{"id":1008,"date":"2020-07-16T09:00:30","date_gmt":"2020-07-16T05:00:30","guid":{"rendered":"https:\/\/moneymall.ae\/credit-blog\/?p=1008"},"modified":"2020-07-25T15:30:07","modified_gmt":"2020-07-25T11:30:07","slug":"about-digital-banking-in-uae","status":"publish","type":"post","link":"https:\/\/moneymall.ae\/credit-blog\/about-digital-banking-in-uae\/","title":{"rendered":"Everything You Need To Know About Digital Banking in UAE"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">We have all come across numerous digital banking solutions that can help financial organizations to improve their customer onboarding experiences. Digital Banking in UAE is growing faster than ever before; But, <\/span><span style=\"font-weight: 400;\">What is digital banking? Continue reading to find out\u2026<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_79 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a2e03a234240\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a2e03a234240\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/moneymall.ae\/credit-blog\/about-digital-banking-in-uae\/#An_introduction_to_digital_banking\">An introduction to digital banking<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/moneymall.ae\/credit-blog\/about-digital-banking-in-uae\/#What_is_digital_banking\">What is digital banking?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/moneymall.ae\/credit-blog\/about-digital-banking-in-uae\/#What_is_the_difference_between_online_banking_and_digital_banking\">What is the difference between online banking and digital banking?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/moneymall.ae\/credit-blog\/about-digital-banking-in-uae\/#What_are_the_advantages_of_digital_banking\">What are the advantages of digital banking?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/moneymall.ae\/credit-blog\/about-digital-banking-in-uae\/#Digital_banking_Tips_for_Users\">Digital banking Tips for Users<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/moneymall.ae\/credit-blog\/about-digital-banking-in-uae\/#Digital_banking_in_UAE\">Digital banking in UAE<\/a><\/li><\/ul><\/nav><\/div>\n\n<figure id=\"attachment_1011\" aria-describedby=\"caption-attachment-1011\" style=\"width: 750px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/moneymall.ae\/credit-blog\/about-digital-banking-in-uae\/digital-banking-in-uae\/\" rel=\"attachment wp-att-1011\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-1011\" src=\"https:\/\/moneymall.ae\/credit-blog\/wp-content\/uploads\/2020\/07\/Digital-Banking-in-UAE.jpg\" alt=\"Digital Banking in UAE\" width=\"750\" height=\"421\" \/><\/a><figcaption id=\"caption-attachment-1011\" class=\"wp-caption-text\">Digital Banking in UAE<\/figcaption><\/figure>\n<h2><\/h2>\n<h2><span class=\"ez-toc-section\" id=\"An_introduction_to_digital_banking\"><\/span><strong>An introduction to digital banking<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">In the old days, banking used to be a time-consuming business. If you wanted cash, for instance, you had to go to the bank branch, hand over a cheque to a bank employee, get a token, and wait until the cashier called your number. In the first week for a month, when there was a scramble for cash among customers, you had to wait a long time indeed. All that, thankfully, is a thing of the past. Digital banking has transformed the way things are done. Now all you have to do to get cash is to get to the nearest ATM, use your card and get cash in under a minute! Moreover, going digital allows you the perfect opportunity to enjoy a paperless banking experience, where you no longer need to keep track of your transactions or banking history through physical documents. Digital Banking has completely changed the way we bank in today\u2019s times. With Digital Banking, you can transact with higher speed, ease, and convenience.<\/span><\/p>\n<p style=\"text-align: center;\"><em><strong>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/8-useful-apps-for-a-safe-digital-banking-experience-during-covid-19\/\">8 Useful Apps For A Safe Digital Banking Experience During COVID-19<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_digital_banking\"><\/span><b>What is digital banking?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Digital banking is the digitization (or turning online) of all the traditional banking activities and programs services that were historically only available to customers when physically inside of a bank branch. This includes activities like&#8230;<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Money Deposits, Withdrawals, and Transfers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Checking\/Saving Account Management<\/span><\/li>\n<li style=\"font-weight: 400;\"><a href=\"https:\/\/moneymall.ae\/best-credit-card-in-uae\/\"><span style=\"font-weight: 400;\">Apply for a Credit Card<\/span><\/a><\/li>\n<li><a href=\"https:\/\/moneymall.ae\/personal-loans-in-uae\/\">Apply for a Personal Loan<\/a><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Loan Management<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bill Pay<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Account Services<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Digital banking sometimes referred to as e-banking, has gradually emerged over the last few decades. Importantly, digital banking portals allow banks to provide customers with access to traditional banking services via their PC or smart device. These services save customers and the bank time and money. Consequently, they are more popular than ever.<\/span><\/p>\n<p style=\"text-align: center;\"><em><strong>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/all-that-you-must-know-about-the-adcb-unb-merger\/\">All That You Must Know About The ADCB- UNB Merger<\/a><\/strong><\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_is_the_difference_between_online_banking_and_digital_banking\"><\/span><b>What is the difference between online banking and digital banking?