Banks in the UAE are now able to directly access information about those seeking credit using their Emirates ID cards.
Al Etihad Credit Bureau, the UAE’s credit reporting company, launched the Application-to-Application (A2A) feature in January, granting lenders direct access to the bureau’s database to make credit decisions.
The bureau said that through the A2A protocol, banks can now seamlessly access a customer’s credit history instantaneously using his or her Emirates ID. Dubai-based lender Mashreq is the first bank to sign up to the protocol. In a typical scenario, a bank would be able to use personal information extracted from an Emirates ID chip, automatically use that information as input for making a credit report enquiry.
“It is important to be at the forefront of digital integration,” said Marwan Lutfi, CEO of Al Etihad Credit Bureau. “Banks, finance companies and telecom operators can now design internal decision-making systems that instantly read information from Al Etihad Credit Bureau and use it for customising products, offers, services and rates while customers are being serviced.”
AbdulAziz Al Ghurair, Mashreq CEO, said: “We are pleased to be the first bank to go live with the new feature. This automated feature will allow us to service our customers better since processing loan applications will be seamless, error free and most significantly enable faster turnaround. Overall this will also help improve productivity and efficiency by enabling straight through processing.”
Through A2A protocol, credit information will be readily accessible by credit lenders around the clock, virtually enabling sales forces and retail branches to make decisions according to defined credit parameters set at the corporate level in each institution.