shortage of publicly available research focusing on the fintech sector's adaptation to the expatriate market in the UAE. This lack of detailed insights into expatriate needs and preferences in financial services, combined with a burgeoning investment in technology, creates a gap in strategic development and service delivery.
As specialists in the field of user practice research, we definitively know what needs to be done to bridge this gap effectively.
Comparative analysis of user tasks:
Data collection methodology:
We are ready to conduct such a thorough review of digital banking services and propose a map of actionable improvements that can propel your business forward. Are you?
Markswebb is uniquely positioned to address these challenges. With its deep expertise and research capabilities, Markswebb can provide critical analysis and strategic recommendations that help banks refine their onboarding processes. By conducting thorough market research and analysis, Markswebb can help financial institutions understand the expatriate demographic better, tailor their services to meet these customers' specific needs, and leverage technology to streamline regulatory compliance. This will not only improve the customer experience but also enhance the banks' competitive edge in the thriving UAE fintech ecosystem.
Wondering how to create seamless digital banking experiences? Explore Markswebb’s handpicked UI solutions for 2024, grounded in our Mobile Banking Rank research. Get inspired and start building better services today!
Attention major players in the UAE banking sector:
Markswebb is initiating a comprehensive study on mobile banking in the UAE and invites leading banks to participate. The study will include ADCB (Abu Dhabi Commercial Bank), ADIB (Abu Dhabi Islamic Bank), Ajman Bank, Al Hilal Bank, MBank (Al Maryah Community Bank), Al Masraf Arab Bank, Bank of Sharjah, CBI (Commercial Bank International), CBD (Commercial Bank of Dubai), Dubai Islamic Bank, Emirates Islamic, Emirates NBD, FAB (First Abu Dhabi Bank), Invest Bank, Mashreq, NBF (National Bank of Fujairah), RAKBANK (The National Bank of Ras Al-Khaimah), NBQ (The National Bank of Umm Al-Qaiwain), Sharjah Islamic Bank, United Arab Bank, WIO Bank, Dubai Bank, Dubai Finance Bank, Emirates Investment Bank, and Noor Bank.
For updates on the study and participation details, follow our LinkedIn page. We look forward to collaborating on this project - let's begin a new phase of development together!
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