ADIB becomes the first UAE bank to provide instant and secure account opening for SMEs

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, becomes the first bank in the UAE to provide small and medium-sized enterprises (SMEs) with convenient remote account opening services through a mobile app by deploying Emirates Face Recognition (EFR) technology. This new feature will allow businesses to apply for a business account without the need to visit a branch or submit physical documents or signatures. Through this technology, ADIB can perform highly secure identity verification before opening a new account for businesses in less than 24 business hours.

In the initial phase, the launch will encompass only the account opening for single owners with a Dubai mainland license. The same program will be developed for companies based in Abu Dhabi after signing a cooperation agreement with Abu Dhabi Department of Economic Development (ADDED). Customers will be able to open a Business Current account in AED currency after completing the application digitally using the ADIB Direct Business App. The digital account opening on the app replaces paper-based documentation, eliminates the need for repetitive data entry and enables clients to digitally complete their Know Your Customer (KYC) requirements. The focus on an entirely digital customer journey is a testament to ADIB’s efforts in concentrating on innovation in digital products and services.

Real time verification of trade licenses and customer data, facial recognition, and the use of OCR and NFC technology is used to validate and capture Emirates ID and passport information. Electronic signatures are also used to facilitate the execution of documents digitally. A dedicated team has been formed to verify compliance-related items to complete the process. Following the verification, an SMS will be sent to applicants to confirm account activation.

The launch of this solution reaffirms ADIB’s commitment to supporting small and medium businesses with innovative digital solutions that make banking more accessible and convenient. This latest feature provides small business owners with the capability to open an account from the comfort of their homes and offices through the ADIB Direct Business app. As the pace of technological change accelerates, ADIB continues to adapt and evolve their offerings to remain a digital banking leader in the region.

In addition to the digital account opening solution, ADIB has also introduced ADIB Direct – Online & Mobile Banking, which automates a variety of services for companies, providing significant cost and time savings. Currently, around 90% of ADIB UAE’s online Business Banking transactions are fulfilled through Digital Channels.

The digital business account opening comes after ADIB announced that it was the first bank in the UAE to use facial recognition to open accounts for retail customers. To date, 40% of new retail customers have opened their accounts digitally.

About ADIB

ADIB is a leading bank in the UAE with more than AED 172 billion in assets. The bank also offers world-class online, mobile and phone banking services, providing clients with seamless digital access to their accounts 24 hours a day. ADIB provides retail, corporate, business, private banking and wealth management solutions. The bank was established in 1997 and its shares are traded on the Abu Dhabi Securities Exchange (ADX).

ADIB has presence in six strategic markets: Egypt, where it has 70 branches, the Kingdom of Saudi Arabia, the United Kingdom, Sudan, Qatar and Iraq.

Named World’s Best Islamic Bank by The Financial Times’ The Banker publication, ADIB has a rich track record of innovation, including introducing the award-winning Ghina savings account, award-winning co-branded cards with Emirates airlines, Etihad and Etisalat and a wide range of financing products.