New UAE banking platform to reduce repeated customer document updates

Abu Dhabi: The UAE banking sector is working on a unified digital platform that would allow customers’ personal information and documents to be updated automatically, reducing the need for people to submit the same records separately to every bank and other institution they deal with.

Jamal Saleh, Director General of UAE Banks Federation, said the platform is expected to be ready before the end of this year and will draw information directly from the official entities responsible for maintaining it.

Speaking on the sidelines of Seamless Middle East, Saleh said the project was among a series of initiatives being developed under the leadership of the Central Bank of the UAE, in collaboration with UAE Banks Federation and other stakeholders, as the country seeks to expand digital banking and strengthen its financial infrastructure.

The platform is based on a “golden source” principle, under which each piece of information would be obtained from its authoritative source rather than repeatedly requested from the customer.

That could mean, for example, that information relating to an Emirates ID, passport or other documents could be electronically retrieved or updated from the relevant official source, rather than requiring a customer to provide renewed documents separately to several banks.

“The objective is to collect and link customer information electronically,” Saleh said, explaining that the system is intended to reduce repetitive processes whenever a document expires or is renewed.

The platform would also give customers access to information linked to several services in one place, he added.

Saleh noted that the UAE’s advanced digital infrastructure and investment in artificial intelligence and technology gave the country a strong foundation for further modernising financial services.

He stated that the banking sector should make greater use of those capabilities to accelerate digital transformation while improving the accessibility, efficiency and security of services.

UAE Banks Federation is also expanding its presence at Seamless Middle East this year, with 10 of its 37 committees holding their regular meetings as part of the event.

After each meeting, a representative from the committee will present a summary of its discussions and key issues to the wider audience at the exhibition.

Saleh noted that the approach is intended to give participants greater insight into the federation’s work while encouraging an exchange of expertise and raising awareness of issues including financial literacy, cybersecurity and customer protection.

The participating committees cover areas ranging from small and medium-sized enterprises and information security to retail and corporate banking and digital services.

Saleh said the SME committee, for example, would consider how smaller companies could improve their readiness when approaching banks for financing.

In an increasingly digital business environment, he said, SMEs need to maintain properly organised accounts and financial data and meet relevant tax and regulatory requirements.

Doing so would allow companies to present banks with a clearer picture of their financial position and business operations when seeking funding.

Saleh explained that UAE Banks Federation intended to build on the model of holding committee meetings at Seamless Middle East and then sharing the main conclusions with a wider audience at future events.

Payments and digital infrastructure

The UAE banking sector is also continuing to develop its payments infrastructure, digital services and cybersecurity capabilities, Saleh said, with several initiatives being pursued under the Central Bank’s leadership to make banking services easier to use while strengthening customer protection.

Among the most significant developments is Jaywan, the UAE’s first national payment card scheme.

Saleh said the system allows domestic payments to be processed while payment data and transactions remain within the country, supporting the development of a more resilient national payments infrastructure.

The UAE has also been developing the Central Bank’s digital currency and the infrastructure required to support it.

Saleh said the end goal is to make payments faster, more seamless, less costly and continuously available, including for transactions across borders.

Traditional international payments can involve several intermediaries, foreign-exchange conversions and associated fees. New digital payment infrastructure has the potential to streamline that process and improve the efficiency of moving money between countries, he said.