The Islamic Bank of Abu Dhabi (ADIB), a leading monetary establishment founded in the United Arab Emirates, reports that it experienced a significant increase in the degrees of adoption of virtual banking in its retail and corporate commerce in the first part of 2020.
As noted in a press release, nearly 60% of ADIB retail consumers use virtual platforms. The property revealed that it now processes an average of more than 2 million transactions consistent with the month. ADIB consumers engage in a variety of online activities, such as applying for credit or debit cards and applying for loans or paying application bills.
The increase in virtual or online banking activity can be attributed to the COVID-19 epidemic and the application of blockages or other restrictions to restrict physical contact to prevent the spread of coronavirus.
The ADIB revealed that 99% of retail currency transactions, which come with invoices and cash transfers, are virtual channels. Approximately 93% of non-monetary services, which come with non-public data updates, were also provided online.
Last month, there was a 25% increase in the number of ADIB customers who gained instant financing through the bank’s application (compared to previous months). These figures recommend that there may be a permanent replacement in customer behavior, as they now prefer to use virtual banking channels rather than go to physical branches.
Philip King, head of retail banking at ADIB, said:
“Digital banking is a central pillar of ADIB’s expansion strategy. ADIB’s investment in its virtual transformation strategy has produced really broad benefits, adding a strong expansion of visitors and transactions. We are committed to continuing this momentum through our additional virtual banking offering, ensuring that consumers have full access to the ADIB banking suite through our cellular app and online platforms »
ADIB has been named “Best Islamic Digital Bank in the Middle East” through Global Finance.
Qatar, the main monetary center in the Middle East, has also noticed an increase in the adoption of virtual banking platforms.
Mastercard has partnered with several banks in Qatar to expand a “smart and connected economy” for all consumers.
Khalid Elgibali, president of the MENA division, Mastercard, said:
“We worked with Qatar Islamic Bank to launch the first joint corporate credit card in Qatar – an innovative Sharia-compliant payment solution for businesses and SMEs to manage their purchases and entertainment expenses. Another notable partnership was with Ooredeo in 2018 to launch Masterpass – a simple, convenient and reliable virtual payment service for faster and safer purchases in thousands of stores, online, in-app or in-store.
Elgibali noted that COVID-19 has accelerated the transition to virtual banking, as more and more people conduct online transactions and avoid physical locations.
Banks are now more than ever updating their virtual platforms to better serve their customers.
Elgibali added:
“Digital banking responses will increasingly want to focus on narrowing barriers to monetary literacy and achieving monetary inclusion, which is the key to unlocking inclusive expansion in our region. We are globally committed to empowering one billion other people through their integration into the virtual economy through 2025. »