Building a business bank in the UAE
Emirates Development Bank (EDB) is a government-owned bank that wanted to make opening a business bank account in the UAE fast, easy, and transparent. The client, YAP (A digital bank in the UAE), the company was approached by EDB to partner with them and design their customer facing application.
Challenge
Opening a business bank account in the UAE takes several weeks, if not a month. With a heavy emphasis on submitting physical documentation, the solution for a fully digital onboarding for SMEs and freelancers was not straightforward.
Solution
We came up with a fully digital onboarding experience that showed the customer what EDB needed and how to get it. The new onboarding process now takes a few minutes to complete, and the customer is fully onboarded within 48 hours, meaning they have an active business bank account by the end of the process. We went live with an MVP approach and regular monthly releases of important features such as invoices, payment links, and a virtual tax assistant. One main feature we introduced was the ability to share a document upload link with other shareholders in the business. This allowed for all documents to be uploaded virtually and no need to go into a branch or have someone come and collect them.</br>
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