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">For the most part, these two words are synonyms. But, we define online banking a bit more narrowly than digital banking: online banking primarily focuses on remote deposits, money transfers, bill pay and basic online management of accounts. Other synonyms for online banking include internet banking, virtual banking and e-banking. So, online banking focuses on digitizing the \u201ccore\u201d aspects of banking, but digital banking encompasses digitizing every program and activity undertaken by financial institutions and their customers.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_are_the_advantages_of_digital_banking\"><\/span><b>What are the advantages of digital banking?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Given all of the advantages digital banking brings to the sector, it\u2019s easy to see why today, every bank offers some form of digital banking to its clients. Both clients and banks have much to gain from this hi-tech integration. Some of the advantages of digital banking are as follows:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Open bank account online\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Apply for loans, credit cards online\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Check account summary\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Get e-statements\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Avail banking services 24\/7\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Transfer funds to other accounts at ease\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Move funds from one account to another easily\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Can maintain different accounts easily\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Get debit cards\/ credit cards\/ chequebook delivered at your preferred location<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Avail banking services even during holidays<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Need not visit the bank and wait in queues<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Can get in touch with banking officials easily on any related queries\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No charges are levied to avail Digital Banking\u00a0<\/span><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Digital_banking_Tips_for_Users\"><\/span><b>Digital banking Tips for Users<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Make sure that you keep the following tips in mind whenever you use the facility of digital banking.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Do not to write down your passwords or log in credentials anywhere\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Do not share your credentials with anyone including banking officials<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Do not tell your banking card PIN to anyone<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If your card is lost, report it on the bank website or app immediately and get it blocked<\/span><\/li>\n<\/ul>\n<p style=\"text-align: center;\"><em><strong>Read More:-\u00a0<a href=\"https:\/\/moneymall.ae\/credit-blog\/stories\/keepbankaccountsafe\/\">Keep your Bank Account Safe<\/a><\/strong><\/em><\/p>\n<h1><span class=\"ez-toc-section\" id=\"Digital_banking_in_UAE\"><\/span><b>Digital banking in UAE<\/b><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><span style=\"font-weight: 400;\">Banks in the United Arab Emirates (UAE) in particular have taken the lead in adopting digital solutions. In UAE, a number of banks have undertaken numerous digital banking initiatives, ranging from launching separate digital-only banking platforms to strengthening existing mobile banking services. Over the past years, UAE has witnessed a significant digital transformation, supported by a government focusing on developing all required digital infrastructure through substantial spending and by attracting private investments. The country is rapidly emerging as a startup hub for the regional financial sector with about 30% of the region\u2019s fintech firms based in the UAE.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Emirates NBD (ENBD) launched <strong><a href=\"https:\/\/moneymall.ae\/liv-credit-card\/\">Liv<\/a><\/strong>., a millennials digital banking proposition which became a Big success very soon. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Commercial Bank of Dubai launched CBD NOW, also targeting the millennial and digitally connected customers with a mobile proposition,<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> and Mashreq Bank launched <strong><a href=\"http:\/\/mashreqneo.com\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Mashreq Neo<\/a>,<\/strong> its full-service digital bank.<\/span><\/p>\n<p>Emirates NBD &amp; Mashreq Bank are leading the charge in the Digital Business Banking segment too, with <strong><a href=\"http:\/\/mashreqneobiz.com\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Mashreq Neo Biz<\/a> <\/strong>&amp; <strong><a href=\"https:\/\/moneymall.ae\/e20-digital-business-bank\">E20 Digital Business Bank<\/a><\/strong> are the only two Digital business banking app in UAE at the moment.<\/p>\n<p><span style=\"font-weight: 400;\">Digital Banking continues to see growth within the financial sector. Importantly, a multitude of major banking institutions in UAE diverted funds from the creation of new branches into e-banking platform upgrades recently. You can expect this trend to continue as the digitization of the market expands. For now, a digital bank could be the perfect solution to all of your banking needs during the coronavirus pandemic.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We have all come across numerous digital banking solutions that can help financial organizations to improve their customer onboarding experiences. 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