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The Impact of Information Technology on the Development of the UAE Banking Products

Article image: The Impact of Information Technology on the Development of the UAE Banking Products

In addition to high reliability, the UAE banks are also known for the use of the most advanced information technologies. Their aim is to ensure maximum safety of financial resources and to make banking services simple, comfortable and fast.

Internet Banking in the UAE

The opportunity to manage banking account via the Internet is particularly popular among foreigners. Owing to information technologies, You get the ability to perform banking operations from around the world. Internet banking is popular both with individuals and with the owners of the UAE companies.

Automated Signature Verification System

Although cheques in the UAE are not so popular as, for example, in the United States, they are usually drawn for larger sums of money. Earlier, the process of reviewing the signature on the cheque against the signature in the electronic database was performed visually, and it posed a risk of taking a cheque with a forged signature.

The UAE Union National Bank has solved this problem by introduction of an electronic system that performs verification on two parameters simultaneously, namely the dynamic and stable individual characteristics of handwriting. This system eliminates the possibility to forge a signature and reduces the risk of fraud. Besides, the electronic system speeds up the verification process, and saves time for both the client and the bank employee.

Clarify the cost of opening company, corporate or personal bank account, obtaining a residence visa, or another question regarding business in Dubai, UAE:

Opening Deposit via ATM

Another innovative product of the UAE banks is the ability to open a deposit account at an ATM. This service is aimed at simplifying and accelerating the process of sending money to the bank account using cash or a cheque.

One of the banks offering such service is the Dubai Islamic Bank. It has provided all of its ATMs with the operating system that allows receiving and transferring funds to the client’s account.

Electronic Kiosks

This is a relatively new type of banking services that is used today not only in the UAE but also all over the world. An electronic kiosk is a computer terminal with a touch screen interface (tapping the monitor to perform operations). It can be used both for information purposes and to perform banking operations. Its task is to save time for both the client and the bank employee.

In addition to the abovementioned services, there are many other examples of using information technologies by the UAE banks. Every financial institution strives to be a step ahead of the competitors, and therefore introduces new technologies and expands the list of services.

Please contact us if You need assistance with opening a bank account in the United Arab Emirates!

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