Nine out of 10 UAE bank account holders think opening a bank account takes too much time and that bank onboarding processes are too complicated, according to a new report released by digital identity verification provider firm IDnow.
The report was conducted in cooperation with British market research company YouGov and surveyed more than 1,000 people across the Emirates.
Other key discoveries from the study included that 82 percent of bank customers were unhappy with having to go to a branch and physically hand over documents.
Meanwhile, IDnow which has an office in the Dubai International Financial Center, shows that 76 percent of UAE residents want an entirely digital bank account opening process, with that figure rising to 85 percent amongst higher income groups (with a monthly salary of 25,000 dirhams or more).
Moreover, the analysis reveals that amongst non-bank account holders, 86 percent said they had started a bank account application but quit the process because it was too complicated.
Over the past few years, the banking sector in the UAE has seen rapid innovation and improvements.
Oliver Obitayo, Chief Commercial Officer at IDnow said, “Customers across the UAE are crying out for easier ways to open a bank account.”
Moreover, Obitayo added, “Customers want convenient, quick, and entirely digital procedures. They don’t want to carry lots of paperwork to a branch and they value instant account opening that is safe and secure. Effective digital identity verification and document proofing can help to simplify the process for customers and save banks time and money.”
Digital identity proofing and verification can help onboarding for a range of financial services, including but not limited to banking, fintech, buy now-pay later, digital assets, and cryptocurrency platforms.